In today’s unpredictable economic climate, the importance of financial resilience comes to the forefront. Hilda Manyo Dickson, a seasoned finance professional with over 27 years of experience in oil, gas, and banking, recently shared her invaluable insights on how Nigerians, and indeed anyone, can build a robust financial foundation.

A Personal Journey to Financial Savvy

Dickson’s passion for personal finance was not learned in the classroom but carved through life experiences. Reflecting on her upbringing, she recalls watching her mother’s dynamic but unstructured financial strategies. This ignited a desire in her to gain control over her finances and inspire others to do the same.

The Current State of Financial Literacy in Nigeria

“I’d say there’s been a lot of improvement in personal financial literacy,” Dickson notes. Yet, there remains a substantial gap. While educational resources have proliferated, financial jargon and fear still deter many from deepening their understanding. Encouragingly, more people are beginning to embrace financial management.

Common Financial Planning Missteps

A nation’s economic state influences personal finance, but Dickson emphasizes that one’s personal economy is paramount. “Waiting for the perfect time to start planning is a common mistake,” she states. Proper financial planning helps individuals navigate economic highs and lows seamlessly.

Crafting a Sustainable Budget

According to Dickson, there is no one-size-fits-all budgeting plan. However, the 50:30:20 rule serves as a valuable guide: 50% for essentials, 30% for desires, and 20% for savings and investments. Emphasizing the need for resilience amidst rising costs, she advises individuals to tailor their budgets to withstand inflation.

Strategies Amid Inflation and Devaluation

To shield wealth from devaluation, Dickson advocates diversification into foreign currencies and markets. “Investing in foreign stocks or ETFs can provide much-needed protection against inflation,” she suggests. It’s not merely about saving, but strategically investing to bolster financial security.

Investing Wisely in Challenging Times

While no investment is entirely risk-free, Dickson advises exploring treasury bills, bonds, and real estate for stable returns. Importantly, she underscores the necessity of rigorous research to circumvent scams, especially in a high-inflation environment where unrealistic returns can be alluring.

Managing Income from Multiple Sources

With the rise of side hustles, Dicks highlights the importance of structured planning for all income sources. Whether leveraging budgeting rules or treating side earnings with business-like precision, the goal remains a purposeful financial path.

As stated in Businessday NG, financial resilience is a journey that requires careful planning and informed decision-making. By following Dickson’s strategies, individuals can craft a financially secure future, regardless of the prevailing economic conditions.