A financial and investment expert, Titilola Oladejo, has called upon Nigerian women to avoid impulsive buying and tread carefully while seeking to invest their monies and urged them to shun Ponzi schemes promising high returns.

Mrs Oladejo made the call at a webinar on Skills and Tools on Practical Financial Advice organised by Mothers United and Mobilised (MUM) on Saturday.

She said it was worrisome that women still spent a huge amount of their monies and capital on non-essential expenses, calling for adherence to the 30-day rule of savings.

According to her, the rule tells an individual to take the money meant to be spent on an impulse buy and save it in a savings account instead for 30 days.

She said it was necessary to overcome impulse spending and boost savings over time, saying financial independence for women is key to living a life of fulfilment.

“Financial independence for women is crucial, we must defer all non-essential purchases like ‘Asoebi,’ fancy items and others. I am not saying you should always be frugal, but planning is always important to know what is a need and a want.

“Women must beware of trending Ponzi schemes here and there. Most of them attract new investors for non-existent or failing businesses.

“They promise a high return on investment. Be careful not to put your money in such businesses,” the financial expert advised.

According to her, there are some financial responsibilities associated with the life cycle of women, hence the need to cultivate a habit of budgeting and avoid going into debts.

She urged women to build their wealth early, live according to their means and avoid comparisons, noting that with a proper financial plan in place, pressures would reduce.

While listing active income, passive income and portfolio incomes as revenue sources, Mrs Oladejo said women ought to carry out due diligence effectively when planning for investments.

She said to invest in any business, they should consider its registration, licensing, track record and credibility, saying assets could be gotten with investments from mutual funds, treasury bills, bonds, among others.

Mrs Oladejo noted that women who had retired should make short-term investments that had high returns with emphasis on credibility and sustainability.

“Women can generate business ideas by identifying the challenges around them and a need for change, they must be conscious of their environment at all times.

“Women should be proactive and be futuristic in their thinking. They must take advantage of technological disruptions and unexpected changes around,” she said.