 Entrepreneurship Tuesday is the day and we are going to have a talk on Mata's entrepreneurship, particularly on savings and investment. For this particular discussion, we have an expert our financial advisor and she goes by the name Nora Vihanda and she will introduce herself. Karri, was I a Nora? Thank you very much. Glad to have you with us. All right. So tell us a little bit about what you do as a financial advisor or who is Nora? Yeah. Thank you for welcoming me in 1984. I'm glad. Yeah. So I am a financial advisor and we look in ways that we can make our people to live in a comfortable and peaceable way. Yeah. The future depends on what you are doing right now. So we are going to talk in areas, how do we invest? How do we conquer this situation that we are having currently like in Kenya? Yeah. Yes. So, yeah, we'll definitely get into into all of that. And for stats, let's tell us what's the difference between savings and investment because sometimes it's easily, you know, confused to be the same thing. Yeah. So today we will talk in a layman's language, what is savings and what is investment so that everyone can get to understand, am I in a level of saving or am I in a level of investment? So let me begin with saving. Saving, it's that person, maybe you've gotten your employment, like teachers, like police officers, you've gotten it to employment, you need to start saving for a better future. That is in short. And when we talk about investment, investment is commitment of resources. So you see commitment of resources that you got through saving. Okay. For future benefits again. So life is like, we are moving step by step to achieve the better. Yes. So that's the difference. Saving is the first step to before you even get to investment. Yes. So you save little by little until you're able to invest that money into some things that will sustain you in the future into something that will bring you back the money, right? Yes. All right. So talk to us. Let's start. We'll talk about, you know, investment in the different areas of life. Well, let's start with investing as a youth or saving as a youth. In this tough economic time that we are in, we just saw thousands and thousands of NYS graduates going for KDF recruitment, which was only taking around 300 people only. And we had thousands of them going, it speaks a lot on the state of the country. So many people aren't employed. And those that are employed, they're those that really get small wages that they barely, you know, make it to the next day. They're only trying to survive. You live, literally live, you know, by your hand each day, whatever, each day payments you use it for food and everything. So how exactly can they go about saving and investing? All right. With savings and investment, one thing you have to do is planning and making the right decision. Making the right decision as a youth, you have to be with a mentor. That is the first thing. Who should be your mentor? A mentor is a person who has succeeded more than you, a person whom you cannot compete with, a person whom you can respond to what you are doing, so that we start, at least we have targets and where to start about what you are speaking about, the recruitment of the KDF. And in fact, I saw it and you see, it is a, it speaks more about a country and youths are in the state of depression and desperation. So we have to come out with the ideas. We have to make sure that our people understand that there are things that we should do. We have talents. We have to mentor our talents. We have businesses. It's not a must. You go to, okay, you look for employment. There are ways you can start employing yourself. Then also in this tough economic situation, you do what we call multitasking. That is what you are going to aim at because you cannot tell me maybe you are in employment, you are getting 40,000 and that is what all you are looking at. Then you will, tomorrow, because every day you grow, someone grows from small troubles to bigger troubles. The more you grow, the more troubles you have. The more you grow, the more the basket of trouble really needs. It wants to blast. Okay. Yeah. So that's why our youths, we are still young and our brains are still very sharp for the youth. The brains are still very sharp. Use this particular time to sit back and one factor I usually look at, I use that love reading. If you read their books also you can read and they will help you alongside having a mentor. Yes. Okay. Yes. So main things that you've mentioned, have a mentor, someone who's more experienced, who has gone ahead of you. Yes. Have different streams of income. Don't just settle for one thing. Yes. And you've mentioned 40,000. For some that is everything. That is a dream. And it's comfortable. So they need to aim higher. Yes. Because as we grow, the more problems become a mother, you become a father, you have the health issues involved when the older you get and everything. So we need to be well-planned at this point before we get to an age where we will retire or something where we are elderly. And we're going to talk about the elderly also. So now what kind of a plan as a youth? Can you sit down? Can you just map out a plan? In terms of saving, how much would you be saving in a day if you're really earning something like 20,000? That's the most basic pay for most youth. So if you're earning something around 20,000 or 30,000, how do you save for it? That's a good question. And I usually like such questions. When you are doing a savings plan, the first thing you must look at is the income that is coming. Something that is coming inside your pocket. What has come today? Don't just say my salary is like 30,000 or 40,000. Because diversification of incomes, there are also some incomes that come apart from the salary. Okay. Every 10% and that one someone should write somewhere. Every 10% of your earning is not your money to waste. Majorly we find youths and young people like me and you. We are very young by the way. Yes, we are. Yeah. So you find that the hypers that we have on beauty, on maybe foodstuffs, like let's talk about the hamburger, the chicken and the pizza and everything. So you find that we don't know we should invest. My mentor is a millionaire. Okay. He's a multimillionaire. Okay. I need such mentors. Please locate me. That's why you have to give them also my contests. My mentor, I was looking at the way he is reacting and interacting with people and himself. Then one day in the morning, we came to our office and after a while, after I was out of the office, we were feeling like hungry. He told me, Nora, come, let's go down where my car is. He has like good cars. Let me not mention the names. Good cars. Not one German machine. Okay. So in the vehicle, there is porridge. Wow. Good porridge. That is a multimillionaire. A multimillionaire. Then look at a poor millionaire who is earning $20,000 in a hotel. I love that. Eating pizza. I love that. A poor millionaire earning $20,000. The potential is there. But you're eating out fancy restaurants. And he was talking to me, was telling me, Nora, don't work with people you are going to compete. And first of all, study the things that you are going to be doing. Study the priority. Prioritize. This is where I'm going to start. For instance, I'm a youth. I'm going to save 10% of every income that I earn. I'm going to save. Then I'm going to give myself a target. My target is not going to be like two years. Youths, we run. We have hypers. We run. We run and we fail. And then we start blaming ourselves. There is no one who can be with you. There is no one who can be with you. But you can be with yourself with how you think you can be with yourself. So my mentor told me, the first thing you should prioritize in life because you are a young person by land. He did not tell me that maybe you are a woman. Maybe you get a rich man. He did not tell me like that. He told me you buy land. And in fact, for those girls that really want to invest, that's the first thing. And in fact, we have started the same project somewhere in Kisumu. It's not something that we are speaking. We are speaking what we are doing. We want to walk step by step. In as much as we are going to, when you step at, for instance, let me talk about the youth that are 20 years and 30 years like me, we are going to step the fourth level. At least that level, they usually say life begins at 40. At 40, you must have stabilized everything. At least you have your own land. You have your own land. And in fact, if you can manage having it early, at 40, you'll be driving a nice car. But don't compete. That is the problem over. Don't rush to buy a car because someone has it. My mentor told me one thing. Buying a vehicle as a priority is something which is very good, but it depreciates every day. But when you have land, then you have a vehicle. You see, that one is going to grant you more opportunities because you have peace of mind. You have built your house. You have stabilized everything. That is what is in progress. So buying a car is not a bad thing, but at least starts with buying a land before you buy a car. It gets somewhere fast. Okay, interesting. And saving is 10%. So this is aside from for Kristian's typing, 10% for savings. Yes. After taxation and everything. If you are taking 10% to your pastor, and okay, okay, it's something which is very good. But sometimes our guys be cautious. We are youths. And let us talk. Speaking about youth, then we'll come to our elderly people. We understand what we have for them. For our youths, kindly. Because we have been lured so many times. When you take your money to the church, for instance, after you pay your tithes, that is something which is very good. But when you take everything to the church, what do you expect your tomorrow will be? Someone asked me somewhere, will you take everything that you own to the church? Then tomorrow you'll start begging on the street. Look at it in such like ways. Then we understand. Let us have notebooks. Write down all the expenses that you are incurring every month. Then also when you are going to do purchases in a supermarket, make sure you buy things in a supermarket. For instance, when you get your salary, buy them at once. Write down, then buy them at once. Make sure, if there is anything you are going to buy, maybe you are living in Nairobi, in Nimbogatu. That is the only thing you can say, I'm going to buy. Yeah, sort of buy sugar at the shop. Because it's more expensive there, right? It's more expensive. But when you buy ones at the supermarket, then you will start planning your money slowly by slowly. And for the people that really want to walk us with us step by step, because you should have someone you can respond to. This is what I'm doing. Yeah. So when you get such like a person, you get motivated, then your progress will be faster. Because you will be sharing, even when you fail, you will be open and share out, okay, I did this one and I failed. Then if it's your minder, or maybe someone you are working with, step by step will tell you, no, this one should be handled in such a way. Yes. So it's good to have a mentor who will keep you accountable. Yes. All right. That's quite interesting. So as youths, we do not have an excuse of not saving, get less of what we earn, whatever it is, because there are many opportunities that we can get into. What about now, the elderly? What is there for them? For the elderly people, we have majorly our elderly men and women. These are people with money already. But sometimes, or maybe these are people approaching retirement. And we usually also talk about retirement in a way that you don't misuse your money. Don't misuse your money, because this is money. This is like your last money. Okay, this is like you are living your last time. And every old person, when I interact with the old people, I really love interacting with them because they are peaceable. They just don't want any friction with anyone. Another lecturer is around 58 years old. He told me Nora, I wish you would be going and expressing to people how your financial team has helped us, because it's something we grow, we grow together step by step. And some lecturers at UON, it was at Apakabete campus and also our neighbor here at Nairobi University. So one lecturer from Apakabete campus was asking me Nora, if there is a story you should go and tell, is explain to people the importance of investment and how it has helped me individually and also my family. Yes, because through having a financial manager in life, he achieved his children right now, they are in the States. How did they do it? It started slowly. The way we are just saying, commit yourself first of all, look for a financial advisor, get the contact, get in touch. Not only that, when we speak about investment, we are going also to speak about the retirement benefits, because right now he is nearly retiring just two years. He will be home and there is a good amount of money, a lump sum. But he's going to receive. He's going to receive. Sometimes you don't know where you'll take this money and sometimes there are some teachers, they did not have a capacity to get financial advisors. So they have come out and even right now when they are getting this information, they are shocked because they are retiring. Now what can we do? One thing, because it's about your money when you are going to retire, I usually tell people, when you get your job today, know that in the next few years you are going to retire. So what are you going to do with this money that you are going to be given as a lump sum? Are you going to invest in buying vehicles? That is small money. If you buy vehicles, then you start frustration. You'll die. So what are you supposed to do with the money you get? Now I'll show them away whereby they invest their money. Their money will work for them. Work for them? How so? Yeah, then they will be earning the returns either annually or monthly or quarterly. So that one will is about them getting in touch with me, getting the contacts because there is no need. Someone who is 60 years old, seriously, do you want this man to die? And he has been sitting in a class teaching the rest of his or her life. It's not good. It's not advisable. What you do with that money, you look for a financial advisor who will work with you step by step. For instance, if you get a financial advisor that will give you ways that your money will be working for you and for you, then from that small capital, there are things we will advise that old man to start doing. Tell us a little bit. What is it? Where are the good areas that someone can invest in as a retiree when you retire so that it makes money for you? Right. That's a good question. And they have to get in touch with me because we have the bonds. Yeah, we have the money market. We have other investment areas that strategically I'll have to show someone according to the stages that someone is undergoing or maybe what she has. Okay, interesting. But even before that, just the general understanding of you into this investment area that you have mentioned, that we have T bonds, T bills, we have money markets, especially those three for youth even. How important is it to invest in those and how much do they take in for T bonds? How long does it take to mature? Which one is the best to take between the three and how does it benefit one? For our youth, one thing because I know the incomes of our youth in Kenya is wanting. We will speak about saving and there are places that you can save your money and you get small returns, which sometimes makes our youth feel like, oh my God, what am I doing? But when you get in touch with me, I'll show you how to make your money grow very fast and security and peace of mind. We want you to mention a little bit before they get in touch with you for someone who might not be able to and they're watching this because it will be uploaded on YouTube later on later on. So how you know just give us some tips into into those areas. We are going to do this for our youth. We are going to have plans that we start will split them into either four years, five years, ten years and those plans they are going to get money. For instance, maybe there is a use that wants to marry after four years. I'll show you a way that you'll get dowry money and pocket those two as they you know them with the suits they when they come they respect you. I'll show them what to do. So we will work with them because right now I'm having a team of 15 boys. Those are boys. I have a team of nine girls and they have started okay last year there are few who started last year and the others who began this year and in fact they are responding very well. They are responding very well. The only thing is for Boy Child and they have suffered a lot by sending fare my dear you know that. You've suffered a lot Boy Child. For this reason I come to you and I'm going to secure your money. So wherever you are listening to me Boy Child please get in touch with me. Your money need to be invested. You need to save so that we invest in future. Your future needs you. You be the man of tomorrow. So get in touch. Yeah. Do we have platforms but I still get to the T-Bills. I don't know for someone who's adding good money as a youth we don't want to ignore them. You know they can also get into something but do we have applications or softwares where someone can track their expenses in order to make sure that they you know that they are well disciplined in terms of managing their expenses and creating a good savings culture or do you recommend just you know taking noting a plan and you know writing down your expenses every now and then because I know sometimes you buy credit you might not record that down. So do we when we have other applications that you would recommend or something. All right you you just talked very well. What I have told you and I repeat it again when you are doing your monthly expenditure do it once when you know very well you are spending like a credit 2000 credit like me in a month I spend like 2500 I buy it once. So that month whenever the credit will end that is the end of communication and maybe maybe it is an emergency you see because we talk too much for financial advisors we talk too much and we call too much you see and sometimes we call people just to greet them also you have to give them peace of mind because you find maybe some people they have maybe problems and there is no one who can listen to you so we give them the peace of mind okay yeah that's a good double up almost as a counselor but yeah I get your point all right so now for people who are earning good money as youths because we have youths who have you know who are running businesses we also have those that have they have good employment how do they invest in the treasury bills, bonds and you know money market. That one they have to get in touch with me you have to give them my contact right now because investing in treasury bonds for those people who have good money it will help them and also maybe someone wants to to start maybe like building a mortgage somewhere or something like that one maybe and you really want time maybe you'll do it in December and you have some money with you I'll show you how to you keep your money in a place that it's earning for you yeah there are platforms that will help you but getting in touch with someone whom you can be accountable to is priority because everyone will come and everyone may be all right it's not easy to get someone who will work with you step by step as I will do to my listeners so that's why I'm not mean but I have to so it's not highly confidential information just that you want to guide them through it I just want to guide them because you know when you create a rapport with your listeners maybe you are like the way we are with you right now when we talk with you you will understand me I have already understood you you see so we will start walking step by step and understanding what can we do there's those people also that wants to serve for education of their children yeah and there is what we call fear of the unknown the fears that our parents had is what made us understand that people rich people are bad people isn't it what do you know about rich people what do you apparently tell you about the rich rich people they are illuminate so it's the wrong perception it's a wrong perception so we have to get into understanding and they know how to to see that money by the way money can speak for you even when your voice is not there okay yeah clearly yeah it does I agree yeah and for instance maybe you are a young man and maybe you are just married couples for instance maybe your husband paid dowry very well and every month he usually greet your parents you see and you know what I mean when I say greetings you cannot agree without a person number but it has to rain so uh then uh who is questioned the parents call you they call you what are you doing sit down call pasta they even want to involve pasta very fast because they're not really well typical African parents it will be hectic if that girl comes from that house it will be hectic but when you don't have something when you call you call your parents well I think it depends but it's good it is there it actually happens some for for others it's bad culture because some people are beaten you know in some marriages and parents tell them couple couple which is not really really good but uh in others that can be solved and it's a good thing that they do and money inspires that as you've said rightfully put it finally um let's talk about debt youths are in debt because um of one reason or the other you're making money but you know making enough so you get a debt with then you when you get paid you pay the debt and get another one you know becomes a sort of a bad culture so how do they work it out now our youths right now there's something that I want to question every youth that is listening to me kindly please don't try to take the phone debts I'm repeating it once more despite the fact that it's someone's business but it's a question if you really want to have peace of mind because the interest are suicidal true yes my youths kindly and whenever you have debts with uh for instance uh digital money lenders yes digital money lenders pay them because they're going to blacklist you and in future you really need to have a record a good record or statement to to show off in other banks that I'm someone who can take a four million you can take like eight million and I invest this money and when I invest this money it is going to earn more yeah because okay we've we've just touched on a little maybe one another day we will talk about investing in real estate and everything we just touched on something literally so that we give them the caution first of all then we give them a way where to start that is one thing our listeners should get yeah yes and I'm sure they've gotten that thank you thank you very much Noura for you very insightful uh you know points on savings and investment I'm sure that our youth out here has been helped by some of the tips that you have shared and before you before you go you want to share your your information and how people can contact you and your last one all right before you finish on the matters about debts um I've seen that um many of our youth are getting money from this platform paying this platform and getting from this platform paying this platform just be cautious because you will not have anything to show when you get to that age whereby they need some people to talk maybe there is somewhere function when they call for men's the village men's you are you you are out looked when they call for village there are no ladies you are looked down at you see so when you want to create you your future as per now understand working step by step with the financial advisor I advise youth I advise all the people I advise middle-aged people and as I told you my name is Noura Vihenda I'm a financial advisor and my contacts are 0707-986-531 maybe there is someone who really wants to give me a call maybe wants to give me an appointment we speak to organizations we speak to Wana Chamas the Chama members we speak also for those people youths in a gathering we speak to teachers we we we we lecture the lecturers oh so maybe you really need me one day now your institution anywhere you that you are you can just give me a call and my number is 0707-986-531 okay yes thank you uh Noura that has been Noura Vihenda a financial advisor talking to us about savings and investment I hope you've taken something from this conversation right now we're going to take a short break but Brands Aqua will be back with yet another interesting conversation on entrepreneurship and remember that we have asked you a question on our social media platform at y2fire4 channel across all social media platforms engage with us let us know your thoughts on that particular topic my personal handle is at Stephanie I yet to see you on the other side