Accra, Ghana//-Participants from across Africa gained practical insights into building wealth during the Drive To Inspire Africa Financial Webinar, where Madam Juliana Asare, Chief Financial Officer (CFO) of UBA Ghana, shared simple and practical ways to take control of personal finances.
Speaking on the theme “Building Wealth Made Simple,” she explained that building wealth does not have to be complicated.
It starts with understanding your money, setting clear goals and developing financial habits that can be maintained over time, according to her.
Start With What You Have
Madam Asare also explained that financial capital is more than the money in a bank account. It includes the money and financial assets available to meet every day needs, prepare for unexpected situations and create value for the future.
She encouraged participants to understand how they use their money and make deliberate decisions about their finances.
Start Early, Start Small, Stay Consistent
In her own words: “Starting early can give savings and investments more time to grow. It can also help individuals prepare for unexpected expenses and create greater flexibility when planning for important goals such as education, home ownership, business and retirement”.
Over time, consistent financial planning can provide a stronger foundation for financial independence and long-term wealth creation.
Know Where Your Money Goes
One of the first steps to building wealth is understanding your income and expenses.
Madam Asare urged the participants to audit their finances, create a structured budget and set aside a specific amount of their income for savings.
Rather than waiting until they earn more, she encouraged individuals to start with what they have and make better use of their available resources.
Save First, Then Invest
Instead of spending first and saving whatever remains, individuals can decide in advance how much they want to save and make it part of their financial plan, the CFO stated.
Once a consistent savings habit is established, investing can help individuals work towards longer-term financial goals.
Make Your Financial Plan Personal
Madam Asare noted that there is no single financial plan that works for everyone and encouraged the participants to consider three key questions:
Income: How much can you sustainably set aside?
Goals: What matters most to you, and when do you want to achieve it?
Risk tolerance: How much uncertainty are you comfortable accepting?
These considerations can help individuals make financial decisions that are appropriate for their circumstances.
Build Habits That Last
Building wealth is not necessarily about making one major financial decision. It is about making small, deliberate choices repeatedly over time.
“By understanding your money, setting clear goals, saving consistently and making informed investment decisions, you can begin building a stronger financial foundation for the future”.
