#Purposeful Living Sound Financial Wisdom

Financial Wisdom From Redefining Finance Event

Happy new week blog hearts!

Hope you had a great weekend like I did?

So I’ve been in Lagos since last week, and so I was able to attend #RedefiningFinance by @Inspiredbyglory of www.inspiredbyglory.com yesterday.
It was mind-blowing and mind shifting and I hope to be able to translate just a little bit of what I got to you all today.
The event was meant for ladies but if you are a man, you can also read on as the wealth of wisdom will also be of great use to you.
The first thing you must do even as you read this is to be ready to change your mind set.
If you think that you can’t #RedefineFinance with your little salary, then so it will be for you.
You believe you can’t, then you can’t.
You believe you can, then you can.
I will be sharing notes from each speaker with a little bit of my thoughts as an aside in it all.
We had the first speaker Arese Agwu of www.smartmoneyafrica.org who spoke on redefining finance.
She made lots of viable points.
She said, women generally know how to make money but don’t know how to grow it.
So basically, most women see money as something to be spent.
But we need a re-orientation of our minds on that belief.
Being broke isn’t when we don’t have money, being broke is – “if you lose your source of income today, would you still live like you are accustomed to without begging from friends and family?” (food for thought)
Your spending patterns doesn’t make you a successful person but your assets make you a successful person (and while we are on this, please, a car isn’t an asset. When I told a friend that if I had 500k today I won’t get a car, the first thing is to invest, I can get a car from my investment cash if I want but the first thing first is to grow the money, he was looking at me like I’m crazy or stingy but this event proved me right.)
People who are financially successful aren’t spending from their active cash, they are spending from their asset income.
We must know that there is a certain framework within which we can work, stop living like you have all the time.
Stop saying that “I will save when I get a better job”, the way you spend 10,000Naira is the same way you will spend 100,000Naira.
Your net worth is your assets minus liabilities (and again, material possession, bags, shoes, etc aren’t assets, lands, stocks, buildings, treasury bills, etc are assets)
So what can women use money for aside from spending it?
(1) For emergency funds – If something happens today, would you have something to fall back on?
(My own thoughts – we need to move from thinking only about the now to thinking about the future. Your job isn’t secure, you say when I get better pay I will save more, but what if you never get a better pay? What if you are out of a job for months? We may say God forbid but let’s be realistic here, whose job is assured by anyone??)
So you must have living expenses for up to 9months set aside just in case something happens. (and that fund you can start building now little by little)
(2) For Investment – There is no get rich syndrome that exists that can get you into wealth, you must go through the time and process.
The simple way to build wealth is to spend less than you earn.

 

5tips for investing your money…
(a) Know why you are investing. Don’t invest because your friend did, have your own solid reasons for doing what you are doing with your money.
(b) You need money to invest. So start saving for it.
You have to find a balance between saving for long term goals, and short term goals(emergency funds). Know how much you can afford to invest into something for a particular amount of time and leave it there.
(c) Ask questions, do your research, speak to people at the investment firm.
(d) Know what you want to use the money you get from your investment to do for you.
Start with a benchmark, have investment goals.
Do you want to get a land with your money from your investment? Stocks, etc?
(e) Pick an investment firm.
Spending Plan…
We have a lot of expenses yes, but let your expenses reflect what really matters to you.
Have a structure to the way you spend money.
70% for living expenses, food, transportation, etc,
20% Long term goals, land, etc
10% short term goals, eg buy a car.
Having a spending plan helps to make it easy.
Don’t get it twisted, the way you spend 10k is the way you will spend 10million.
(my thoughts- it would amaze us to see just how much we spend mindlessly when we start using a spending plan and stick with it)

 

How can we make more money?
By living in purpose.
When you are doing something you really love to do and something that comes easily to you, then find a way to turn it into a business.

 

Tips on how to make money from your purpose…
(1) Know what you are passionate about, what you are invested in emotionally. What your friends call you to help them with.
That stuff that you don’t mind doing whatever it takes to get it done.

 

(2) Know what area you have skill sets in, identify them and become excellent at them.

 

When you find your purpose, making money becomes easier.

 

Assumptions about money that we need to let go of…

People always think that they are going to invest when they make more money but NO, what are you investing in now? What do you have currently?
You must revamp your money mentality. This is very important.
Don’t get carried away with what others are doing, ruthlessly cut your expenses on things that you don’t need if need be.
Have your spending plan, set something aside no matter how small it is, make sure there’s something in your emergency account and organize your cash into different accounts.
Aside from your saving account, it’s also important to have a stock account, one you can afford to use for investment over a period of time and just leave it there.

The next segment was Finance Sessions From The Heart and it was a round table of different amazing ladies speaking to us from their practical experiences in business, 9-5 Jobs, transitioning from 9-5 to a business, managing finance as a married woman, etc.
I will simply write the names of each woman and the words of financial wisdom that were given.

 

Uzo Orimalade of Uzo’s food labs – She used to be an investment banker and made the transition from the 9-5 job to entrepreneurship.
What steps made it easier? – She started transitioning when she was still working.
She knew she was good in home entertainment and so she decided to turn it into a business.
Then when she just started, she would go to work, bake overnight, deliver early in the morning before work.
She also cut down on a lot of expenses and started saving a year’s equivalent of her salary and the deal with priority really helped her.
She cut off stuff she didn’t need, food and all what not and it’d actually amaze us as to how much we can save when we cut off the chop chop.
Aurora Moneyi (Brand manager)

She spoke from the 9-5 job aspect of managing our finances.
First things first, she deals with delayed gratification. Never get what you don’t need. Take away part of your salary, save it, have a budget plan, no impulsive spending.
You don’t have to have everything, food, clothes, etc, you just need what can get you through the day.

Shop on sale, don’t spend your interest from your investment anyhow. Don’t pay rent that’s above your 3months salary, eg, if you earn 200k, your rent shouldn’t be more than 350k per year.
Live as close to your place of employment as possible.
There is nothing like class or status, no one sits and thinks about what shoes you wore to work yesterday.
Do what you need to do to get your finances on track.

And as for investment, even if you work in a 9-5 job, you can invest in businesses that are doing well, have an agreement as to your percentage and grow your money.

 

Uzo Orimalade
How do you see your goals through in business?
(1) Save enough for your business capital and look at your resources around you, eg, family, having sellers who will have an agreement with you to pay later, etc.
(2) Know the kind of business you want to go into.
(3) Invest in things that you know won’t disappear.
(4) Do what you will give up any part of your day to be a part of.

 

Diversifying Interests/Business
You must start with cash, and what you can do first of all to boost your business.
Having multiple streams of income is very necessary, you must balance your passion with your business. Become known for something even as you diversify. Don’t be a jack of all trades.
Aurora Moneyi on being single and waiting for marriage before we save and have our own investments…

Our cash isn’t meant for us to just chill and wait for the man to come. We should live in the now.
You should aim to cut off rent as soon as possible. If you can get a land or business, get it. Get your own stuff and start investing in stuff you can trade for more value.
And cars, shoes, bags and all aren’t assets, anything you get and trade for less than what you got it for isn’t an asset at all.

 

Elaine Shobanjo (CEO Shomya Cosmetics) on being married with kids and managing your finances…

It’s a whole different ballgame when you are married and have kids.
She used to save right from when she was 15 and already had the saving culture locked down but it becomes a different thing altogether when the kids are here.
You might have a fixed income and it will be gone for nappies, kids funds, schools, etc.
So the easiest time to even develop the habit of saving is now.
The other seasons of our lives come with their own challenges.
(my thoughts- Don’t wait for when you are married and say I will have more money then, no, you will even have many more people entitled to your money. The little you save will only be by plenty grace. So START NOW)

 

Uzo Orimalade on women having bigger dreams for themselves…
Women must aspire to be more and have a bigger goal.
Realign your mind set with sound financial principles and you will be amazed as to how things will align – your spending habits, friends you keep, etc.
You should have people-friends around you that have sound principles about money.

 

And so it went on and on and on.
Sound amazing principles about money.
It was real talk and practical solutions all through it all.
We had people talking about losing their jobs to sharing ideas on how to make a business work.
And this post will be too long if I cramp it all here.

 

I have always been the girl who’s concerned about savings and being disciplined with my money.
I mean, my dad did well to drill that principle in me early in life. I even had a business in 100Level and all throughout my time in the university all because of him.
And I was encouraged to save anything I got from my business/allowee no matter how little it was.
Even right now as a youth corper, I know everyone knows how much we earn, but I still believe in being able to save from that little income.
Like Arese said, don’t get it twisted, you spend 10k anyhow, you’ll spend 100k anyhow.
I believe that if you aren’t faithful in little, there’s no way you can be faithful in much.
So I’m learning to work my way up there to much starting from now.
I’m not waiting for later – like some male corpers say, “after NYSC, we will have something to save, can someone save from 19,800?”.
To me, those are wrong men to even marry.
If you can’t manage your NYSC money, then how can you manage your family finances?
I know this isn’t about NYSC but that’s the stage of life I am at right now, you can take these lessons and apply to whatever stage of life that you are at right now.
I started a small business in my PPA State – a very small business but even in that business, I am careful not to misuse my finances.
How can I control the multi million naira business I desire to have if I can’t control the 10k business?
Ladies, gone are the days when we have lots of shoes and bags and feel fly.
No, our mates have lands, stocks, houses, assets worth something and no, not from Aristo things, but from sound financial principles that they have adopted.
I am not too small to have enough funds to help out disadvantaged kids.
I am not too small to have enough funds to travel all around schools and spread forth the message of their living forth purposeful lives...
But this I can only do when I adhere to using my finances the way that I should.
So yes, the RedefiningFinance event was meant for me and you.
We can do better with our finances.
All it takes is discipline and a mighty shift in the way we think.
Our mentality is basically what is holding us back and till we start seeing savings and money in a new light, we will keep going around the same broke mountain.

 

Hopefully, this post on notes from the event gave you a light bulb moment.
You can start implementing changes that you can make in your finances now.
If you have to open another account to save, do it.
If it’s just 1000naira you can save a month, do it. It still comes to 12000naira a year which is more than nothing.
#RevampYourMoneyMentality.
Have a redefined week of your finances ahead,
Much love,
Frances.

 

P.S – Yesterday was mega-awesome!
I met Berry Dakara at the event and also met a blog reader, Chidinma.
And of course we all took pictures, I snapped with Wana Wana and @Inspiredbyglory
We took the pictures with Berry’s camera and her post on the event isn’t up yet so check back on this post for update with pictures, or simply follow me on instagram @frances_okoro

I will upload the pictures there later.
Twas awesome I tell you!

 

P.P.S – Please share this post and spread the wisdom therein, more women need to hear it.

And do subscribe to blog via email below and join our blog community!
Would love to relate with you as we learn from each other on the blog and maybe even meet you someday like I met Chidinma yesterday 🙂

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37 Comments

  • Reply
    Tuke
    April 27, 2015 at 10:23 am

    Sadly, I wasn’t able to make the event but I’m really glad that I got to read about it here. Please do a part 2 with what people said about making a business work, how they dealt with losing their jobs, their experiences, etc

    Thank you 🙂

    http://www.tukesquest.com/

    • Reply
      Frances Okoro
      April 27, 2015 at 9:24 pm

      Thanks Tuke, glad that this helped..
      But errr, part two? Not certain oh. Maybe Berry will fill in with that aspect of it on her post…

  • Reply
    the Fashion Engineer
    April 27, 2015 at 10:33 am

    I learnt a lot from this .
    I kept nodding my head! Lool
    It took me three years to develop the saving habit …I could have 300k in my account and before I know It I’m asking family for money coz I’m broke
    Now I’m saving towards getting land.
    I believe a young woman should have some assets before getying married
    Thanks for this

    • Reply
      Frances Okoro
      April 27, 2015 at 9:33 pm

      My thoughts too fashion engineer!
      I’m also currently making plans/a way to get a land,its the next investment stuff I really pray to have.
      The wait for a husband to come before getting asset stuff is just a joke and a trick on our own selves
      Women must/should start from now, when that time comes, it will deal with itself.

  • Reply
    Efe Harriet
    April 27, 2015 at 11:43 am

    Reading this post I realise my goals are not stupid at all for a girl…but I also learnt from this post about the whole savings thing…thanks a mil

    • Reply
      Frances Okoro
      April 27, 2015 at 9:39 pm

      Say what Efe??
      You ever ever thought that your dreams were silly? Or too big? Oh please, make them bigger!
      You are one lady that I know is going places! KEEP on!

  • Reply
    Sisi Blu
    April 27, 2015 at 12:13 pm

    WOW!! You are a blessing. The fact that you penned down this much to share. Amazing. Thank you. Thank you. I have learned!

  • Reply
    Mfoluwa
    April 27, 2015 at 12:33 pm

    I learnt alot from reading this. Thanks for sharing.

    • Reply
      Frances Okoro
      April 27, 2015 at 10:19 pm

      Thank you for stopping by Mfoluwa… learnt a lot yesterday too and I’m glad that I could share.

  • Reply
    Berry Dakara
    April 27, 2015 at 2:40 pm

    How on earth did you get your post up so fast?!

    Anyways, here’s a link to the post – I just mostly shared photos and will post my own notes in a different post.

    Nice meeting you!

    Berry Dakara Blog

    • Reply
      Frances Okoro
      April 27, 2015 at 10:40 pm

      Hehe Berry..i typed last night, edited this morning and added no pictures so it was fast.
      Yay! Seen your post but will go back, can’t wait to read your notes, I know I missed a lot too.

      And twas great to meet you!! 🙂

  • Reply
    Uche A.
    April 27, 2015 at 4:25 pm

    Love it.
    Unfortunately my savings account has been wiped out due to some criminal activity recently but seeing this a blessing. As I await my salary in the next few days, I’m already planning how to make the funds work for me. I’ve built up the habit of saving but building assets is the next step. If corpers with only N19,800 can start business and grow, why not me with a job?

    • Reply
      Frances Okoro
      April 27, 2015 at 10:48 pm

      Yeah, I didn’t write about that, would have helped you Uche.
      Anyways, there were ladies there who talked about their savings being gone and their having to start from rock-bottom again..the deal is you can start from now and start building again, it’s never too late to start.
      I wish you all the best.

      And glad that you are inspired by my 19,800 story, i’ve also got saving on lock down but need to start plans on investing, atleast a long term plan too.
      Thanks for sharing with us.

  • Reply
    keke
    April 27, 2015 at 9:13 pm

    Thank you, i have been doing a lot of thinking around finances this week and this post if i may say hit the spot. I haven’t been in employment for 4 good months and we are entering the 5th month of the year, but for putting my finances in order last year, I don’t know how I would have survived this so far. Business is calling my name lol. But this post is a good wake up call for me thou to manage my finances better and please do a part two if there is more.

    • Reply
      Frances Okoro
      April 27, 2015 at 11:01 pm

      Awwww Keke, it’s hard not to oblige you, there is more but I didn’t have any intention of doing a part two…. maybe Berry will cover that part of it in her post but if she doesn’t, I will see what I can do.

      Wow! 5months worth of living expenses just cuz your finances were organized last year?
      Saving and being Prudent is indeed worth investing in.
      I pray God leads you to exactly what you need…

      Thanks for the encouragement, savings aren’t just us punishing ourselves, they do help.

  • Reply
    Amakamedia
    April 27, 2015 at 10:27 pm

    Thank you soo much. I have learnt.

    • Reply
      Frances Okoro
      April 27, 2015 at 11:08 pm

      Amaka media, like I learned too…twas enlightening… + biko reply my mail ohhh

  • Reply
    Cassandra Ikegbune
    April 28, 2015 at 4:22 am

    I really missed out! *sigh*
    I just need to get one of these women to agree to be my mentor.

    http://www.cassiedaves.com

    • Reply
      Frances Okoro
      April 28, 2015 at 6:56 pm

      Awww, sorry Cassie, hope this post helped, Berry will do a post on it too, and between both, you’ll be good…I believe.

      Ok, you can start with sending the mails to them… 🙂

  • Reply
    glowingscenes
    April 28, 2015 at 10:53 pm

    My Stenographer!! 😀 Miss Frances Okoro. The business woman in the making. This was very enlightening to read. Thanks so much for sharing.

    • Reply
      Frances Okoro
      April 29, 2015 at 7:49 am

      Itunu!
      Hehe @stenographer…
      Glad it helped 🙂

  • Reply
    Nwuli Barbara
    April 29, 2015 at 2:07 pm

    Hi dearie, I so envy you on this! Like I would have given anything to be a part of the event but I am in Abuja. *sobs* and u met Berry Dakara too? Now I double envy you. Lol. Thanks for the notes, with the combined reading of ur post and Berry’s, it felt like I was there. And I thought I was the only one with the mentality of car shouldn’t be your first priority. I hold this belief in high esteem, I bet no one can convince me otherwise.

    Please you guys should visit my blog; http://www.barbysdiary.blogspot.com

    • Reply
      Frances Okoro
      April 30, 2015 at 3:59 pm

      Hehe Barbara, I won’t even downplay it and say you shouldn’t be envious of the meet and all..it was awesome!

      Ha!
      I’m glad to see a fellow lady thinking like I am.
      It seemed like I had two heads when I told my friends that a car isn’t my first priority..we are right, right and right!
      #invest!
      Build!
      Grow that cash!

      Glad that the posts helped even if you weren’t there 🙂

      And oh yes, everyone show Barbara’s some love, visit her blog 🙂

  • Reply
    Vincent Gloria
    April 29, 2015 at 10:08 pm

    Thanks dear. As I read, I rememberd d Real Estate thing a friend sent 2 me and I was interested in investing my little 10k every month 4 d nxt 2yrs+ to amount to 600k 4 a real estate in lag worth 500k. Reading dis post brought back the intrest. Now I might not really invest in dat cos am scared of losing ma money @ da end of it, but I can also save 2 get an asset…hugs and kisses

    • Reply
      Frances Okoro
      April 30, 2015 at 4:05 pm

      Oh thanks Gloria dear…
      As I saw your “Little 10k” you wrote, I was reminded of how it’s the little that turns into large in the parlance of savings.
      Yep, it grows and grows…
      Just start…

      Glad this brought stuff to mind babes(like it did for me)

  • Reply
    Esther
    May 1, 2015 at 6:47 pm

    The above was a motivating read, thanks for sharing.

    • Reply
      Frances Okoro
      May 2, 2015 at 11:15 pm

      Oh Esther, thank you.
      Saw your comment now and I know that I should do better with keeping in touch.
      How are you doing?
      How’s your studies going?
      Ok, will holla you soon personally..

  • Reply
    Adaolisa
    May 3, 2015 at 2:58 pm

    Wow!

    This is more than great. thanks for sharing all these tips. They have encouraged me especially with my over-spending nowadays. its ‘nowadays’ because i’ve been working on my finances but somehow i just lost it. would have to start again shaa…..this month.

    I have accounts. different accounts on my app (expensemanager – such a great app for managing finances). Tithe 10%, Savings 10%, Seed 10%. (still wont joke with these ones) then set asides 5% for home. I spend 65%percent but on a budget – Church (offering and transport), Food (breakfast, lunch, dinner, fruits, others), utilities (water, light, internet, phone), personal care, ETC. in that order. yes, I have improved on details over time ooo….

    I have found this so interesting and life changing. oh! i have failed more than a hundred times trying to keep to budget or goals on spending but you know what? there’s no giving up. I shall continue till i get it right. I shall learn to curtail my appetites and be content…oh how so difficult! I so love budgeting though.

    I need to take time to read this post again to learn more. Thank you. thank you so much.

    About the app, i tried out so many till i got the right one. Don’t know how exactly to send the link to us here, but you can try out the one that suits you well. the ‘expensemanager’ can be found on androids. it is really great and awesome. i record my daily expenses, i am able to track how i am faring keeping to budget, i know how much i have in my account per day etc……

    Phew! so much talk…… i just want to thank you again for sharing. well done!

    • Reply
      Frances Okoro
      May 3, 2015 at 11:33 pm

      Wow Adaolisa!
      I want to say that you’ve got it locked down but you just said that you dont..but really, getting it down to the basics like you’ve done does help immensely!
      Like not just glossing over it like 65percent, but 65percent for what really?
      This is so necessary if we must get on top of the saving game.
      Thank you!!

      And I can say that I have been spending somehow nowadays too, but that’s one thing I didn’t add, we must forgive ourselves for any over spending before now and start afresh if need be.
      *big breath*
      *whew!*
      Yep, start afresh.

      Thank you so much for this babes 🙂

      • Adaolisa
        May 5, 2015 at 12:25 pm

        Sure!

        Starting again might be difficult but it is the starting point for “never giving up”. lets do this till we get it right. *shakehands*

  • Reply
    Ugochi
    May 6, 2015 at 3:03 pm

    Great insights Frances. You did well to share what you learnt here for all to read. I have learnt more about finances and purpose right now. God bless

    • Reply
      Frances Okoro
      May 6, 2015 at 4:58 pm

      Thank you so much Aunty Ugochi…
      Glad to share! 🙂

  • Reply
    Kola
    May 11, 2015 at 6:54 pm

    totally agree with the comment about many women seeing money as something to be spent. Thank God that tide is shifting though – i’ve been coming across more women that are getting smart about money. yay!

    • Reply
      Frances Okoro
      May 13, 2015 at 6:37 pm

      Gotta re-echo the yay with you Kola
      More and more women are learning to kick ass with their finances/investments.
      Yay!!

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