Insurance executive and financial advisor Roger Paul Inniss believes in the importance and the necessity of budgeting and wise spending.
The executive vice president and general manager of Sagicor Life Inc. (Barbados operations), is a graduate of Edinburgh Business School, Heriot-Watt University, Scotland, where he gained his MBA. Roger is also a Fellow (FCIP), with specialisation in risk management; a Fellow, Life Management Institute (FLMI); Canadian Risk Manager (CRM), Institute of Risk Management Canada; and a Chartered Insurance Professional (CIP) Insurance Institute of Canada, Canada.
The successful and results driven insurance executive, with extensive knowledge and experience in leading high-performance teams in the insurance and banking sectors across multiple Caribbean jurisdictions, has proven successes in implementing and executing business strategies for large regional financial institutions.
He has held leading roles at various financial institutions, including director, insurance at CIBC FirstCaribbean International Bank; chief operating officer of Island Heritage Insurance Company, and general manager for Barbados and Eastern Caribbean Islands with Pan American Life Insurance Group.
Sharing his tips with readers, the past president of the General Insurance Association of Barbados (GIAB), emphasised the importance of effectively managing one’s money, and getting physically and mentally healthy for 2024, “because health is wealth and there is a direct link with decisions you will make in managing your money”.
“A comprehensive review of your immediate circumstances to determine your current financial situation is critical to successfully managing your money. It allows you to better appreciate the gaps between where you are and when compared to your objectives, where you need to be.”
Roger also said that one must set realistic goals which, should be guided by one’s budget, while prioritising needs from wants. The latter, he admitted, “will require much discipline”.
“One must also prioritise required expenses, and try to allocate any excess to savings.
“Imagine a scenario in which you lose your income for a period. Your savings will provide some financial stability,” he pointed out.
He further advised that readers must, “Take stock of where you spend your hard-earned money. Actively monitor what you buy and the frequency of what you buy. Critically assess if it is a required versus desired purchase, and seek where possible to minimise unnecessary and impulsive spending.”
Roger, who serves his community as an active member and past president of the Optimist Club of Barbados Central, additionally stressed the importance of individuals to manage the amount of debt they undertake, in order to ensure they are not exhausting their total income in debt consumption.
“This will require discipline and prioritising what is necessary.”
Here are some of his tips and financial advice:
• Protect your family and yourself and those things that matter most. For example, your home: “This ensures that when the worst occurs, you and your family can recover and have the ability to maintain a good quality of life.”
• With respect to financial instruments and insurance policies, make an effort to understand what you are buying and take time to read the document. If you need assistance, please contact a financial advisor within the financial market.
• For those with savings or funds you wish to invest to develop wealth, it is recommended that you consult with a wealth manager: “This will help you understand and find avenues that will allow your savings or investments to make additional income without you actively labouring for it. This also allows you to diversify your income streams, which makes you even more financially resilient. Income sources can be dividends from stocks, interest from bonds, rent from property, or hired car business, or another side hustle.”
• As you build out your investment and wealth plan, ensure that you have sufficient diversification within the strategy that insulates you from the peril of any one significant event. Never put all your eggs in one basket.
• Competition is often greatly beneficial to ensuring the best value is derived. Always shop around for the best financial solutions to meet your circumstances. Consider any fees associated, interest rate, payback period, benefits offered. This industry analysis may allow you to extract enormous value.”
Finally, the insurance executive advised, “Review your strategy at least once every year to ensure that you are on track, and where necessary, make the required adjustments.”
Taking time to wish all and sundry a “physically and financially fit 2024 and beyond, Roger hopes his advice will be followed, and that 2024 will be a year replete with financial rewards for Easy readers and then some.
