 Welcome back from that break. Dr. Oluwa Tosin Olatu Joye is a highly esteemed entrepreneur, businessman and humanitarian with over two decades of experience in various fields. His expertise in sales and marketing, negotiation, public speaking, management, human resources, project management and development is highly recognized in the industry and he is estimated to have a net worth of $315 million. A testament to his success in the business world. Throughout his career, Dr. Oluwa Tosin Olatu Joye has demonstrated exceptional leadership skills, commitment to social responsibility and an unwavering dedication to promoting ethical practices and has been a role model for others in the field. He is also the CEO of Xilox Group International. Ladies and gentlemen, let's make welcome Dr. Oluwa Tosin Olatu Joye. Many thanks for joining me on Business Insight. Thank you for having me. It is indeed our pleasure. Well, let's talk about our financial planning and specifically why it should be a culture for every potential investor. Let's just break it down. Why does one really need to plan financially? Alright, so first thing you need to understand about finance is that it's part of life. So we need to understand financial planning very well because it's very important when it comes to your day-to-day activities and everything you want to achieve in life. So if you don't have the knowledge of financial planning, then it means that you may not be able to achieve some things that you could have planned easily to achieve for yourself. And all these things are things that we want to achieve for ourselves. So without it, I believe it will not be possible. OK, fine. You said it should be something like an everyday affair, like a daily routine, but does it really take any formal knowledge or is it something anyone could just go about doing? For instance, you have a family and of course you have to plan how the family would go about their daily, their monthly expenses, or even if you have a small business. Do you really need maybe some sort of financial expertise to do financial planning? Alright, so financial planning is like when you are building a house. You want to build a house, you start from a foundation to the next level of construction and so on. So when you are trying to achieve something and you know that thing involves financial goals or you need to put in finance into it, then there's need for you to sit down and do your mathematics and plan based on what you have, based on your income and be able to map it out. And the growth level you could get for yourself depends on the financial knowledge you have. So it's very important for everybody to have that financial knowledge so that at every point in time you want to do something for yourself, you can be able to plan according to the knowledge you have. OK, let's take it from where you just left off. You talked about term financial knowledge. How do you go about acquiring that particular knowledge? Do you have to be schooled about it really? Alright, so well schooling is part of it and you would also agree with me that when it comes to financial knowledge, there are a lot of financial information out there that you can use to equip yourself when it comes to planning your finance because you know everybody are limited to what they have. And if you're earning your income and you are not able to plan it very well, you just realize that you may end up wasting all what you have. Alright, fine, so but if you intend or you intend to get into some sort of investment and you need like maybe some sort of a financial plan, are there do's and don'ts? For instance, you want to invest in the stock market or in the real estate sector. Are there some things that you should be wary of? Alright, so one thing you need to know as also a financial aspect, you need to understand some of the key things when it comes to investing in some of these financial instruments and also some investment that are available outside that people are you know giving out to every individual that are interested. And the first thing is the risk aspect of it. So you have to consider the risk and be sure that where you are putting your money, your money is going to come back to you. And looking at that, I've seen a lot of people because of interest being offered by either the financial market, stock market or maybe by the by a financial institution or by a finance company and end up losing all their capital. You know, it's like you investing one billionaire and because of the interest rate on one billionaire, you want to put one billionaire into an investment that is high risk. So the first thing you check when you're investing is the risk, the level of risk, which is very important. Then the next thing you need to check is the due diligence about the organization you are investing into because you need to do diligent. You need to know if the organization have the capacity to put your fund in there. And after that, you can now consider the return on investment, which is the last thing you need to consider when investing. So the don't aspect of it is that I've seen a lot of people keeping their money and not making their money to work for them. It doesn't make good sense because when you invest your money, then you make sure that you get good return on investment. So I would advise people to invest and not just to keep money. Then the second one is that don't spend your income or your future interest rates or whatever you want to get from the investment even before it marches. So you have to wait till it marches before you start planning on what to do with it because it's possible you plan before that maturity and anything can happen. I may not be able to achieve your plan too. You have to be very calculative while doing other. It seems like a tactical process because it's not everyone that can actually understand levels of risk management and what it takes to know the exact kind of investment mix to do. So at what point would you actually need maybe like a financial advisor or someone who can actually push you in the direction that you should go when it comes to financial investments? OK, thank you very much. One thing I've seen is that a lot of people have their doctor, a lot of people have their lawyer, but one thing people have failed to do is to have their financial advisor because everybody plans according to what they have. Where you are living, what you eat, the kind of car you use is based on what you have in terms of the money you have in your position. So if you have a financial advisor that always advice you on how to manage your monthly income or manage your funds at every point in time, then you'll be able to be guided on what to invest into and what not to invest into. So it's very important that as we're growing up in life, you have a financial advisor that can always be together with you to advise you what to put your money in and what not to put your money in. Let me just ask a very simple question specifically. A whole lot of people, they seem to be working, they have an earning, they receive salaries at the end of the month or maybe their business is bringing them profit, but at the end of the day, sometimes they find themselves that they are not able to keep above water, they're always in debt. Is it a thing of bad financial planning or what exactly can be attributed to that? I think it's just your financial planning because financial planning is key. It's like planning your daily routine because imagine you just wake up, you don't know where you're going. So if you don't pay serious attention to it, you realize that you end up spending money on what you don't need and before you know, you overspend your funds and at the end you now be needing more. So when you have your income and you pay serious attention to planning it, you will know what to apportion for each of the things that you want to do and that will put you in a proper planning. While you're doing that, you know what you're not supposed to do now that can wait later, then you can arrange it in order of priority, the first one, the second one, the third one. The one you can postpone later, you can postpone. The one you need to do now, you can do now. But you have to ensure that on a daily basis or monthly basis or yearly basis, you have a clear and understanding financial planning that you want to offer yourself so that you will not spend unnecessarily. All right, when I started the show, I talked about two different camps, those that are planned, the non-planers and the planners. While some people take out the Pascala portion of their salaries every month, they save towards retirement because they have to compulsorily do so because of where they work, the federal government and pension policy and all of that. Other people are very conscious of a long-term plan where they want to go to in the next, say 20, 25 years. But the question right now would be, what would you say to someone who feels that they don't really earn enough to be able to even save or to plan to invest in anything? Okay, so thank you very much for that question. Everything is about go-setting. The first thing is you need to set a goal for yourself. I have one of my staff working with me, domestic staff working with me, and I know the salary the guy is earning is not as much as possible. But from that salary is earning, he was still able to save from it. And he said to go that, sir, although I'm a security man with you, working as a security at your gate, but I want to see myself in the next two years becoming a millionaire doing that security job. And these guys that I encourage him, I mentor them and he started saving towards becoming a millionaire. So saving towards becoming a millionaire is a goal for him that he wants to achieve. And as you speak, just Saturday, the Saturday that has just passed, the guy came to meet me and was telling me, that sir, do you know that my savings now is now 1.3 millionaire. Oh, wow. Interesting. And I look at his face and I said, my security, you're not a millionaire. So because one millionaire and above is a millionaire. So I told him you're a millionaire. So it feel good that now I'm not a millionaire, even despite the fact that I'm doing security job. So he was willing to do more. And I'm sure in the next five years, in the next five years, he must have, be able to save a lot of money for himself to achieve a lot. So it's just about you. Plan what you earn. Don't live above your means. Live on below your means so that you can be able to still commit to saving a certain amount of money for either a future investment or for a future purpose. All right. It is still business insight and plus TV African. I still have Dr. Oluwa Tosin, a lot to do my guest with me. We'll be taking a quick break and that when we return, we'll be talking about investment opportunity and specifically what you can do to mitigate against the issues of inflation and all of our economic issues that we have in the moment when we return to join us again. All right, welcome back. So business insight and plus TV Africa. We're looking at financial planning, culture for potential investment. And my guest is Dr. Oluwa Tosin, a lot to do is a group CEO of Xylos Group International. Just before the break, we're talking about how you should not live above your means. You should live under your means. Okay, fine, that has been noted. But would one need to consider the issues of macroeconomic issues such as inflation and all that maybe you might be saving right now. Who knows what it will be worth in the next 10 years? All right, so on considering the level of inflation, the fact is that inflation affects everything. The more inflation goes up, the more it affects whatever money you put in your savings account. So our advice people, don't just put money in your account and just put it there. The value of the money is depreciating every day. Get an account that is interest-generating account that can fight against inflation. And when you put those funds in there, you know on a daily basis, the fund will keep appreciating. And these are the kind of work your financial advisor will advise you to do when you're planning to save money for future investment purposes. And for the ones that have the lump sum money in their accounts. And I also advise to create any to some unique investment that you can invest into. Speaking of unique investment, incidentally you are a real estate developer. So how can one plan their constraint finances towards becoming home owners in the future? And maybe aside from being owners, maybe they could actually be big time home developers or even deal in real estate and even start selling properties over time. Yeah, so I see that as an important part of life because when you look at the basic amenities of life, shelter is part of it. And everybody wants to have a roof on their head either by renting or by owning. So it's very important that when you want to own a home and you look at the income you're earning and you're able to put financial planning in place and save towards it, then even if you cannot buy a house now, you can buy a house in the next five years. You can buy a house in the next seven years and the next 10 years. So it depends on how you have planned yourself. Before now you cannot afford to even buy a Toyota Camry for yourself. But now maybe status of change and you're able to buy a more bigger car for yourself. So there's no time you cannot achieve anything you want to achieve for yourself. So it's just a matter of savings and putting the money where you know there's going to be a good return on investment. Okay, fine. In more senior clients, specifically a feature like a mortgage or mortgages come to play, how come we've not been able to explore that in this part of the world? Fine, I know there are several investment opportunities and several investment dealers at home. Real estate developers will talk about how people can actually be home owners by saving or making payments by installment and all of that. But in the Western world, you don't even have to really worry per se as long as you have some good credit report and all that you can actually have that some house and over 15, 20 years you're actually paying for it. Why don't we have such features here in the country? All right, a very good question. You agree with me that real estate is one of the key area people are really investing into. It's very heavy because looking at the housing deficit in the country is not a joke. It's quite big. And we're looking at over 28 million housing deficits and looking at the statistics in the next few years to come, that number is going to increase. So I believe people should be able to buy a home for themselves and in the outside world, it is very easy to pay within a long term towards acquiring a home, some 25 years, some 20 years, some 30 years, depending on your age and when it is expected of you to retire. And these are the things that we find difficult here to get because number one, you look at it that the product available there is not meeting up with the needs of people. Then number two, the people behind the mudgast came for people to be able to use to finance their home ownership and not also bringing out the kind of product that people can't came to it and be able to pay for a longer period of time. We are actually working towards that. We've seen the pain point of people towards owning a home and we're actually working with a mudgate bank to synergize together to structure a product that will be able to solve the needs of people when it comes to home ownership and in turn reducing the housing deficit we have. All right, and thank you so much, Dr. Oluwatosio, a lot to do. But just before we actually wrap up right now, just one quick advice that you'd give to a small business because each time on the program we try to advise some small businesses so they can actually upskill and then get bigger. So for instance now you are a business and you are actually making profit and you're actually operating, it lands in five years that you've been operating rather. So how would you advise them so they can stay afloat? So some of them might not be thinking of plowing back to their profit into investments. So what would you say to such a business owner, such a business owner? Okay, so what I would say to business owners like me especially the ones that are just coming up, my advice is that there's different between spirituality and business. I have seen a lot of people trying to bring spirituality into business and be thinking that oh, in the next three years God will do it, I'm gonna make a lot of profit. So I can start even spending my profit before I make it. So it doesn't work that way when it comes to business. You may be thinking things is gonna be better and it may not but as an entrepreneur with the kind of entrepreneur spirit you have you need to keep going forward too. With that, I would advise that, ensure that you invest your money in the business and you generate enough profit and you can then pay yourself on the profit according to your shared structure you have within your organization. So don't spend your profit before you get it. Thank you so much, I do appreciate your time. My guest has been Dr. Oluwa Tosin, Olatu Joye, he is the group CEO of Xylos Group International and of course he is a real estate developer. Many thanks for being a part of this show. All right, as we go on the show, as we go on the show there is the need for stakeholders to harness the value of facility management as it has the potentials to transform the nation's economy. This was the position of the president of the International Facilities Management Association if my other third edition of the Advocacy Day held in Lagos. I'll leave you with details of that, business insight returned again. Same time, my name is Justin Acadone. Many thanks for being a part of the show. Bye for now.