- Urges them to prioritize their needs over their wants.
The founding Executive Director, Value Rebirth and Empowerment Initiative(VREI)/Corporate Development Consultant, Amb. Pst. Edewor Egedegbe has advised Corporative Leaders and Cooporators to invest wisely.
Amb. Egedegbe who also is the Director of Studies (DOS), Value Rebirth-Centre LSD Leadership School, Delta Study Centre, gave the advice when speaking on the topic “Leadership and Effective Financial Management For Cooporators” as the keynote speaker at the first Annual General Meeting (AGM) of the Gold Success Farmers Multi-purpose Cooperative Society at Ugbomro town, Effurun, Delta State.
He emphasized the need for cooporatives leadership, as well as their members to cultivate essential leadership skills, such as conceptual skills, technical skills and social skills in order to standout, adding that a leader must have the head, heart and guts to achieve his vision either on a personal or professional level.
According to him “Financial Management involves money, income, finance and management”. He talked on the difference between needs and wants, referring to needs as basic requirements for living or survival, while wants as things we desire to have in order to satisfy our needs which are not basic or necessary for survival or living.
“In order to manage our money or income effectively, we need to prioritize our needs over our wants” he noted, even as he affirmed that the requirements for proper financial management entails financial plan, financial discipline and financial intelligence.
He stressed that cooperative loans should be invested in profitable business, acquiring of assets and buying of lands that appreciate in value over time.
Moreso, he gave some guidelines for wise Investment such as, checking of the risk involved, checking profitable rate, checking maturity period and checking the nature of the investment. He further mentioned three categories of people as, the fools who waste money, the mediocres who spends money, and the wise who invest and manage money to multiply which he said is the best for cooporatives to engage in.
“Don’t spend what you don’t have, pay yourself first especially as a business owner in order to enhance effective business management, and prioritize your spending based on urgent and important. Money is a scarce resource that is important to individuals and organisations, as such, it requires proper management to avoid financial crisis. Therefore, do not use your money to engage in unhealthy competition of unnecessary spending” he maintained.
On his part, the President of the cooporative, Mr. Osiobe Solomon, expressed appreciation on behalf of the cooporative to Amb. Pst. Edewor Egedegbe for the insightful lecture given to them, and enjoined the cooporative members to key into the knowledge they have acquired for the growth of the cooporative.
The event climaxed with several testimonies shared by some of the corporators on how the corporative society has empowered them financially and improved on their businesses and livelihood.
