By Emmanuel Awari-Jalingo
The CEO of Taraba Business School, Gabriel Olayinka, has cautioned Tarabans against taking on too much debt, emphasising its potential to hinder progress towards wealth-building goals. Speaking at a recent event at the Patient Events Center in Jalingo, Olayinka presented a paper titled “Seven Principles of Building a Sustainable Wealth.”
Olayinka stressed the importance of managing debt carefully, noting that excessive debt can lead to financial difficulties and negatively impact credit scores. He advised individuals to be mindful of their debt-to-income ratio, pay off high-interest debt quickly, and avoid variable or adjustable interest rate products.
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The CEO also highlighted the importance of maintaining a good credit score, which can lead to lower interest rates and better loan terms. He provided key steps to achieve this, including paying bills on time, keeping credit utilization below 30%, monitoring credit reports, and avoiding excessive new accounts.
When it comes to investing, Olayinka recommended paying off high-interest debt before investing and taking advantage of investment opportunities with lower fees, such as exchange-traded funds (ETFs).
“Start small, start early, and be patient,” Olayinka advised. “Regular saving and investing is the tried-and-true way to build wealth over time.”
Tarabans have been urged to heed this advice and manage their resources effectively to achieve their wealth-building goals.