Managing money

Normal, Weekender

The National, Friday 21st September 2012

A BOOK recently released by Professor Eddie Ojuka Onedo launched in December last year talks about promoting financial literacy and a savings culture in PNG.
The book, a must read, is basically a guide to save and invest for financial success.  The book is on sale now at the University of Papua New Guinea (UPNG) bookshop for K150.
James Robins, OBE – Head of Business and Consultancy Project Office of the National Research Institute, describes the book as such.
There are many academic publications that address investments and financial success, but most relate to corporate entities, companies and international corporations that operate in the global economy.
The reality of Papua New Guinea’s individual and family financial management is an area concerning personal income earning, spending, and investment decisions.
“Your Future Is in Your Hands” has been soundly researched by the author through the community and business environments and presents a wide range of facts and ideas concerning the promotion of financial literacy, responsible personal and family financial management, and personal savings.
People need money for everyday living, for food, clothing, education, housing and health purposes. Without sufficient money, personal and family financial commitments will be affected by a financial shortfall.
This informative guide is an excellent publication which provides citizens with information that will assist them to tailor their finances to their expectations. Professor Onedo provides a wealth of information that will help the average person and family to become better managers of their finances – their incomes, expenditures and their savings.
The guide outlines provisions for implementing sound and prudent models and procedures that will bring positive everyday solutions for personal and family financial management.
The guide will benefit everyone who wishes to become better managers of their finances. It is a “Bible” for both employers and employees in becoming responsible corporate citizens who are prepared to achieve increased productivity, better quality outputs, and as a result, increased personal financial incomes.
This publication has a wide range of personal ideas and objectives related to “success” in the financial reality of life. Some important areas that are discussed in the book include :
 personal and family financial Management;
 growing personal wealth;
 money “leakages” and their impacts on family and employers; and
 dealing with long-term financial issues.
The guide provides many examples of financial planning situations, and includes templates and budget/worksheets to enable readers to prepare their records and plans of action.
This is the most practical “textbook” for financial planning that every Papua New Guinean needs to read, understand and follow if they are to be individuals or families that are being happy and successful in achieving life-long financial security.
The guide boasts one of the most comprehensive coverage of crucial personnel financial issues including:
 personal and family financial management;
 earning money from employment;
 money, goods and services;
 catering for basic family needs;
 personal and family budgeting;
 financial discipline and prudent spending;
 personal and family health;
 personal and family financial goals;
 financial planning;
 savings and investments;
 loans and debt repayments;
 inflations and financial purchasing power;
 handout mentalities;
 informal lending and borrowing;
 money management;
 family money matters;
 teaching children about money;
 prudence of insurance;
 savings for children’s education Fees;
 housing finance;
 financial planning for retirement; and
 making a will.
Each and every area of financial concern is covered in layman’s terms. Any reader who wishes to achieve personal financial success and ultimate family – and individual happiness – should read this guide from cover to cover – not once, but every day, as every daily financial situation is presented and presents the proactive solutions that will influence an individual’s – or more importantly – a family’s success and future. This is a must buy for all families to balance your budget and plan for your future as the title says, “Your Future Is in Your Hands.”
“Your Future is in Your Hands: A Basic Guide to Financial Success and Happiness”, Eddie Ojuka Onedo, Oceania Publishers 2011, 07 pp/408 K150 ISBN 978 980 86 274