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HomeNewsLocal NewsECCB Connects: Dr. Terrance Martin Jr. discussed Financial Health; implications and considerations

ECCB Connects: Dr. Terrance Martin Jr. discussed Financial Health; implications and considerations

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By Eulana Weekes

St. Kitts and Nevis (WINN): Assistant Professor of  Financial Planning at Utah Valley University, Dr. Terrance Martin Jr shared the importance of being financially healthy amidst the Covid 19 Pandemic and beyond.

He said, financial health is a subset of financial literacy and defined it as the way in which an individual manages his or her monetary affairs. 

Dr. Martin explained that there are different dimensions of financial health including the type of savings; approach to retirement, approach to credit, pursuing homeownership and investment, aided through money management, how borrowing is addressed, how investments are dealt with, and how it is all protected.

The professor further shared some factors that can determine one’s financial health, which include age of the individual and how early in life the preparation process began. He also emphasised the importance of creating financial goals and making them a priority; goals such as, determining one’s net worth; building an emergency fund, and the importance of life insurance.

To grow and improve your financial standing, Martin shared some practical tips and advice to help you succeed in this endeavor. 

“I will start with looking at their cash flows, looking at their net worth. Developing financial goals around that, that they want to, because if they don’t want to have these goals, it doesn’t matter what you recommend, they won’t do it. Build an emergency fund, start with insurance. Even things like putting a will in place, especially if you have kids.”

He explained, “these are things we have to put in place to safeguard and from there, we could do anything. If we have money left over, we have a decision to make; do we consume this? Do we pay down debt, do we save it?” I would like to echo here that paying off debt is a form of savings because by paying off debt, you are actually saving that interest that would have been accumulated over the life of the debt. So, it’s actually a form of saving. So if we wrap our minds around that, then we start to develop strategies; let’s get debt free or let’s start to invest and the decision really comes to, what’s the better return on my money; If I’m gonna get 10 percent by investing or I’m gonna save 20 percent on debt? At the end of the day, paying off the debt  will actually benefit you more in this case than investing.”

Martin in a Facebook post indicated that he is looking forward to more opportunities, as he has a desire to one day hold a leadership position at the Eastern Caribbean Central Bank. He is also hoping to hold his inaugural in-person financial education workshop in St.Kitts and Nevis in 2022.

 

MAKANA FERRY SCHEDULE

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