The Benefits of Understanding Financial Products and Services

Written by
Written by

Deolu Akinyemi

Money is a medium of exchange and a store of value. Money is so important to how the world works that it is important to know how to make it, manage it and multiply it. It’s just so sad that married couples averagely don’t disclose their income to each other or talk about finances, and the children are given feedback early that makes them have the wrong mindsets about money. The average home is very quiet on the topic of finance. Financial education is crucial.

One of the things we need to learn about money is financial products and services. I remember getting to open my first bank account in UBA when I was 16 years old. I had just won a Shell scholarship, and even though I was perceived as a bit too young to have a personally operated account, I needed to open one. My first financial product was a savings account. It’s important to know financial products, as they give you an advantage over many people that don’t know what they are doing. If your goal is financial freedom, then it is important to understand the vehicles that can get you there.

Knowing financial products is crucial for achieving financial freedom for several reasons:

1. Maximizing Opportunities: Understanding different financial products allows you to explore various investment avenues and identify opportunities to grow your wealth. By knowing what options are available, you can make informed decisions and take advantage of favorable investment vehicles.

2. Diversification: Financial products offer a range of investment options across different asset classes, such as stocks, bonds, real estate, or commodities. Diversifying your investments helps spread risk and reduce the impact of any single investment’s performance on your overall portfolio.

3. Risk Management: Different financial products carry varying levels of risk. By being familiar with these products, you can assess their risk profiles and choose investments that align with your risk tolerance. This helps you mitigate the potential downside and protect your financial well-being.

By expanding your knowledge and staying updated on financial products, you can enhance your financial well-being and pave the way to financial freedom.

As you are learning about financial products and services you can use, it’s also important that you learn about the ones you should not touch with a long pole. There are many high-yield investment schemes that are just scams. There are two ways to learn about these – a bad experience or a good teacher.

If you want to learn more, join us tonight at 8 pm as we continue the course on managing your personal finance. You can register here – https://us02web.zoom.us/meeting/register/tZEqdOqqpj8tGNNK2FssPz1I3wqkJIBhztE3

 

Kind Regards,

Adeolu Akinyemi.

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