1. Senior Lecturer, Lagos Business School, Pan-Atlantic University
Financial Responsibility: Personal Finance Basics and the Time Value of Money
Dr Bongo Adi
Senior Lecturer, Lagos Business School, Pan-Atlantic University

2. Objectives
Analyze the process for making personal financial decisions.
Develop personal financial goals.
Assess personal and economic factors that influence personal financial planning.
Calculate time value of money situations associated with personal financial decisions.
Identify strategies for achieving personal financial goals for different life situations.

3. What will this mean for me?
We live in very uncertain economic times – poverty and severe economic hardship, unstable and low income for parents and guardians, poor job prospects after school, increasing demand for money – driven by ever rising cost of living, underdeveloped credit market, high level of social inequality etc.
Each year, many people experience income losses – either personally inflicted or just imposed by the times. The truth is that some of these financial and economic hardships could be controlled by wiser and more strategic money decisions.
It is also very obvious that most people do not consider courses like financial responsibility as important; some have little incentive to save for the rainy day and many do not know how to save. The most curious of all is that many people, both young and old, are not strategic about making money and improving their long term financial stability.
Your ability to make wise money decisions is the basis for your current and long-term well-being.
These factors intensify the importance of wise personal financial decisions.