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    Essential Financial Management For The Family
    Essential Financial Management For The Family
    Essential Financial Management For The Family
    Ebook100 pages1 hour

    Essential Financial Management For The Family

    By Friday Esinwoke

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    About this ebook

    The motivation to write this book came after many years of watching and closely observing how most families give little or no concern to the way in which they manage their financial resources. In fact 48 out 60 families who completed a questionnaire on this subject saw no reason to effectively manage their Finances.
    This has resulted in serious finance-related misunderstanding in families and most painfully their inability to realize the long term objective of the family- that of Financial Prosperity vis a vis well trained children. This book was specifically intended to address this.
    The first chapter is an overview of the subject of Financial Management.
    The central argument of this book is to let the reader appreciate that the tenets of Financial Management can be conveniently applied in the family just as in any other economic unit. This was achieved in chapter two. Efforts were made to identify the sources of finance available to the family as well as classify those using amenable criteria in chapter three.
    If you want to appreciate certain tools that can be helpful in family financial management some of which you already know, read chapter four.
    The causes and consequences of finance-related problems in the family was critically examined in chapter five. There you will also find real life experiences and the right approaches to handling them.
    Since we equate the family with every other economic unit in relation to the financial management function, the dividends of effective financial management in the family was the subject of chapter six.
    It is a widely believed that financial management cannot be effective without proper record of financial transactions, chapter seven was therefore captioned Basic Financial Accounting for the family. Prototype statements were also used to illustrate this.
    Chapter Eight was used to provide the right conceptions about marriage since this book is about the family while in Chapter Nine the family was treated as an asset. Contextual and scriptural bases were used to evaluate this chapter.
    The last Chapter provides some practical tips for family Financial Management.
    In writing this book, efforts were made to ensure that the language was suitable to users from diverse backgrounds and disciplines.
    It is my sincere believe that a copy of this handbook in every home is a token well invested.

    Friday C. Esinwoke Port Harcourt Nigeria September, 2017.

    LanguageEnglish
    PublisherFriday Esinwoke
    Release dateAug 5, 2018
    ISBN9780463839614
    Essential Financial Management For The Family

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      Book preview

      Essential Financial Management For The Family - Friday Esinwoke

      ESSENTIAL FINANCIAL

      MANAGEMENT FOR

      THE FAMILY

      By

      FRIDAY C. ESINWOKE

      B.Sc, MBA, M.Sc,PPGD, NIM, ACTI, CNA, CIMA, ACE, JP.

      CONTENTS

      Editor’s Note

      Acknowledgment

      Dedication

      Preface

      Foreword

      CHAPTER 1: Introduction to Financial Management

      CHAPTER 2: Financial Management in the Family.

      CHAPTER 3: Sources of Family Finance

      CHAPTER 4: family Financial Management Tools

      CHAPTER 5: Causes of Finance-Related Problems in the family

      CHAPTER 6: Dividends of Effective Financial Management in the Family

      CHAPTER 7: Basic Financial Accounting for the family

      CHAPTER 8: Right Conception of Marriage

      CHAPTER 9: Your Family as your greatest asset

      CHAPTER 10: Family Financial Management Tips

      REFERENCES

      Effective Financial Management for the Family

      First Edition 2017

      Copy right Friday C. Esinwoke

      All rights reserved

      No part of this publication may be reproduced, stored in a retrieval system or transmitted in any form or by any means, electronic, manual recording or otherwise without the prior permission of the author.

      ISBN: 9780463839614

      Smashwords Edition

      Published online in Nigeria by Alphikka Technologies

      Address: 4 Okomoko Street, D/line, Port Harcourt, Nigeria.

      Tel: 08160288961, +2348160288961

      Email: [email protected]

      For Order/Comment: Factor Resources Productions

      #2b West End Avenue, Amadi-Ama,

      Port Harcourt, Nigeria

      Tel: 08055364347, +2348066925995

      E-mail: [email protected]

      Edited By: Dr. Musiliu Okesina.

      EDITOR’S NOTE

      Going through this piece of work I imagined if actually this was the first handbook by the author. It takes exceptional intellectual ingenuity, outstanding professional mastery and scholarly artistry to exhibit this style and contextual grandiose. I am convinced that he has already carved a niche for himself, one that will equate those of the most outstanding motivational writers and professional authors anywhere in the world. To me this handbook is a must read for every individual and a must have for every family that wants to achieve family peace and prosperity.

      Okesina Musiliu (Ph.D)

      Chartered Management Consultant and

      Executive Director, Freemans Institute For

      Entrepreneurship and Business

      Development Nigeria.

      ACKNOWLEDGEMENT

      The inspiration to commit my intellectual resources to scripts has come from certain individuals to whom I now owe huge gratitude.

      Chief among such individuals are my Brother, Mr. Sylvanus Esinwoke who have always urged me to begin to explore my gift of writing and intellect and my Aunt, Princess Dr. H.I Ogan who has been a huge source of inspiration in scholarship. She has always insisted that it is time for me to start sharing my intellectual treasures with the society as a service to humanity.

      I will not fail to acknowledge my big brother Prince, Chief (Sir) Charles D. Ogan, himself a literary icon from whom I took the seed of writing.

      I want to specially acknowledge the following individuals who have watered this seed through their financial and material resources, they include: Comr. Andy Nwoha, Chief Fidelis Nweke (MD/CEO Fidwax Group of Companies), Dr. Okesina Musiliu and Prof. B.D. Kiabel who edited and wrote the foreword to this book respectively. Others are: Prof. E.E. Williams (FNIM,FCTI), Mrs. Helen Owhonda-Wopara (FCNA, FCTI), Sir Dr. Oliver Amadi (FCNA), Dr. Bonniface Woko (FCNA, FCTI), and Mr. Loveday Don C. Nwachi, and my friend Miss Gladys D.I. David among others for their show of goodwill that have contributed to the success of this project.

      The Management and Staff of Ultra Productions (Subsidiary of Altra Business Technology (the publishers of this book) deserve special thanks for their promptness and dedication towards the production of this book.

      Special thanks goes to my course mates and friends at the Nigerian College of Accountancy Jos, and the University of Port Harcourt, my Colleagues at the Office of the Accountant- General of the Federation and the Federal Ministry of Environment, You are all wonderful people.

      DEDICATION

      This piece of work is dedicated first to my family for their moral and social support while I sojourned in pursuit of knowledge and human development.

      Then to Dr. Chris Kwakpovwe the visioner and publisher of Our Daily Manner (ODM) devotional, whose life testimony gave me the needed ray of hope and inspiration in life. I also dedicate it to Dr. Norman Vincent Pearl (post- mortem) whose inspirational works revolutionized my entire thinking process.

      Most importantly and ultimately to God Almighty the one that giveth increases, the God from whom all good things come.

      PREFACE

      The motivation to write this book came after many years of watching and closely observing how most families give little or no concern to the way in which they manage their financial resources. In fact 48 out 60 families who completed a questionnaire on this subject saw no reason to effectively manage their Finances.

      This has resulted in serious finance-related misunderstanding in families and most painfully their inability to realize the long term objective of the family- that of Financial Prosperity vis a vis well trained children. This book was specifically intended to address this.

      The first chapter is an overview of the subject of Financial Management.

      The central argument of this book is to let the reader appreciate that the tenets of Financial Management can be conveniently applied in the family just as in any other economic unit. This was achieved in chapter two. Efforts were made to identify the sources of finance available to the family as well as classify those using amenable criteria in chapter three.

      If you want to appreciate certain tools that can be helpful in family financial management some of which you already know, read chapter four.

      The causes and consequences of finance-related problems in the family was critically examined in chapter five. There you will also find real life experiences and the right approaches to handling them.

      Since

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