Financial Literacy Training Institute

Financial Literacy Training Institute

Financial Literacy Training Institute aims at creating awareness and giving education of Financial L Financial Literacy Education

Operating as usual

[11/20/19]   "I think those who invest in mutual funds want someone else to do the thinking for them. But the fact that they can move the money around the family of mutual funds just through a phone call lets them feel that they can play tycoons." Ron Chernow

[10/31/19]   ”The lack of money is the root of all evil.” – Mark Twain

[10/24/19]   "A big part of financial freedom is having your heart and mind free from worry about the what-ifs of life." Suze Orman

[10/21/19]   "Financial literacy is an essential skill to thrive in today’s changing economic environment. This is particularly the case for European countries, which are facing low interest rates and new financial and pension products and labor markets. Dealing with the changing nature of this situation requires lifelong learning.

It is particularly important to have accurate information about financial literacy to better serve the needs of different groups of the population and also design programs, products and policies that are evidence-based." — Annamaria Lusardi

[10/08/19]   "Without financial literacy, divorce rates soar, families rupture, and women stay with abusive men for financial security. A lack of jobs contributes to riots and illegal activity. Name any situation and it goes back to money. We need to focus on poverty eradication." (John Hope Bryant)

[10/03/19]   ”Money grows on the tree of persistence.” – Japanese Proverb

[10/01/19]   Tax reduces the value of your money or investment.

You can avoid tax but you should not evade tax. Tax avoidance is legal but tax evasion is criminal.

[09/27/19]   There are no bad investments but there are BAD investors. Every sector is profitable but what do you know about the sector or field that you want to put your money in? Before you put your money into any project or investment get to know more about that sector or field before you invest in it, else you would be a bad investor.

[09/16/19]   What are Assets and Liabilities?
Written byRobert Kiyosaki
Read time:4 min
Last updated:September 10, 2019
803
Understanding the true definition is the key to getting rich
A lot of people come to me asking how they can get rich quick. That is the one question that disturbs me the most because it’s the wrong question. It tells me that they don't have the foundation of financial intelligence required to use their money well if they get rich.
This is because most people don't understand that, when it comes to being rich, it's not about how much money you make. It's about how much money you keep.
Want to be rich? It’s about assets vs. liabilities
My poor dad always told me, "You need to read books." My rich dad always told me, "You need to be financially literate." I believe both were right. Books and learning are important, and so is a strong financial education. And if I had to choose one over the other, I'd choose financial education.
The importance of a firm, financial foundation makes sense when you think of construction. If you want to build the Empire State Building, the first thing you do is dig a deep hole and pour a strong foundation. If you want to build a McMansion in the suburbs, you pour a six-inch slab.
The problem with most people who want to get rich quick is that they're trying to build the Empire State Building on a six-inch slab of concrete. They haven't gone deep. They don’t have a firm, financial education to shore up their financial foundation. Thankfully, my rich dad took the time to teach me about money and poured a strong, financial foundation for my life.
And the number one rule he taught me was: "You must learn the difference between an asset and a liability—and buy assets."
It's so simple a rule that it's almost anti-climactic. But, if you want to be rich, this is all you need to know. It's rule number one. It's the only rule.
The reality is that most people struggle financially because they don't know the difference between an asset and a liability. Partly, this is because schools don't teach people what an asset and a liability is. And partly, this is because those who do learn the concepts learn them from accountants who make them much too complicated.
My rich dad gave me a very simple definition of an asset and a liability.
What is an asset?
The simple definition of an asset is something that puts money in your pocket. Many so-called experts on money and accountants will have a much different definition that involves complex mathematics, but the reality is that unless something is putting money in your pocket, it’s not an asset.
There are many things that can be considered assets. These include things like investment real estate, a business, products like books or art, or the dividends from stock and bond investments.
Rich people focus on building their assets.
What is a liability?
The simple definition of a liability is something that takes money out of your pocket. Common liabilities include things like cars, vacations, clothes, eating out, unused subscriptions, and more.
If you look at the budget of a poor person, you’ll see that it is full of liabilities and has no assets.
The interesting thing is that there are some things that people mistake as assets that are really liabilities. This is because they don’t have high financial intelligence and they take at face value the advice of so-called financial experts.
The difference between an asset and a liability
To illustrate this, let’s look at something most people view as an asset—their home. If you look a traditional balance sheet, your house will be listed in the asset column.
For many decades, since the publishing of Rich Dad Poor Dad , I’ve stirred controversy by saying, “You house is not an asset.” At its publishing, the financial industry howled and mocked me for saying this. In 2008, the start of the Great Recession, caused by massive defaults on sub-prime home loans, people weren’t laughing any more.
Why was this?
It was because they realized the hard truth that many things that are considered assets by accountants and finance people are really liabilities hiding behind smoke and mirrors.
Let’s revisit the Rich Dad simple definition of an asset and a liability: an asset is something that puts money in your pocket and a liability is something that takes money out of your pocket.
Using this simple and practical definition, your home is a liability because it takes money out of your pocket each month in the form of a mortgage, taxes, insurance, and maintenance costs. It does not put money in your pocket. Only if you’re able to sell it at a profit does it become an asset. Many people impacted by the Great Recession discovered that their house was a liability when they were foreclosed, sold on a short sale, or sold at a loss.
Conversely, a rental house can be an asset, if you do your due diligence correctly and are able to collect more rent than you have costs each month. The difference between the rent and the expenses is the net operating income, and it is cash flow that flows into your pockets each month. Therefore, it is an asset.
The rich don’t work for money
I find the difference between an asset and a liability is best understood by looking at the following pictures.

Very simply, the rich don’t work for money in the form of income like employees do. Rather, the rich invest their money in assets that put more money in their pockets, such as real estate, stocks, bonds, notes, and intellectual property.
The middle class and poor work for money and employees and invest their money in liabilities that take money out of their pockets such as mortgages, consumer loans, and credit card debt.
If you want to be rich, I encourage you to begin investing in your financial education today. And your first assignment is to begin studying the differences between assets and liabilities.
By building this firm foundation, you'll understand more about money than 99% of the world and be on your way to not just getting rich and making money but keeping it too.
How are you going to begin investing in your financial education today? For help, check out our free, online community with financial literacy resources here .
Original publish date: October 09, 2012

myjoyonline.com 16/09/2019

Cal Brokers to leave Brokerage Business, resign from membership of GSE

https://www.myjoyonline.com/business/2019/September-16th/cal-brokers-to-leave-brokerage-business-resign-from-membership-of-gse.php

myjoyonline.com Cal Brokers Ltd has hinted of its decision to leave the brokerage business in Ghana and also announced its intent to resign from the membership of the Ghana Stock Exchange (GSE).

[08/09/19]   Mobile Money-The transformation of future business transactions
By Godwin-Xavier Ayeebo
The dawn of the mobile or cell phone has brought more bonding among family members and friends. The small, handheld device has done wonders in the lives of mankind more than many other inventions. This communicative device has made man become his brother’s keeper.
This device has enabled man become a tamed animal living in a world of no escape from humanity. Those were the days when people left their families and could not reach out back to them from wherever because of lack of communication devices such as a mobile phone.
Today, the mobile phone is used for many good and bad things. One of the good uses of the mobile phone is for business transactions in diverse ways.
Mobile Money businesses come in many ways and have begun to transform the traditional ways of transacting businesses and transmitting money. People are now walking with their money digitally.
Current Challenges of Mobile Money Business
Great and convenient as mobile money transactions might be for both customers and merchants, several times pleasant business transactions have not been experienced due to many factors hindering the mobile money business.
• No Network, in Ghana this is a common practice experienced by customers, who do businesses through mobile money and they experience “no network” problems from the mobile money companies which provide the network services as well as the mobile money services. People have got their money locked up with these mobile money telecommunication companies even under circumstances that human lives are involved. People send money to family and friends to buy medications for sick people who are at emergency units only to be denied by the mobile money companies that there is no network and sometimes the “no network” could take a whole day. This is heartbreaking and horrendous.
• System Upgrade, this could result in the “no network” syndrome or could also bring its own problems of not making business transactions friendly for customers for a particular range of time.
• No Money, this also happens where the merchant or agent does not have enough money for withdrawal purposes by customers. Sometimes, the agents’ money also get locked up with the mother mobile money company because of the no network nonsense and sometimes, too their working capital is meager to take care of larger volumes of customers’ cash withdrawals.
• Withdrawal Limits, this is where the mobile money telecommunication company places a limit on how much could be withdrawn by customers within a day. This could be stressful and time-consuming for the customers as it could take sometimes a whole week or more to make withdrawals of all one’s money locked up with the mobile money telecommunication without generating interest, yet they could use it to make more money at the customers’ expense. Some links have been established with some banks for withdrawals beyond certain limits but how many people transact businesses with those banks and how many branches do those banks have across Ghana?
• Charges on cash withdrawals, the charges on withdrawals sometimes do not make it cost effective to send money through mobile money. Some of the mobile money telecommunication companies even charge double the amount charged. For instance, I send money to someone using my mobile phone registered number; they would charge me and charge the one I sent the money to when he withdraws. This does not make transacting businesses through mobile money for cost-effective. One of the main mobile money companies is guilty of the double charges and it needs to change for the better else, it will have itself to blame as others charge once, only the withdrawal point. They do not charge once the money is still in the system exchanging numbers or hands.
• No interest on money with mobile money companies, even if one’s money stays in one’s wallet for three months, one will not get a pesewa on top as interest. The mobile money companies need to have a paradigm s**t towards a win-win situation where the customer also benefits. There should be a minimum period for which if one’s stays with them beyond that period it should start to accrue some interest to the customer.
• Money Laundering and Wrong Number Transactions, during the latter part of 2015, some measures were taken to check the activities of money laundering through mobile money business transactions because, it was noticed that people had begun laundering money through mobile money transactions and also people also either sent money to people wrongly or received money from people they did not know and that called for the measures that were introduced by Bank Ghana and the mobile money telecommunication companies to help check those activities.
• Illiterates Have Difficulties, until recently that the processes of withdrawing cash through mobile money were reviewed; it was a bit complex for many people and people with no education or with very low educational backgrounds had and still have problems using their secret codes to withdraw money. Many times, the agents help them key in the pass codes for them to make withdrawals and so the illiterates do not really have secret codes as their “mm pins” are no more secrets. If per chance, someone, who knows their codes, gets access to their mobile phone, that person could use their details to withdraw money and it will take some time before the person could be arrested as they are countless mobile money agents scattered around in Ghana to be able to be traced easily.
• Loss of Mobile Phone with Sim Card, if one loses one’s mobile phone together with the sim card loaded with one’s money; one could only get back the money after getting a new phone and new sim card replaced. So if one does not have money immediately to buy new phone and sim card or borrow someone else’s phone to make the mobile money withdrawals, one cannot have one’s money back.
• Unregistered Dealers/Agents, there are few dealers out there who use their personal mobile phone numbers that are not necessarily registered for mobile money businesses with the mobile money telecommunication companies to transact mobile money businesses. Most of those dealers do not have enough working capital to serve their customers and keep disappointing them. Most of these dealers are located in the remote parts of the country, where moving to a town or city to have an enterprise registered with the Registrar General Department to be used for mobile money business transactions could be a very difficult task.
• No regulation, currently in Ghana, there are no proper laws governing the operations of mobile money. The mobile money companies do want they want and their agents also do what they want. If a mobile money company winds up expectantly today, would we know how much money from Ghanaians would have been locked up with it and would it be in a position to refund the money to the customers and how convenient would it be? The issue of “No Network” where people have their money locked with the mobile money companies need to be stopped by the regulators. There should be punishments for mobile money companies that fail to honor their obligations with withdrawals with the excuse that there is no network, unless it is caused by an act of God.
Future of Mobile Money:
I believe mobile money businesses have come to stay and will the next multi-dollar business sector as huge sums of money is going to be transacted through mobile money.
Very soon mobile money will be used for recognized online international business transactions and payment of all business transactions even with government departments.
Since the future seems bright for the mobile money businesses, all the challenges above need to be addressed by the Ministry of Finance, Bank of Ghana, Mobile Money Telecommunication Companies and their agents and all other stakeholders.
I can see a future of a well regulated mobile money industry taking over the businesses of banks that do not find rewarding options of retaining their clientele base and do not adapt to the modern systems of doing businesses.
The mobile money companies should come out with fastest, easiest and most convenient ways of enabling customers to make deposits and withdrawals. Normal ATMs of banks or mobile money ATMs should be introduced and stationed or located at even the remotest parts of the country to help rural people to have easy access to make deposits and withdrawals.
©2016, Godwin-Xavier Ayeebo

[08/09/19]   Mobile Money-The transformation of future business transactions
By Godwin-Xavier Ayeebo
The dawn of the mobile or cell phone has brought more bonding among family members and friends. The small, handheld device has done wonders in the lives of mankind more than many other inventions. This communicative device has made man become his brother’s keeper.
This device has enabled man become a tamed animal living in a world of no escape from humanity. Those were the days when people left their families and could not reach out back to them from wherever because of lack of communication devices such as a mobile phone.
Today, the mobile phone is used for many good and bad things. One of the good uses of the mobile phone is for business transactions in diverse ways.
Mobile Money businesses come in many ways and have begun to transform the traditional ways of transacting businesses and transmitting money. People are now walking with their money digitally.
Current Challenges of Mobile Money Business
Great and convenient as mobile money transactions might be for both customers and merchants, several times pleasant business transactions have not been experienced due to many factors hindering the mobile money business.
• No Network, in Ghana this is a common practice experienced by customers, who do businesses through mobile money and they experience “no network” problems from the mobile money companies which provide the network services as well as the mobile money services. People have got their money locked up with these mobile money telecommunication companies even under circumstances that human lives are involved. People send money to family and friends to buy medications for sick people who are at emergency units only to be denied by the mobile money companies that there is no network and sometimes the “no network” could take a whole day. This is heartbreaking and horrendous.
• System Upgrade, this could result in the “no network” syndrome or could also bring its own problems of not making business transactions friendly for customers for a particular range of time.
• No Money, this also happens where the merchant or agent does not have enough money for withdrawal purposes by customers. Sometimes, the agents’ money also get locked up with the mother mobile money company because of the no network nonsense and sometimes, too their working capital is meager to take care of larger volumes of customers’ cash withdrawals.
• Withdrawal Limits, this is where the mobile money telecommunication company places a limit on how much could be withdrawn by customers within a day. This could be stressful and time-consuming for the customers as it could take sometimes a whole week or more to make withdrawals of all one’s money locked up with the mobile money telecommunication without generating interest, yet they could use it to make more money at the customers’ expense. Some links have been established with some banks for withdrawals beyond certain limits but how many people transact businesses with those banks and how many branches do those banks have across Ghana?
• Charges on cash withdrawals, the charges on withdrawals sometimes do not make it cost effective to send money through mobile money. Some of the mobile money telecommunication companies even charge double the amount charged. For instance, I send money to someone using my mobile phone registered number; they would charge me and charge the one I sent the money to when he withdraws. This does not make transacting businesses through mobile money for cost-effective. One of the main mobile money companies is guilty of the double charges and it needs to change for the better else, it will have itself to blame as others charge once, only the withdrawal point. They do not charge once the money is still in the system exchanging numbers or hands.
• No interest on money with mobile money companies, even if one’s money stays in one’s wallet for three months, one will not get a pesewa on top as interest. The mobile money companies need to have a paradigm s**t towards a win-win situation where the customer also benefits. There should be a minimum period for which if one’s stays with them beyond that period it should start to accrue some interest to the customer.
• Money Laundering and Wrong Number Transactions, during the latter part of 2015, some measures were taken to check the activities of money laundering through mobile money business transactions because, it was noticed that people had begun laundering money through mobile money transactions and also people also either sent money to people wrongly or received money from people they did not know and that called for the measures that were introduced by Bank Ghana and the mobile money telecommunication companies to help check those activities.
• Illiterates Have Difficulties, until recently that the processes of withdrawing cash through mobile money were reviewed; it was a bit complex for many people and people with no education or with very low educational backgrounds had and still have problems using their secret codes to withdraw money. Many times, the agents help them key in the pass codes for them to make withdrawals and so the illiterates do not really have secret codes as their “mm pins” are no more secrets. If per chance, someone, who knows their codes, gets access to their mobile phone, that person could use their details to withdraw money and it will take some time before the person could be arrested as they are countless mobile money agents scattered around in Ghana to be able to be traced easily.
• Loss of Mobile Phone with Sim Card, if one loses one’s mobile phone together with the sim card loaded with one’s money; one could only get back the money after getting a new phone and new sim card replaced. So if one does not have money immediately to buy new phone and sim card or borrow someone else’s phone to make the mobile money withdrawals, one cannot have one’s money back.
• Unregistered Dealers/Agents, there are few dealers out there who use their personal mobile phone numbers that are not necessarily registered for mobile money businesses with the mobile money telecommunication companies to transact mobile money businesses. Most of those dealers do not have enough working capital to serve their customers and keep disappointing them. Most of these dealers are located in the remote parts of the country, where moving to a town or city to have an enterprise registered with the Registrar General Department to be used for mobile money business transactions could be a very difficult task.
• No regulation, currently in Ghana, there are no proper laws governing the operations of mobile money. The mobile money companies do want they want and their agents also do what they want. If a mobile money company winds up expectantly today, would we know how much money from Ghanaians would have been locked up with it and would it be in a position to refund the money to the customers and how convenient would it be? The issue of “No Network” where people have their money locked with the mobile money companies need to be stopped by the regulators. There should be punishments for mobile money companies that fail to honor their obligations with withdrawals with the excuse that there is no network, unless it is caused by an act of God.
Future of Mobile Money:
I believe mobile money businesses have come to stay and will the next multi-dollar business sector as huge sums of money is going to be transacted through mobile money.
Very soon mobile money will be used for recognized online international business transactions and payment of all business transactions even with government departments.
Since the future seems bright for the mobile money businesses, all the challenges above need to be addressed by the Ministry of Finance, Bank of Ghana, Mobile Money Telecommunication Companies and their agents and all other stakeholders.
I can see a future of a well regulated mobile money industry taking over the businesses of banks that do not find rewarding options of retaining their clientele base and do not adapt to the modern systems of doing businesses.
The mobile money companies should come out with fastest, easiest and most convenient ways of enabling customers to make deposits and withdrawals. Normal ATMs of banks or mobile money ATMs should be introduced and stationed or located at even the remotest parts of the country to help rural people to have easy access to make deposits and withdrawals.
©2016, Godwin-Xavier Ayeebo

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