Essential Financial Management For The Family

By Friday Esinwoke

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.

• Language: English
• Publisher: Friday Esinwoke
• Release date: Aug 5, 2018
• ISBN: 9780463839614

Book preview

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

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Published online in Nigeria by Alphikka Technologies

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For Order/Comment: Factor Resources Productions

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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