 Alright, thanks for staying with us. Now, one of the popular misconceptions, especially in the middle class, is that it's that idea that one is not earning enough to grow money. Everyone wants to double their money. Fortunately, there are ways to multiply your money that don't involve getting rich quick schemes or winning a lottery. Now, these legitimate ways to create wealth do not require massive amounts of money or income to get started. So what are some of the ways that you think we can start to explore, I mean to make our money work for us in 2023 and earn more money because we truly need this, right? Please, let's hear what you have to say. Remember, you can join the conversation, send us an SMS or WhatsApp to 081 80384663. You can also Twitter us at Weissho after one with the hashtag Weissho. Alright, so I just wanted us to quickly run through because I know Jennifer is the investment guru. It's only Liva and Kidney that Jennifer has not invested in. Jennifer always, she's always saying, oh, she's invested in one thing, she's waiting for one thing to mature. I don't know, I don't know about you, Chinello. So what do you think quickly? Because I want to bring in Kathleen in like in a few minutes. What do you think? Making your money work for you in 2023? Which areas are you looking at? Hmm, I mean, aside, aside hustles, because I think there's becoming like full-time work these days. Basically, investments, yeah, because I really want to understand more about money, about investments and how to split my income monthly because I also noticed that I spent a lot last year on things that were not really necessary for me. And this year, I'm trying to be more prudent and to be able to keep enough funds so that it could grow. For me, I don't invest for short-term purposes. I invest for like long-term purposes. So I want to learn more and fully understand that aspect of it. Because sometimes when it comes to finances, people are very skeptical and very sketchy about those kind of conversations. So I'm very happy that Kathleen is here today because I have questions. Yes, Chinello, how about you? Yeah, I've been thinking that 2023 is the year where we become financially free and independent. So I think also considering to be a silent partner in a business is also one way that you can make your money work for you by the time the company starts to yield. So on that note, if you're interested in being a silent partner, Jennifer and Wah, come and invest in my business. So I was just going to say, what do you say is a silent partner? I ask very few things because you have to be a silent partner to a business that has first place for growth. Where are you going, Kathleen? Now Kathleen is the owner and the CEO of Kudimata, Nigeria Limited. Penyo Consult Limited and Poi Finishing School. There's a lot of P. They're a pure finishing school now. She was the Executive Director and Chief Marketing Officer at Hope P.S. Bank and the Deputy General Manager at Keystone Bank, Nigeria Limited. She also worked in key managerial positions at Access Bank PLC for 15 years, extending her extensive banking experience to over 26 years. Now Kathleen has established herself as a change agent by promoting basic financial education in Nigeria through her institution, Kudimata, a financial community where money, questions, problems, concerns are addressed. And you can see that is why we brought her here today. And she's joined us looking very dapper, very beautiful, live in studio. So just for the record, Kathleen is going to be very frequent here because this year we are very focused on the money. We want to make sure that at every point in time we're making the right decisions. We're making our money go to the market and bring some returns for us. That's the goal. Sometimes you don't have to have too many. You don't have to have too much. But with the little you have, what are the best decisions that you are taking that is driving the policy for the money? So thank you so much again, Kathleen, rather for joining us. So this is an interesting conversation because money issues are things that every time people talk about it, it gets people's attention. But we just don't want to get people's attention. We want to get people's actions as well. So I mean, first of all, let's break down the common misconceptions that you think around money and investment. So Jennifer talked about investments. Chinelo talked about silent partners and all of that. Do those things really bring some form of return yield to you? So if you have lost money, are those really areas you should look out for or you have alternative suggestions? Okay. Those two options are options that are available to everyone in making for them to have good returns for their money. But before you start to choose any options, actually you need to understand yourself, your finances, your goals, your budgets, and your sources of income. When you understand that, then you know exactly where to put the money for investment and what you expect to get back. So it all begins with understanding yourself first, your financial goals and how you want to achieve them when you want to achieve them. When you have that, then you are clear on where exactly to put money. Yes, those are some of the options and there are many more as we come in. Interesting. So why do you say that it's important for us to know yourself? You know in this life, as I'm sitting here, my money needs are different from her own. They are different from Jennifer's own. They are different from your own. I could have 100,000 and it's enough for me to run my life for a month because I don't have additional needs, just myself. When we think of Shinelo, Shinelo could have children, mother, father, to use that 100,000 Naira for. So her needs are different. Jennifer, just herself and her brother, you. So for every individual, the needs are different. So when you need to understand yourself, what you need for your money, for you to plan. So your next neighbor's need and plan may not necessarily be your own. So you must know that, not follow your neighbor. Because investors come and they just give blanket solutions. So what I'm hearing you speak is to personalize your budget, your financial goals. When you personalize your financial goals and your budget, then you can start to plan each, how you make the money that would now support those your financial goals. So what would you consider as best practices in managing our income? I mean, we know that people end differently. You have people who end like 50,000 a month and people who end 100,000 a month. And like you rightly said, you said that my financial needs are different from yours. I probably have just myself that I'm catering for and then you have someone who has like an entire family, probably a family of three or a family of four. But what would you consider as best practices, maybe like a general best practice for different people? We're all different, but there's something general that we can all look at to help us manage our income. To start with, there are different classes of investments. The simplest being money market savings. At least you have to start just like a baby in increasing your money or making your money work for you. Or having that financial discipline to ensure that what you earn is what you spend and there's just some enough for your tomorrow. So you start with savings, basic savings. And there are different areas, different places where you can save. The regular bank, the financial institutions. I heard Chinelo talk about common investing business, their stock, their real estate. There are just different classes of investment, but it actually just starts with savings. Being disciplined first to be able to pick some portion out of your money and put aside. And when you put it aside, you start to determine what you need the money for. Recall you would have planned is about budgeting. So you start to put aside for different needs. And that needs now varies per person. So I've heard or seen this thing where they talk about percentage, like ratioing your income monthly. Where they say, okay, you're supposed to save 20% of your income. 30% goes to expenses. You have maybe 10% for emergency funds and then you have this. I mean, at those like, would you say those are the compulsory things that you need to do to manage your funds? Because I feel like sometimes when you look at it, not everyone can afford to do that in as much as it's also important for you to save for rainy days. But is it set in stone or are there like other forms of ratios that can be used in place of that? As you can see, it's not set in stone. But you have to be disciplined enough. A mama in the market that maybe makes 10,000 Naira after removing a 10,000 Naira profit. Mama has children to send to school. So how much can mama save? But mama must put something aside. Which means why mama was doing those are business. Mama must start to pay herself small, small salary so that it's not only that savings that mama has to put aside. Mama would have that salary to do all other things. Same also, as you go up the ladder, as the money increases, what you save, that ratio increases. And as you go older, you increase more because you are planning for your retirement where you are old and you are not able to work or generate those income anymore. You should have planned for that rainy day. Okay, so you are the CEO of Kudimata, right? So how does Kudimata work? Kudimata is a financial community where financial education, you have a one-on-one. Because for you to, all these questions being asked, now you need advisors. So on Kudimata, you are able to interact with professionals, experts like me, on money matters who would handhold you through your money journey. You are empowered on Kudimata. You are able to generate because now one stream of income, no work. No one stream of income work. So on Kudimata, you are still empowered. You are able to make money. Thanks for staying with us. Now, if you just tuned in, we're discussing making your money work for you in 2023 and we have Kathleen with us. Now, please, let's hear what you have to say. Remember, you can join the conversation, send us an SMS. Oh, what's up? It's very good. One, eight, zero, three, four, six, six. You can also Twitter us at WeishuAfka, the hashtag Weishu. So, I mean, we've talked about a few things, right? You said self, you know, financial goals, your budget, your expectations, when and how. So let's say, for instance, this painted scenario, right? I earn $200,000 every month and after my expenses, I'm left with a $50,000 salary. Am I qualified? I mean, $50,000 maybe savings after I've done all the minuses and all of that. Am I qualified to even think of, what's he called, making that $50,000 going to the market and work for me? Or I need to wait, okay? So recently, I was watching a documentary and a young man was asked, okay, so why don't you have a bank account? He said, no, no, no. He said he had never strong. So he needs, what's he called, to have like $150,000 or $250,000 before he can open the bank account because he wants to channel it to his business. So for him, until he gets that $250,000, he's not thinking of anything transaction or he's not thinking like this is time to start a business. But in that same, you know, community, you would find that a lot of people with $5,000 they started because they understood how to multiply the money and it grew and grew and grew up to that amount. So the reason I'm asking this question is because it's a common mistake that we all make. We think that I will make that mistake a lot. Sometimes, you know, I think that I need to have a certain amount of money first before I can even venture into certain things. But I've seen a lot of people do things with very little, you know, there's a book that my pastor would start with what you have, Samademi, you know, start with what you have. A lot of people have actually started with what they had and they've grown those businesses. So you are an advisor, you are someone that, you know, you're a professional. You can look into somebody's life and say, you know what, I think you can start here. So in that scenario, $200,000, I take out my expenses, I take out everything and I'm left with a $50,000 savings. Can I do anything with it at all or I need to wait to have the millions? You can do a lot with $50,000. A lot. And when they say savings, banks, as low as $1,000, you can start to save. That's why we have savings accounting because first, you must learn the culture of savings. It requires discipline and to save is a long-term process. It's a long-term because your goals, recall you would have planned for this your goal. So we ask for $50,000, you can do a regular bank savings. There are different vehicles where you can save. A normal bank or your risk, you have to actually know your risk appetite. Regular bank, regular savings interest. Credit management companies, interest rate a little bit more. Invest in Chinese loans and company. The risk is higher, return is more. So there are a lot of, you have to just invite the culture of saving. No matter how low it is or how small, just start. And then it starts to grow. Recall I said, first place where you have to start to save or plan for your future is via savings. You have to start with that, closest to cash. Then you go to the next asset class. You can buy some little stock here and there. With that $50,000, you'll be surprised. There are stock in the market that are $119,000. So you are able to, long-term, because that money now you're not using. So long-term you put it there. Not like some people, just $50,000 and they are waiting to buy land. And hoping that's in future. Yes, I'm not saying not to land. What starts? Cash. You see that 50,000, this thing when you talk now. So when I was in university, and so I carry the preach stock, buy stock. And this stock now is stock. I can't find the stock. You know how stock and the stocks. Because again, I never take in my savings. I don't have my money myself, my sisters. So in total, I think, so I got like a thousand shares. She got like a thousand all-state trusts. I will mention their name because people are waiting for money. All-state trust bank. And it just didn't make sense to me because I don't even know what the event is. Because again, some of these companies went down. Where I'm going with this conversation? I seen people say, oh, there was a time it was popular. Crowdfunding. They would crowdfund to support all these agricultural businesses. There's one in Lucky Day that has died. And it went with a lot of people's money. Including myself. So first and foremost, you need education. You know the Scream financial inclusion. There's financial inclusion. That's products. So there are various crowdfunding is product. Financial inclusion. Even accounts, there are products for everybody. But you have to have the knowledge. So that's why you must invest in yourself first. Financial literacy. And like I said, basic financial literacy. We all need it. All of us. Because if you have that and then you are improving yourself and enhancing your... Then you are able to when to live, when not to live. Before those things went down. It didn't just go down one day. It go down one day. So you would have time to go down. You go time ma'am, you are aware. It's when you put your money. You go put your mouth. Hey, I want cryptos. You must continually educate. You will be educating yourself. So money. Be informed. Monitor. So inclusion, yes. So get all the products. Literacy. Awareness. Learn. Just keep learning. From Mama, learn small. It's simple. Mama put money for savings account. And then give you ATM card. And pay to somebody. Money don't save. Money don't go now. Of course. But because Mama educated. What she told. What to do. Keep on secret. Hide them. As the way you put them for dress. Hide them like that. No secrets. Where your money go save. Mama wasn't told. So that financial literacy would help. And as it goes up. As you are investing your one of your billions. You have to be educated. Not put your money where. It's volatile. They don't go once. And your risk appetite will tell you where to put. So that's. Hi. I mean they are actually like volatile markets. Especially when it comes to investment. I remember when I started crypto. Before I even started investing in crypto. I was like. And because my risk appetite is very high. Sometimes I'm ashamed of it. I found out who called me. Even when I left. I moved to my own apartment. I wasn't my parents anymore. I found out who called me. I heard that there is this new money thing. Please don't do it. Only me. Out of all my siblings. Because he knows. That was Jennifer's investment. I'm always trying to increase my income. I'm always trying to just invest here and there. Because I don't like to leave domain cash. I don't want to leave money. Without it actually doing something for me. I can't leave it in my bank account. Because sometimes actually like depreciates. And I don't want to do that. And one thing I did for myself. Which I felt like at the initial stage. Was very important for me. Was because I actually took out time. To learn about it. I was reading. See. I would spend one hour a day. I would open. I would go on YouTube. You have white papers for some of these coins. That are listed on discreet platforms. And you actually have to read upon them. To fully understand. Because the market is volatile. One minute you're hearing that. Another minute it's going down. You say hold. Or remove your money. After a while. Because what got too busy for me. Life got very busy. I couldn't. Follow the pace. Yeah. I couldn't keep up at all. A lot of other people were able to keep up. Made too much money from it. But I couldn't keep up. I'm like yeah. I can't. I needed to. I just took myself out of it. I'm going to find other means. And other ways for me to actually invest my money wisely. So there are stable ways to invest. That get rich quick syndrome. Actually is what keeps people in trouble. There is just no get rich quickly. Why? Everybody will be rich if it was that easy. And if it actually really works. There are locks here and there. But it's one step at a time. One investment platform. How you multiply the money. How you increase your revenue. You need to plan. And that's how it works. Not today. Put one money. Tomorrow that money is 100% or 200% increase. Where did they invest that money? What did they use that money to do? That has generated. So that's the question we start to ask ourselves first. When they tell you invest 100,000. By tomorrow. Two days. That 100,000 has turned 200,000. First question. Red flags. What are they doing with the money? Everybody's money they've got. What are they doing with it? Where are they taking it to? Are they generating this return? That they are able to give me double my money. If you are not able to answer that question. Hands up. So let's talk about financial mindset. Now we know that there are some short-term investments and long-term investments. Now short-term doesn't take time to get your returns. But now let's talk about long-term. Because I feel like long-term is one of the most important ones especially for people who would have kids in the future and you want to save up for that time. Now how do people position their mind to actually be very patient? Because if you're going to do long-term investments it means that you need to be very patient. It's not, like you said, it's not quick money. How would you advise people to actually like position their mindset when they start investing for long-term purposes? Okay. So first and foremost, that plan. So I'm going to have two children. I would have to, in my head, know which school they would go to. What the school fees would likely be. What increase would likely happen. So you have that amount set. Okay. I'm earning 100,000. I need to pay 200,000 in school fees yearly. How much do I set aside on a month-on-month basis? So that's what you have to now start to plan and put in an investment vehicle. Service account because it's nearest to cash. That's nearest to cash. And you start to compound your interest. All right? So that is given. Say you know of a bounty picking. You want start to save long-term. It can be shares. If your money is plenty enough, you can do some bit of real estate. But then when you sell, it depends on when you're selling now. All right? If it's not a for sale, at least you will get a return. Good enough. But if it becomes a for sale, it has gone. I was telling a friend some time back that people invested. You know, all this investment vehicle, it depends on you and what you like. You put a, let's say, maybe use the big people in Lekie. You say you do a property, a hundred million, a property. You chose property. That's why you bought it. That hundred million could have been in money markets. And that hundred million could have been in stock. Would they all give you about the same return at the end of, let's say, ten years period? The answer would be most likely yes. Stock may go up or may come down. That stock, depending on me, just even cease to exist. The real estate property will be there. Would have appreciated, maybe and maybe not, depending on the area. If commercial concerns come within that area, it would appreciate. If commercial concerns move away from that area, that price you bought it may remain. Money markets, which is almost in quotes, say the risk is not that you would end the same return. So I did a ten percent return on that hundred million. In properties in Lekie, they are going about 200 now. But then you would have done maintenance, done all that. That your hundred million return that you have gotten on that investment is not exactly 200 because you have spent. If it was in money markets, average interest rate have gone up and they've come down. They take an average of ten percent. You would have still done that hundred million. Without all the extra. Without all the extra, the risk is low. And you get your return. Cash. You want to sell that property. You may not even get it. That's 200. But good enough, it's physical. You have it. Or it will take a long time for you to sell. To convert to cash. So it depends on your stage in life, what exactly you need and in balancing your portfolio. Long term. Long term stock. Real estate. Cash is turned around in short term. One-one year. So if I have cash now, what you are saying, what I am hearing you say is put it into all those... The three vehicles. It depends on your stage in life. So it can fit into any vehicle and depending on the amount and your risk appetite. So you are telling us now what are these three vehicles and... Cash. Real estate. Stock. Easy. So if I want to invest my cash as raw cash, I don't want to put it in real estate or whatever. What are the channels to go through cash? Should I focus on just savings, doing savings accounts? That won't give me too much money now. So Kathleen has a very interesting story. In fact, that's why I grew close to her. I said, oh my God, why did I know you're my life? So the thing is, both kids are graduating from the university. And she had... You know this money for their school fees, their university. She had said this many years. She was just there waiting. So all the while we were shouting, she's not the human being. She's not normal like us. Because all the while we were shouting, shouting say, ah, don't let them go up, don't let them go up. They didn't know consign her. Because she had saved all that money years ago in the exact full amount for all the tuition for both children in the university. I said, who does that? You know, so that kind of discipline, was it just savings alone you were doing or is there something more that somebody needs to do? Because why do I feel like you're superhuman? No, one stream of income is not enough now. And then you must learn to cut your costs. Kathleen will not buy Ashwebi. Never. I will never buy Ashwebi. So that money will never go into Ashwebi. It's going into school fees. See, this is my chain. It's all around her. One nation. One nation. One nation. So I won't be buying. So you need to understand. That's why I said you plan. You need to understand yourself and what your financial goals are and start to set aside those funds. Those are your plans and your long-term plans, your short-term plans, what you need money for. So let me, let me, when I was living in a rented apartment, my salary then, they pay salary and then they pay upfront. People used to ask me, Kathleen, do you stay for Ikoi? Or what my upfront was for rents. Me and my husband will put together. We'll use money for other things. But that upfront, I don't plan for anything. It's for just rents. When there's not, there's just no need looking. So you have to just plan your finances, put it in the proper buckets and plan. Long-term. I want to marry. I'm seeing money now. I'm buying Ashwebi, doing a bone straight... Why? Put some aside. Yeah. Bread. Put all those money. Because they are... Manage your cost. When you manage your cost and look for additional streams of income, your employer may not, as an employee, may not allow you to do other... But if they bake cake, they sell. My employer wants to make a not-sell cake. So that's where the hand comes in. Your hand, yes. You must have... Something. Yes. You must do other things. One stream of income in our Nigeria today. You know the rules. Not even two. Three, four, five. And a lot of things you can do online now that generates income. You do them. You start to put them in buckets. Your secular job is your secular job. But there must be more streams of income. Now. And to start to say for that, those things that you have planned, that you want to do. Recall. Not because my neighbour will buy this Agogubaya. You must know that. Generally, it's our plug. We are cutting down costs. You heard some of the conversation. Because beauty is expensive. So now we are going to the mainland. As you see. Look, because again, I hear you honestly, and that's the truth. There are some expenses that you cannot touch because it is a constant expense. But there are some things you can really trim on. And I think again, it's more with women. You know, even though I've seen a lot of men that are very, very, you know. Men wear shoes. Men wear shoes. Women wear shoes. One wears two. One wears two. One wears two. One wears two. So they do. But as the woman or the girlfriend or the person around you, you help them manage those things. You're not competing with anybody. Yeah. If you know that you are on your own and nobody cares. But that you wear today, you don't wear it. Really, if you have that mindset. So it's the right attitude to your finances that you need. That's right attitude. Nobody really cares. Now, when you get person to talk to you, you have now, and you don't have. Sorry. Everybody go Jackman. That's the world. Yes. Yes. So you must plan yourself so that at any point in time, they don't Jackman leave you. You must go on your own. Absolutely. Absolutely. We have a comment. Hey. There you go, baby. Okay. Are you seeing what I'm seeing? Yeah. Yeah. Get it. Good evening, my dear beautiful sisters of what are you saying? Hashtag ways. Making your money work for you in 2023. Your guests made mention of savings. To save, we need to deny ourselves of so many things and apply discipline. Early savings has an advantage because it's just, because it's make, okay, because it makes us to gather enough funds for our future budget and targets. Trust me, salary earners cannot meet up with their budgets and targets. That is why they must go an extra mile for additional hustling. That is why it's good to have a very good business. My name is Daniel Illo, ways regular fund. Thank you so much. Daniel, thank you so much. I mean, so we are wrapping up the conversation. We have like a minute. So if you had a council to give anybody, like you want advice person now, say, oh yeah, now is the time. With the harsh economy, right? Nigeria is really tough on us. Fuel price is going up. Landlord is busy sending us letter 100% rent increment. You know, so it's, it's like it's hitting everywhere. And especially when you are like in the rented apartment, it seems like all the problem of this, what they want to bring it on your head. Landlord needs more money. He would come to you. The electricity is drawing from you. Fuel is drawing from you. Your right healing services, food, everything is just really high. So how, where would be a good place for such a person that just feels like everything is taking away my money from me? Where would be a good place for the person to start? Self-management. Self-discipline. Cut away excesses. They are excesses, trust me. Cut them away. There is always something you can't save. And you can start to go. Always. Really? Always. Always. You know sometimes I feel like all the money I've made, if I really want to pay soon, I don't know. And so nothing is too small to start to see. Nothing is too small. You advise piggy banks. That's where you start. Okay. From your house. Your piggy, even your children, you teach them the savings culture. They start to put small, small. My daughter Ivana, if I tell you, and every day she comes to meet me, mommy, how much? Okay, go and put it in the bank. Go and put it as small. So you teach them that say, aunties, uncles give them money. So they learn to save from them. And then they learn to spend within what their family's income is. Children actually push parents out of the, of the ladder. My neighbor, they did this. So you want to please that child. Children must understand family finance. Must. And... I like what she just said. I think understanding my family finance was one of the ways I was able to build contentment in terms of finances. And I think even as a young kid, I remember something my dad said because profoundly, I think during Christmas, he took all of us shopping. My sisters and I all went shopping. He bought us clothes, completes full way. That's my father, dresses, shoes, everything. And we were just so happy. And we hugged him and we were like, ah, daddy, thank you so much. And then one thing he said to us when we went back home, it was like one of the reasons why I love you, my children, is that you never ask for more than I can give you. And whenever I give you something, you are always content with it. And that really stuck with me. And growing up, I've just lived by that value and it has always, always, always worked for me. Oh, remember, my father would give you this. Hey! Oh, you have nine children. If you like contentment, I'll be with you. Most. And you must not collect money from other people. That's why you see a lot of people now having run into problems. My mother, I could not... You could not bring anything new to my house even as a university level. My father will ask you, who bought you this dress? You can't! Not now. There's somebody who will bring cat. How? How? You want that? No, go ahead. Go to 12. Because we are really happy with Catlin all year round. We have to keep on talking about these things. But thank you so much, Catlin. We had a fantastic conversation. Thank you, Chinelo. Thank you, Jennifer. Now, before we go and show you, follow us on Instagram and all our social media platforms at Waste Your Africa. You can interact with us. Further, drop a comment. And more importantly, follow all our engagements on social media, and friends to watch and follow the conversation. Now, if you missed today's quote here, it is a game. Ha! It just ties into what Catlin said. Say, when money realizes that it is in good hands, ah! It wants to stay and multiply in those hands. You see how? So, it starts with you. It starts with self. We'll see you guys tomorrow at 8 p.m. Also, bring another great conversation to your screen. Enjoy. Enjoy.