LAGOS BUSINESS SCHOOL (LBS)
Financial Responsibility: Personal
Finance Basics and the Time Value
of Money
Dr Bongo Adi
Senior Lecturer, Lagos Business School, Pan-Atlantic
University
Objectives
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5.
Analyze the process for making personal
financial decisions.
Develop personal financial goals.
Assess personal and economic factors that
influence personal financial planning.
Calculate time value of money situations
associated with personal financial decisions.
Identify strategies for achieving personal
financial goals for different life situations.
LAGOS BUSINESS SCHOOL (LBS)
What will this mean for me?
We live in very uncertain economic times – poverty and severe economic
hardship, unstable and low income for parents and guardians, poor job
prospects after school, increasing demand for money – driven by ever
rising cost of living, underdeveloped credit market, high level of social
inequality etc.
Each year, many people experience income losses – either personally
inflicted or just imposed by the times. The truth is that some of these
financial and economic hardships could be controlled by wiser and more
strategic money decisions.
It is also very obvious that most people do not consider courses like
financial responsibility as important; some have little incentive to save for
the rainy day and many do not know how to save. The most curious of all
is that many people, both young and old, are not strategic about making
money and improving their long term financial stability.
Your ability to make wise money decisions is the basis for your current
and long-term well-being.
LAGOS BUSINESS SCHOOL (LBS)