Understanding yourself is crucial for improving your financial status, as it is influenced by personal values, interests, and attitudes towards money. To enhance financial management, individuals should focus on self-discovery, increase financial literacy, save and invest wisely, and create a personal financial plan. The document emphasizes starting these practices early to benefit from time as a resource.

1. Knowing what you can do to improve your
finances
Iriobe Ofunre
March, 2017

2. To know thyself is the
beginning of wisdom
-- Socrates

3. To understand your
financial status, you
need to first
understand yourself

4. UNDERSTANDING
YOURSELF
Know your strengths and weaknesses, your
passions and fears, your desires and dreams

5. Financial Status
• The financial standing of an individual in
respect to the objectives to be
accomplished
• The process of measuring a person’s
financial activities in monetary terms.

6. DETERMINING YOUR FINANCIALSTATUS
Financial
status

7. Your financial status is not determined by
how much you earn, but by your ability to
exercise control over your finances.
A person's financial attitude, value or beliefs can influence
their financial stability and goal setting, and can be an indicator of
financial management practices such as savings, spending, loan delinquency, and
credit card debt (Chien and Devaney, 2001; Parotta and Johnson, 1998).

8. Anything that attracts
your attention over a
period of time. Activities
that you enjoy.
Your hobbies, passions etc
Things that shape your financial status
Values:
These are principles or
standards that govern how
you behave. It is your
judgement of what is most
important to you in life.
(Financial security,
creativity, excellence etc)
Personal Interest

9. Your reasons for being
in existence and things
you want to
accomplish in life.
Things that shape your financial status
Temperament
Your nature, in-born
preferences.
Mission & Goals

10. Things that shape your financial status
Strengths
Skills
Abilities
Talents
Love for learning
Emotional intelligence

11. How to improve your
financial status
1. Discover yourself
2. Improve your Financial literacy/
intelligence
3. Save/invest more and control your
spending pattern
4. Embrace financial planning

12. DEVELOPING YOUR PERSONAL
FINANCIAL PLAN
Evaluate your current financial status
– What is the state of your income compared to your expenses?
Define your financial goal
– What are you targeting financially?
Develop a savings/investment strategy

13. WHEN SHOULD YOU START?
Start now that you are young,
and still have time on your side.