Latest / Masterminds Podcast / The One Skill That Will Make You Rich: Huzaifa Abdulai || Masterminds Podcast EP50

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The One Skill That Will Make You Rich: Huzaifa Abdulai || Masterminds Podcast EP50 · Masterminds Podcast

• 0:00
  SPEAKER_00: It's not pizza money that you used to.
• 0:02
  SPEAKER_02: Let's say into achieve digisave.
• 0:04
  SPEAKER_02: If you invest 20 CDs a day, you will become a millionaire within at least 20 years.
• 0:11
  SPEAKER_02: Wealth creates freedom.
• 0:13
  SPEAKER_02: For me, that word is extremely important.
• 0:14
  SPEAKER_02: I keep repeating it.
• 0:16
  SPEAKER_02: When you're trying to change habits, you're trying to develop something new.
• 0:19
  SPEAKER_02: If you don't put in the right systems, it will fail.
• 0:22
  SPEAKER_02: It will totally fail.
• 0:23
  SPEAKER_00: As soon as you get paid, pay yourself first.
• 0:26
  SPEAKER_01: 100%.
• 0:27
  SPEAKER_00: You need to master the concept of managing money is a skill.
• 0:33
  SPEAKER_00: Yeah.
• 0:34
  SPEAKER_00: If you haven't been taught it, you are an adult now.
• 0:37
  SPEAKER_00: Learn it.
• 0:38
  SPEAKER_00: If you're out there and you are afraid of starting, you know, investing, I would advise that you start with a safe product and platform.
• 0:48
  SPEAKER_00: And obviously, I'll talk about achievement.
• 0:52
  SPEAKER_02: Before we jump into the conversation, I wanted to take this opportunity to thank you for supporting and deciding to watch this episode.
• 1:00
  SPEAKER_02: But now I have a favor subscribe to the channel.
• 1:04
  SPEAKER_02: Subscribing to the channel helps me and the entire mastermind team to continue bringing you wonderful conversations and episodes that bring you closer to being the mastermind you deserve to be.
• 1:15
  SPEAKER_02: So join the community.
• 1:25
  SPEAKER_02: Hi, my name is Richie Mansa, and I'm your tour guide on this exciting journey to mastering your most powerful tool, your mind.
• 1:33
  SPEAKER_02: I'm very excited today because we're going to talk about something which I learned late in life, very disappointing, that it took me too long to start learning about investing.
• 1:44
  SPEAKER_02: And when I did, I started to realize that this is the trick.
• 1:49
  SPEAKER_02: This is what separates the people who are getting by in life versus the people who live an excellent life because they learned how to make money work for them.
• 2:00
  SPEAKER_02: Now, to do this, I'm not alone.
• 2:01
  SPEAKER_02: I am seated with the amazing Hussefa Abdullah, the general manager for Achieve by Petra.
• 2:09
  SPEAKER_02: How are you doing?
• 2:10
  SPEAKER_00: I'm doing good, Richie.
• 2:12
  SPEAKER_00: Very happy to be here to talk about this today.
• 2:14
  SPEAKER_02: Thank you so much for honoring my invitation.
• 2:16
  SPEAKER_00: You're welcome.
• 2:17
  SPEAKER_02: Before I even dive into the whole world of investing, I want to understand and know you a little bit better.
• 2:24
  SPEAKER_02: So let's let's talk about Huseifa.
• 2:26
  SPEAKER_02: What was growing up like for you, especially in connection with money?
• 2:30
  SPEAKER_02: What made you become the you know the woman who knows so much about tech and investing?
• 2:35
  SPEAKER_00: I mean, I don't know about knowing so much.
• 2:38
  SPEAKER_00: Um, but growing up for me, I mean, I grew up in a normal family, I would say.
• 2:45
  SPEAKER_00: Um growing up, I thought we were rich.
• 2:48
  SPEAKER_00: That's what I thought.
• 2:49
  SPEAKER_00: As an adult, I realized that we were not, my parents were doing the best that they could.
• 2:55
  SPEAKER_00: Um, but I think when it comes to finances, I was very shielded.
• 2:59
  SPEAKER_00: As with most families, I would imagine children are not brought into money conversations.
• 3:05
  SPEAKER_00: All you know is maybe you ask for something and you get it.
• 3:08
  SPEAKER_00: Or you ask for something and you don't, and you don't understand why those conversations aren't hard.
• 3:15
  SPEAKER_00: So if I'm looking at my upbringing and you know, tying that back to finances, I think that's what stands out most for me.
• 3:22
  SPEAKER_00: But other than that, you know, grew up with my family.
• 3:26
  SPEAKER_00: I've got a sister, four brothers, um, a big family.
• 3:30
  SPEAKER_00: Um went to primary school, high school, did the whole thing, went to university.
• 3:36
  SPEAKER_00: And then when you talk about tech and finances, right?
• 3:40
  SPEAKER_00: My education or where I thought I would be would would be in like creative industry.
• 3:45
  SPEAKER_00: So I actually read visual art, like graphic design, things like that.
• 3:49
  SPEAKER_00: But when I got to the university, I did a bit of a pivot with the advice of my aunts to read management at UGBS, which I did, which I loved, and which I'm good at.
• 4:00
  SPEAKER_00: And then after that, I moved to MESTS, um Meltwater Entrepreneurial School of Technology.
• 4:07
  SPEAKER_00: Okay.
• 4:07
  SPEAKER_00: I was admitted for one of their years, and then I did so a bit of a background here and there, um, and all of it sort of came together nicely when I joined Petra.
• 4:18
  SPEAKER_00: It was able to fit in from operations to technology all the way through to working on and starting achieve with my team.
• 4:27
  SPEAKER_02: That's interesting.
• 4:28
  SPEAKER_02: So, whereas a lot of people started in maybe the finance sector or something and and then decided to go to creative arts, yours was the other way around.
• 4:39
  SPEAKER_02: I like that.
• 4:40
  SPEAKER_00: It was, and I think it's very interesting.
• 4:43
  SPEAKER_00: I mean, we're here to talk about finances, but one thing I tell people is especially when you are young, like open yourself up to experiences, just because you never know where you would be, and because of your rich background, you can bring different flavors to whatever you're doing and do it a little bit more differently than um what's out there.
• 5:02
  SPEAKER_02: Your unique experiences and perspective will shape what you're able to do.
• 5:07
  SPEAKER_02: Yes.
• 5:07
  SPEAKER_02: Let's talk about habits.
• 5:08
  SPEAKER_02: See, the thing going around, everybody's talking about I want financial freedom, I want financial freedom.
• 5:13
  SPEAKER_02: But when you look at most people's habits and their lifestyles, they are not doing the tiny things they are supposed to do or exhibiting the discipline they're supposed to have to get that financial freedom.
• 5:25
  SPEAKER_02: Personally, what do you think contributes to this?
• 5:28
  SPEAKER_00: So, I mean, when we talk about habits or when we talk about financial freedom, first of all, do we know what financial freedom is?
• 5:37
  SPEAKER_00: Or is it a manifestation of what somebody's life looks like that we want to emulate and call that financial freedom, right?
• 5:46
  SPEAKER_00: So, whenever I talk to people about finances or we are trying to educate, it's about what does financial freedom mean to me in terms of what is important to me, right?
• 5:57
  SPEAKER_00: So I'll I'll I'll talk more about that as well.
• 5:59
  SPEAKER_00: Um, and what I find is people are not able to do the things that they ought to be doing because, first of all, they don't have that concept of what does financial freedom mean to me.
• 6:10
  SPEAKER_00: Yeah, so they don't they don't have enough financial literacy.
• 6:14
  SPEAKER_00: That's why the work that we do at Archie by Petra is so important and interesting to us because we set out to say so fund management, asset management, these things are no new, right?
• 6:26
  SPEAKER_00: But they are usually targeted at a certain class of people in the world after you become very rich, then you can't do it.
• 6:34
  SPEAKER_02: Then you can afford, yeah.
• 6:35
  SPEAKER_00: But that wasn't our goal.
• 6:36
  SPEAKER_00: Our goal was how can we democratize it?
• 6:39
  SPEAKER_00: How can we make it open?
• 6:41
  SPEAKER_00: And it was really about financial literacy.
• 6:44
  SPEAKER_00: Because if you don't know, you don't know, like that's the truth.
• 6:48
  SPEAKER_00: You you and I will say, Why is this person not doing ABC?
• 6:50
  SPEAKER_00: They don't know that they ought to be doing ABC.
• 6:53
  SPEAKER_02: Nobody's told them, they've never tried it to know how beneficial it is.
• 6:57
  SPEAKER_00: So the information is not available, yeah, also for them.
• 7:01
  SPEAKER_00: It's guarded, it's guarded gatekeepers.
• 7:05
  SPEAKER_00: Exactly.
• 7:06
  SPEAKER_00: So these are these are some of the reasons why when you and I, you know, see these people and we are not careful, we are going to say, Why are people not engaging in this?
• 7:16
  SPEAKER_00: This is such irresponsible behavior, why are you doing this?
• 7:18
  SPEAKER_00: But they actually don't know.
• 7:20
  SPEAKER_00: I'll give you a funny anecdote, right?
• 7:22
  SPEAKER_00: Um, on social media, everywhere people say things like, it's not pizza money that you used to build, like things like that.
• 7:31
  SPEAKER_00: Whenever I see things like that, I laugh because it is absolutely pizza money that is going to change your life.
• 7:38
  SPEAKER_00: If you say I stopped buying 12 pizzas a month and now I do six pizzas a month, that six pizzas I'm saving them at an average of 200 CDs or 100 CDs, how much is that per month times 12 times 10 years?
• 7:52
  SPEAKER_00: Yeah, we haven't even talked about interest and all of the right.
• 7:57
  SPEAKER_00: So it's a matter of habits and exhibiting the right habits once you understand what financial freedom means to me.
• 8:04
  SPEAKER_00: Back to that point about what does financial freedom mean to me.
• 8:07
  SPEAKER_00: Maybe me, financial freedom is not being able to buy like a Rolls Royce culinant or whatever those fancy cars are, right?
• 8:16
  SPEAKER_00: Maybe it is the freedom to be able to raise my children, send them to good schools, but also have a good life, right?
• 8:24
  SPEAKER_00: For somebody else, maybe it is traveling the world.
• 8:26
  SPEAKER_00: For somebody else, maybe he's able to take care of mommy's health situation that requires everybody's goals are different.
• 8:34
  SPEAKER_00: And the way that you structure your journey is by sitting with yourself and understanding what your unique goals are.
• 8:42
  SPEAKER_00: Where do you want to see yourself?
• 8:44
  SPEAKER_00: Not where do I want to be because Richie is there, Richie's driving the scar to drive the scar, which she lives.
• 8:50
  SPEAKER_00: No, that's not financial freedom.
• 8:52
  SPEAKER_00: The word freedom for me is extremely important when I think about finances because you structure your life to allow your finances to afford you the freedom to live the life that you want to live.
• 9:04
  SPEAKER_02: It's very, very subjective.
• 9:05
  SPEAKER_00: It is extremely subjective, and when you try to use materialistic markers to evaluate where you ought to be, I think you will miss the mark.
• 9:14
  SPEAKER_00: Um, you we have a lot of rich, sad people, right?
• 9:17
  SPEAKER_02: A lot of rich, sad people, a lot of rich sad people.
• 9:20
  SPEAKER_00: Um I don't think that that's what young people should strive for.
• 9:24
  SPEAKER_00: I'm sure people watching and listening will be like, eh, she's saying these things, we don't agree.
• 9:29
  SPEAKER_02: They think, oh, yeah, just you know, when I get the money, but exactly.
• 9:33
  SPEAKER_00: But when you have very clear goals, like I'll give you an example, right?
• 9:37
  SPEAKER_00: So for someone, maybe you grew up in a family where um you never owned a home.
• 9:42
  SPEAKER_00: Maybe you were renting all your lives, right?
• 9:45
  SPEAKER_00: And so for you, freedom in life is being able to have ownership of your own place.
• 9:52
  SPEAKER_00: That person, if you're able to identify this is what I am supposed to do, this is what I need, you start reading around how do I invest, how do I save money, how do I pay myself first, what are the things I need to do to ensure that I am able to afford that home.
• 10:06
  SPEAKER_00: And when you afford that home, that's some sort of freedom.
• 10:09
  SPEAKER_00: You free yourself from the shackles of year-on, year-on rent.
• 10:12
  SPEAKER_00: You understand what I mean?
• 10:13
  SPEAKER_00: So it's very subjective.
• 10:15
  SPEAKER_00: And so, whenever I talk to people, yes, we can talk about all the structures and things, but I start from goals and understanding what you want.
• 10:22
  SPEAKER_00: What do you want in life?
• 10:24
  SPEAKER_02: So, if I'm getting it right, so to really even start the habit of building financial freedom is two things.
• 10:31
  SPEAKER_02: First one is what is your financial freedom?
• 10:33
  SPEAKER_02: Um, I think someone describes it as uh defining your rich life.
• 10:38
  SPEAKER_02: What does your rich life look like?
• 10:40
  SPEAKER_02: And then the second one is financial literacy, yes, you know, the financial literacy part, it's quite unfortunate that so many people don't even know they don't know.
• 10:51
  SPEAKER_00: Richie, it is it is so unfortunate, and you cannot really blame them because and it's not only about financial literacy.
• 11:02
  SPEAKER_00: I mean, not to put our education system on blast, but there are other forms of literacy that we lack.
• 11:09
  SPEAKER_00: Yeah, if you are not fortunate to be in a family that already does these things, or you will you will lack it, you would have to discover it, right?
• 11:18
  SPEAKER_00: So we talk about financial literacy.
• 11:20
  SPEAKER_00: One thing that I'm you know I'm passionate about is like health literacy.
• 11:24
  SPEAKER_05: True.
• 11:24
  SPEAKER_00: We just wake up, we eat, we sleep, like how do you even structure your food?
• 11:29
  SPEAKER_00: How much activity?
• 11:30
  SPEAKER_00: What do you need to be checking on an annual basis?
• 11:33
  SPEAKER_00: Is one day you get sick, you go to the hospital, you know, the doctor diagnoses you, and then from there you start to learn some of these habits.
• 11:42
  SPEAKER_00: The same analogy applies when it comes to financial literacy.
• 11:46
  SPEAKER_00: Um, but I think this this is why such platforms are extremely important, where we start to say these things.
• 11:52
  SPEAKER_00: So when you hear something, you're like, what are these guys talking about?
• 11:56
  SPEAKER_00: What is investing?
• 11:57
  SPEAKER_00: What is interest?
• 11:58
  SPEAKER_00: What is risk?
• 12:00
  SPEAKER_00: You know, all these questions.
• 12:02
  SPEAKER_02: You know, personally, I've actually over the past three to four years, I've spent a lot of money buying courses, attending seminars and stuff to learn about finances.
• 12:13
  SPEAKER_02: Wow.
• 12:14
  SPEAKER_02: Because after running a business for about 18 or so years, I realized that I understood business, I understood my business, but I didn't even understand money as much as I thought I did.
• 12:24
  SPEAKER_05: Yeah.
• 12:24
  SPEAKER_02: And one of the first courses I bought, when like that was the day that compound interest really hit me.
• 12:32
  SPEAKER_02: When they explained, they gave a simple analogy of if you buy coffee every day and you stop that one habit, and instead of buying the coffee every day, you buy a coffee maker to make it at home.
• 12:46
  SPEAKER_02: Then they calculated the cost of the coffee you buy every day on compound interest of investing over 30 years, and it was in millions.
• 12:55
  SPEAKER_02: And I was like, what?
• 12:57
  SPEAKER_02: Richie.
• 12:59
  SPEAKER_00: I'm smiling and laughing because this is not this is not a theory.
• 13:02
  SPEAKER_02: Yeah, right.
• 13:03
  SPEAKER_02: One of the most difficult things to do in financial planning is saving and investing towards a big goal.
• 13:09
  SPEAKER_02: Now, let me tell you my secret that I used to overcome this challenge.
• 13:12
  SPEAKER_02: I started to do small top-ups consistently on Achieve by Petra to save and invest towards my bigger financial goal.
• 13:23
  SPEAKER_02: For instance, when I decided to come and shoot masterminds in South Africa, I decided to top up daily, weekly, anything that I could until I raised enough to afford my tickets, my hotel, everything to bring this podcast to you from South Africa.
• 13:40
  SPEAKER_02: So if you're like me and you want to overcome this challenge of saving and investing towards a big goal, use Achieve by Petra.
• 13:48
  SPEAKER_02: The link is in the description.
• 13:50
  SPEAKER_00: In my position, and whenever I talk about Achieve, you know, sometimes you also have you're not you're not doing the things, right?
• 13:57
  SPEAKER_00: You're advising people.
• 13:58
  SPEAKER_00: It's like a doctor who is not taking very good care of themselves.
• 14:02
  SPEAKER_00: But with this coffee maker example, and if my team is here, they'll tell you, I used to like buying coffee from a very well-known brand.
• 14:09
  SPEAKER_00: Okay.
• 14:10
  SPEAKER_00: Every morning on my way to the office, I'd get one, and then Ghana happened and the price like tripled or something.
• 14:17
  SPEAKER_00: And so I I was and I was still buying about once, twice.
• 14:21
  SPEAKER_00: I'm like, this makes no sense.
• 14:23
  SPEAKER_00: So I go to one of these outlets and I get myself a coffee maker.
• 14:26
  SPEAKER_03: Yeah.
• 14:27
  SPEAKER_00: And I start brewing coffee at home.
• 14:29
  SPEAKER_00: And the example that you gave is exactly what it is it is understanding how your habits affect your finances and then making those little changes because all of a sudden, I'm saving 100 CDs every morning on a cup of coffee.
• 14:44
  SPEAKER_00: Yeah, the bag of coffee, ground coffee, doesn't cost 100 CDs, it doesn't, you know, which will last me two months, three months, yeah, whatever it is.
• 14:52
  SPEAKER_00: So just do the math and somebody say, Oh, but it's just 100 CDs a day, just 100 CDs a day, five days a week.
• 14:58
  SPEAKER_02: They don't get that, and then you're gonna because nobody's pointed it out to them before.
• 15:02
  SPEAKER_02: I always say, like right now, a compound interest calculator is free, it is online.
• 15:07
  SPEAKER_02: Just go on Google and type compound interest calculator.
• 15:10
  SPEAKER_02: Yeah, the fact that if you invest 20 CDs a month, let's say into achieve digisave, yeah, if you invest 20 cities a month, hey, 20 cities a day, you will become a millionaire within at least 20 years.
• 15:26
  SPEAKER_02: Yeah, so that means if you're a 20-year-old right now and you have a goal to be a millionaire at the age of 40, even without starting a business, coming up with some revolutionary idea, you could just put 20 cities aside every single day.
• 15:42
  SPEAKER_02: Yeah, that's that's habits that you have that you realize maybe I don't need to do this, just save that, and you are guaranteed to become a millionaire.
• 15:52
  SPEAKER_00: It's so it's so interesting.
• 15:54
  SPEAKER_00: And uh, I mean, apart from all the jargons around finance, this I think is the meat of the problem.
• 15:59
  SPEAKER_00: Like helping people understand that whatever income you have, you can maximize it, you can optimize it, you can, it's up to you to determine what is important to me and what am I willing to give up.
• 16:13
  SPEAKER_00: I always give an example of you go to a school, you'll find two students, one who's studying religiously, she's disciplined, always going to class, and one who is not.
• 16:23
  SPEAKER_00: Yeah, right.
• 16:24
  SPEAKER_00: If their intelligence levels are at the same level, the other one will definitely do much better than her, right?
• 16:31
  SPEAKER_00: Because getting an A is important to her.
• 16:35
  SPEAKER_00: So she's willing to give up maybe an extra hour of sleep or not go for that party, or yeah, what are you willing to give up for that millionaire status that you want in 10 years, 15 years?
• 16:46
  SPEAKER_00: And to your point, now the tools are available.
• 16:49
  SPEAKER_00: You spoke about how you made achieve available, right?
• 16:53
  SPEAKER_00: That's that's the point, so that everybody can now say that barrier, that friction of I have to have a minimum of X amount of money, I have to be here, I have to drive to a fan manager's office in my suit, all of that is removed from you.
• 17:10
  SPEAKER_00: You just need an app, a little bit of data, if that, and from the comfort of your home, you can set up, start playing with it.
• 17:18
  SPEAKER_00: And what we found out when we started at Chi was that someone will come in, they'll put a small amount of money.
• 17:23
  SPEAKER_00: Yeah, financial literacy, whilst you can read it, when you experience it, it's eye-opening for a lot of people.
• 17:30
  SPEAKER_00: And so when they make their first interest, right?
• 17:33
  SPEAKER_00: Like when the money appreciates, they're like, Wow, this works.
• 17:37
  SPEAKER_00: This works.
• 17:38
  SPEAKER_00: What happened?
• 17:39
  SPEAKER_00: Okay, they don't even understand what the concept of a mutual fund is, but that aha moment causes them to want to read more, want to understand more, want to put it that's the most beautiful part.
• 17:50
  SPEAKER_02: I think when you tell people you need to be financially literate, what they think is, okay, so overnight I need to understand mutual funds and stocks and understand the difference between interest rates and compounding and all this, and have three months to figure it out.
• 18:04
  SPEAKER_02: No, the truth of the matter is even the experts are still figuring things out.
• 18:08
  SPEAKER_02: Like they say, um, less than 5% of people are able to beat the stock market.
• 18:12
  SPEAKER_02: So even the experts are still figuring it out.
• 18:15
  SPEAKER_02: But once you get in a habit and a rhythm of doing the simple things, everything just starts to fall in place, yeah, and you become more.
• 18:25
  SPEAKER_02: You know, you mentioned something very powerful earlier about paying yourself, yeah, and that's one thing that most of us don't do.
• 18:33
  SPEAKER_02: You see, when we make money, we pay everybody, you pay your landlord, you pay your restaurants who are giving you food, you pay the girlfriend, you pay your Uber drivers, you pay your truck truck drivers, you pay everybody, and you never pay yourself.
• 18:52
  SPEAKER_02: Yes, but the moment you start to shift that mindset and think that whatever money comes to you, you know, in the richest man of Babylon, richest man in Babylon, they he says at least 10%.
• 19:05
  SPEAKER_02: So if you have 10 gold, take one and pay yourself.
• 19:08
  SPEAKER_02: I think you should even go more, but let's let's even start with a 10%.
• 19:12
  SPEAKER_02: The moment you start to have that mindset shift, that every money that comes in your life, you are investing some of it for yourself.
• 19:22
  SPEAKER_02: Yeah, it changes everything.
• 19:26
  SPEAKER_00: It's it's a total game changer that some of us wish we had figured out earlier in life.
• 19:32
  SPEAKER_00: I'll be balling by now.
• 19:34
  SPEAKER_00: I'm telling you, retire by 40.
• 19:37
  SPEAKER_00: You see, but it's such a game changer, and the reason why you should aim to pay yourself first is because so let's take an example, right?
• 19:46
  SPEAKER_00: Let's say you earn a thousand CDs and you decide that you are paying yourself a hundred CDs, then that 900 CDs now becomes the base of your budget, exactly, and you live within that, right?
• 19:58
  SPEAKER_00: But if you don't pay yourself, you expend the entire 100.
• 20:02
  SPEAKER_00: So budgeting should be the excess of after you've paid yourself.
• 20:07
  SPEAKER_00: You save first, right?
• 20:09
  SPEAKER_00: So myself and a number of people that I know, for instance, when you get when we get paid, we move it into our goals on a chance.
• 20:16
  SPEAKER_00: Automatically, yeah.
• 20:17
  SPEAKER_00: Whatever is left, that's what I have to spend.
• 20:21
  SPEAKER_00: If that means that I mean, I can't take maybe a girlfriend out for coffee this month, yeah.
• 20:28
  SPEAKER_00: We'll schedule it for next month.
• 20:29
  SPEAKER_00: I'm using coffee because like I'm then, yeah, but also like to say that it's not even something expensive.
• 20:35
  SPEAKER_00: And it's as happened to me, you'd be surprised, but that's where the discipline and the focus comes from because I've got a goal.
• 20:42
  SPEAKER_00: I need to put up away X amount of money to invest in that goal.
• 20:46
  SPEAKER_00: I'm living off whatever is left.
• 20:48
  SPEAKER_00: Yeah, so I am adjusting my lifestyle to suit that bucket, not the other way around where I'm living a certain lifetime, and I even have to borrow to top up so that I can meet that lifestyle.
• 21:01
  SPEAKER_00: And I think once you figure that out, yeah, you really change your life because wealth creates freedom.
• 21:08
  SPEAKER_00: For me, that word is extremely important.
• 21:09
  SPEAKER_00: I keep repeating it.
• 21:11
  SPEAKER_00: Somebody who earns 5,000, right?
• 21:13
  SPEAKER_00: And somebody who earns 3,000, if the five person who earns 5,000 hasn't saved up 2,000 CDs, but the person who earns 3,000 has saved up 2,000 CDs and something happens today, yeah.
• 21:25
  SPEAKER_00: Who is in trouble?
• 21:26
  SPEAKER_02: The one who earns 5,000.
• 21:27
  SPEAKER_00: So it's less about your earning power and more about your ability to create something that you can stand on, you know, to free yourself of a situation that may arise down the line that you haven't planned for.
• 21:42
  SPEAKER_02: Yeah.
• 21:43
  SPEAKER_02: And it's it's so powerful, this whole concept of paying yourself, because lifestyle inflation is real.
• 21:50
  SPEAKER_02: And what we don't know is money was made to be spent.
• 21:52
  SPEAKER_02: Let's not get it twisted.
• 21:54
  SPEAKER_02: It is awesome, it is nice spending money, especially when you've worked hard, you've earned money.
• 22:00
  SPEAKER_02: Yeah.
• 22:00
  SPEAKER_02: Like blessing yourself with those few pleasures in life is an amazing feeling.
• 22:05
  SPEAKER_02: No one should take that away from you.
• 22:07
  SPEAKER_02: But that's why you have to pay yourself first.
• 22:10
  SPEAKER_02: Because if if right now I give you 500 CDs a month, you will live on 500 CDs a month.
• 22:17
  SPEAKER_02: If I give you 5,000 CDs a month, you will live on 5,000 CDs a month.
• 22:21
  SPEAKER_02: Money does not care the amount, it will go.
• 22:25
  SPEAKER_02: So if you want to do your savings, you have to change the concept.
• 22:29
  SPEAKER_02: One thing I hear most people say is when I get enough money, I will save.
• 22:35
  SPEAKER_02: When my income reaches this amount, I will start to invest.
• 22:38
  SPEAKER_02: But it's the other way around.
• 22:41
  SPEAKER_02: You have to invest first.
• 22:43
  SPEAKER_05: Yeah.
• 22:44
  SPEAKER_02: Whatever is left, you will find a way.
• 22:46
  SPEAKER_02: Look, if you want to eat, like you want to survive on 500 CDs a day, you will find things that you will call necessities.
• 22:54
  SPEAKER_05: Absolutely.
• 22:55
  SPEAKER_02: But if you also want to survive on 10 cities a day, you will find things that will fit within that.
• 23:00
  SPEAKER_02: Okay, Ghana and Romania, right now, 10 CDs a day.
• 23:03
  SPEAKER_02: I'm exaggerating.
• 23:04
  SPEAKER_02: Don't attack me in the comments.
• 23:05
  SPEAKER_02: It was an example.
• 23:07
  SPEAKER_00: No, but Richie, you are absolutely right.
• 23:10
  SPEAKER_00: So lifestyle inflation, um, I it's something that happens a lot.
• 23:16
  SPEAKER_00: Yeah, as we grow in our jobs, in our careers, we start to earn more and more and more.
• 23:22
  SPEAKER_00: And obviously, we are human beings, our desires, you know, increase.
• 23:26
  SPEAKER_00: Yeah, we want the nice watch, a better house.
• 23:30
  SPEAKER_00: Nobody's saying that you shouldn't want or get those things, they're extremely important.
• 23:35
  SPEAKER_00: Like me, if you come and give me gold necklaces, I'll be very excited, you know, and things like that.
• 23:41
  SPEAKER_00: But what we are saying is that do not expend all of your resources on things that you're doing now.
• 23:49
  SPEAKER_00: Yeah, delayed gratification is an extremely important skill if you want to build wealth.
• 23:56
  SPEAKER_00: Like you can delay gratification for one to two years, and you'll be amazed the amount of money you've invested that now gives you the freedom to want to do other things.
• 24:07
  SPEAKER_00: Yeah, so to your point, is not to say don't have fun.
• 24:11
  SPEAKER_00: When I'm when I'm talking to people about budgets, right?
• 24:14
  SPEAKER_00: One of my budget lines, like in when I have my income and I'm doing my budgets, I do it in Excel.
• 24:20
  SPEAKER_00: One of the lines is entertainment.
• 24:21
  SPEAKER_00: I have a line for entertainment and I have a budget for entertainment because I need to have fun.
• 24:26
  SPEAKER_00: I've got kids.
• 24:27
  SPEAKER_00: Exactly.
• 24:28
  SPEAKER_00: So nobody is saying don't do that.
• 24:30
  SPEAKER_00: But if you don't put limits on how much you can spend on things, you just keep spending and spending and spending.
• 24:37
  SPEAKER_00: And by the time you realize you've used up everything that came in for you.
• 24:41
  SPEAKER_00: So create your budgets, but in there, have something for fun as well within that bucket.
• 24:47
  SPEAKER_00: This is after you have already paid yourself, and yeah, I think you'll be able to live within that.
• 24:52
  SPEAKER_02: Let's let's talk about fear of starting.
• 24:55
  SPEAKER_02: You know, I think it affects a lot of people because so many people have heard of investment, they've heard of this, but they don't start.
• 25:03
  SPEAKER_02: It's like somebody is watching this episode right now, and they are nodding their head and they're saying they are so right, they are so right, and they'll probably say, I'll start next month.
• 25:12
  SPEAKER_02: I'll start in three months, you know, let me finish this project.
• 25:16
  SPEAKER_02: I don't want to lose this money.
• 25:18
  SPEAKER_02: How do people curb that fear that is holding them back?
• 25:23
  SPEAKER_00: Yeah, I think the first thing is to try to, I mean, recognize that that's what's holding you back, right?
• 25:30
  SPEAKER_00: I mean, we are human beings.
• 25:32
  SPEAKER_00: Human beings, the concept of fear or the emotion of fear is important to us because it prevents us from engaging in harmful activity, right?
• 25:40
  SPEAKER_00: It's when you're afraid, usually there's something to be afraid of.
• 25:44
  SPEAKER_00: Um, and we've all heard stories of investments gone bad, people putting their monies in things, not getting them back.
• 25:52
  SPEAKER_00: So the fear is valid.
• 25:54
  SPEAKER_00: I will not invalidate it.
• 25:56
  SPEAKER_00: But now, with the expanse of information that we have, with tools that we have like achieve, I think you can surmount that fear by starting small.
• 26:07
  SPEAKER_00: Yeah.
• 26:08
  SPEAKER_00: One thing that we realized when we started Achieve, there wasn't really a digital platform for investing like what we had.
• 26:15
  SPEAKER_00: And I was giving the example, you see someone come in, they'll put in like 20 CDs.
• 26:21
  SPEAKER_00: Three days later, they'll come, they'll withdraw their money.
• 26:23
  SPEAKER_00: They'll actually withdraw the money.
• 26:25
  SPEAKER_00: Yeah, then they'll come back, they'll put in like a hundred CDs, they'll withdraw their money.
• 26:29
  SPEAKER_00: And if you are sitting there like, who is this person putting in 20?
• 26:32
  SPEAKER_00: But if you have to track their trajectory, you'll see that this person down the line are putting in money, they had money, they were just trying to test out the system and so on.
• 26:41
  SPEAKER_00: And so, first of all, we've already spoken about financial literacy, about information being out there.
• 26:46
  SPEAKER_00: If you're out there and you're afraid of starting, you know, investing, I would advise that you start with a safe product and platform, right?
• 26:56
  SPEAKER_00: And obviously, I'll talk about achieved and the digi safe products, like the entry-level beginner-friendly product for investing that we give to anyone who's new to the concept of investing.
• 27:10
  SPEAKER_00: Just come in there, set up an account, put in a hundred CDs, wait a couple of days, see the appreciation.
• 27:17
  SPEAKER_00: Even on the dashboard, you will start to see the price per unit, how it is appreciating, and you start to engage with the process.
• 27:25
  SPEAKER_00: You put in a little more, you do a withdrawal, you start to understand that there's really nothing to be afraid of.
• 27:31
  SPEAKER_00: The third thing is when it comes to fear and when it comes to investments, um, some of the investments that have gone bad in this country has been because people have put their monies in places where they are not supposed to put their monies in.
• 27:45
  SPEAKER_02: Somebody, look, you I'll call you out all the time.
• 27:48
  SPEAKER_02: Somebody borrowed my money to buy cryptocurrency and lost it all.
• 27:51
  SPEAKER_00: If you have told me that's what it's okay to do, we are not mentioning any names, but some have precious metals in them.
• 28:00
  SPEAKER_00: You know what I mean.
• 28:02
  SPEAKER_00: If someone comes to you and they say, Oh, this is an investment opportunity, you make a hundred percent in three months.
• 28:08
  SPEAKER_00: Yeah, and it sounds too good to be true.
• 28:10
  SPEAKER_00: Trust me, it is too good to be true, it is too good to be true.
• 28:13
  SPEAKER_00: There's the concept of risk versus return.
• 28:15
  SPEAKER_00: If the return is crazy, it means the risk is crazy, yeah.
• 28:19
  SPEAKER_00: So if you don't have that appetite or you don't have that bandwidth, meaning you don't have money to take risk, you your last 2000, you want to go and do a risky investment.
• 28:29
  SPEAKER_00: Yeah, it doesn't make any sense, you know.
• 28:31
  SPEAKER_02: Like I've done different interviews on Bitcoin, I've had the experts show me all the benefits of Bitcoin.
• 28:38
  SPEAKER_02: Let me be honest, as I'm sitting here, I've not been able to start because I have seen that Bitcoin can make you a lot of money, and they are very high risks.
• 28:50
  SPEAKER_02: Where I am right now, my money is not riskable money.
• 28:54
  SPEAKER_02: Yeah, so I'm like, you when I get to the riskable level, yeah, and I think that is the honesty that we don't we don't have with ourselves, you know.
• 29:04
  SPEAKER_02: Like I heard of people who lost money, won't mention where they lost it, but they lost money that they borrowed.
• 29:10
  SPEAKER_02: Like some people want to take a loan to invest.
• 29:13
  SPEAKER_02: What do you mean you are taking a loan to invest?
• 29:17
  SPEAKER_02: That's not how it works.
• 29:18
  SPEAKER_00: That's not how it works.
• 29:19
  SPEAKER_00: But Richie, that's that's a testament to the financial literacy bits.
• 29:23
  SPEAKER_00: Yeah, they don't understand that promising you high return implicitly means that the investment itself is high risk.
• 29:32
  SPEAKER_00: I it is very rare to see an investment that is high return and low risk.
• 29:37
  SPEAKER_00: It doesn't happen because the return is compensating for the risk.
• 29:41
  SPEAKER_00: Yeah, so if it's lower risk, moderate return, high risk, high return.
• 29:46
  SPEAKER_00: But people just, when they hear investments, want to focus on oh Inti, if I invest, what will I get?
• 29:52
  SPEAKER_00: Not the potential of what will I lose, which is also extremely important because then that helps you determine, oh, this investment is for me, or this investment is not for me.
• 30:03
  SPEAKER_00: Exactly, and I can't do it.
• 30:05
  SPEAKER_00: So I'm investing towards my children's education.
• 30:09
  SPEAKER_00: This that's not the time to go and do a risky investment because if I lose this investment, yeah, then my children's education is at risk, right?
• 30:18
  SPEAKER_00: But maybe I have done all of like I have done the safe investments and I want to diversify my portfolio so that I improve my return.
• 30:27
  SPEAKER_00: Oh, I can do some 10% in this quote-unquote risky investment, so there's balance.
• 30:33
  SPEAKER_00: So when my rent is due, I'm okay.
• 30:36
  SPEAKER_00: Okay, that one is sorted.
• 30:38
  SPEAKER_00: When school fees is due, I'm okay, but I still am partaking in um products that give me oversized returns, but don't dilute my returns completely.
• 30:48
  SPEAKER_02: Because I was watching a world-class investor and he broke it down the same way.
• 30:51
  SPEAKER_02: He said he calculated his income, he calculated his investment, and he realized that he can afford to risk about 10 to 15 percent of his wealth.
• 31:01
  SPEAKER_02: So that 10 to 15 percent goes into speculative investments, yeah, different, different things.
• 31:06
  SPEAKER_02: He said even some of it goes into betting and gambling, yeah, because you never know.
• 31:10
  SPEAKER_02: Yeah, if he loses that money, no problem, it doesn't affect him, but that money could also earn him 10 times what he invested.
• 31:18
  SPEAKER_02: So that one is there.
• 31:19
  SPEAKER_02: I don't really care about it, money.
• 31:22
  SPEAKER_02: But I think this problem the reason people look for high you know return investment is because we have been made to think you can get rich quick.
• 31:34
  SPEAKER_02: You know, I always like to blame social media for this.
• 31:38
  SPEAKER_02: I love social media, but social media has done so much harm to us, it has made us think there's a way to get rich quick, yeah, but there isn't.
• 31:47
  SPEAKER_02: Like the truth of the matter is it takes time, and it takes time for a reason because there's a lot you need to learn along the way.
• 31:55
  SPEAKER_02: Yeah, there's who you need to become to become rich.
• 31:59
  SPEAKER_02: Yeah, so most people hear like investment platforms that say, oh, 17, 15, 10.
• 32:08
  SPEAKER_02: They're like, Oh, what is that?
• 32:10
  SPEAKER_02: What is that?
• 32:11
  SPEAKER_02: So if I put a thousand CDs in, I'll only make hundred CDs.
• 32:14
  SPEAKER_02: Ah, that's not enough.
• 32:15
  SPEAKER_02: They want to put a thousand CDs and make five thousand instance, but it doesn't work like that.
• 32:22
  SPEAKER_00: Absolutely, it doesn't work, it doesn't work like that, and I agree with you, which is why I really like how you started the conversation around habits.
• 32:31
  SPEAKER_00: Um, because I say that managing money is a skill.
• 32:35
  SPEAKER_00: Yeah, if you haven't been taught it, you are an adult now, learn it, right?
• 32:41
  SPEAKER_00: Within three to five years, your life can change on the same salary, if you like.
• 32:48
  SPEAKER_00: Of course, holding all things constant, economy being good, macroeconomic conditions being good, but your life can totally change within three to five years.
• 32:57
  SPEAKER_00: I have seen it happen in my life, in the lives of people that I know and respect.
• 33:02
  SPEAKER_00: Yeah, and so it's about building the right habits and not following their hype.
• 33:06
  SPEAKER_00: The trends will come and go, but when your foundations are solid, you sometimes, even within our circles, we know someone like they are not very rich.
• 33:16
  SPEAKER_00: Maybe they are maybe they are like um a day-to-day mason or a tailor or something like that.
• 33:24
  SPEAKER_00: But they've bought land, they've built, they've sent their children to school.
• 33:28
  SPEAKER_02: Like my carpenter says he's rich, beer.
• 33:30
  SPEAKER_02: Capi, I know.
• 33:32
  SPEAKER_00: They are doing all of these things, right?
• 33:35
  SPEAKER_00: How are they being able to do it?
• 33:37
  SPEAKER_00: Yeah, maybe they haven't had the formal instruction in managing money, but they definitely know how to manage money better than you and I, yeah, who have gone to all the big schools, right?
• 33:48
  SPEAKER_00: So managing money is a skill.
• 33:50
  SPEAKER_00: And for me, I simplify it really to say delayed gratification.
• 33:54
  SPEAKER_00: If you can master delayed gratification, prioritize later, you will be rich.
• 34:01
  SPEAKER_00: You'll be rich because you are earning, you are working, your income is coming, you are you are growing, right?
• 34:07
  SPEAKER_00: Don't spend all of it, delay the gratification.
• 34:11
  SPEAKER_00: Sometimes we get a big bump in salary, you know.
• 34:14
  SPEAKER_00: Hey, my car is no longer good.
• 34:16
  SPEAKER_00: All of a sudden, the car that you've been using for three years is not the other side.
• 34:22
  SPEAKER_00: I mean, it's not good enough.
• 34:23
  SPEAKER_00: Yeah, why is it not good enough?
• 34:25
  SPEAKER_00: You I want to say something controversial, but I feel like we have such a feeble sense of self, true, as people we mark our worth, but what we are wearing, what we are driving, what we're material things, it's ridiculous.
• 34:38
  SPEAKER_00: You know the funniest part we care about material things because we think people judge us by it, but the truth is nobody cares, they don't care, they haven't seen like that watch that you are wearing, you think oh, you've got somewhere, but nobody knows, they didn't even notice so when you when you have that realization, and I'm very happy you said that because as an adult, I also came to that realization nobody actually cares, yeah.
• 35:04
  SPEAKER_00: And if you think that people are evaluating your worth based on what they see outwardly, and so because of that, you want to unnecessarily spend because again, spending on these things makes us feel good, right?
• 35:17
  SPEAKER_00: If I mean if I have a nice car, a nice house, nobody's saying you shouldn't have nice things, but not to the extent that yes, you are doing it to the detriment of your future, because whatever it is, if you pay for it now, you lose out.
• 35:29
  SPEAKER_00: If you delay it, you might get it you know down the line.
• 35:33
  SPEAKER_00: So I'm trying to build a house, for instance, and so because of that, this year I'm not buying pizza, hey, just pizza, yes, yes, just pizza 500 CDs a week in pizza times 52 weeks is a lot.
• 35:48
  SPEAKER_00: It's crazy, right?
• 35:50
  SPEAKER_00: It will buy blocks, it's so that's the concept of delayed gratification because at that moment on the weekend, you have 500 CDs you can buy, yeah, but you are being disciplined to say if I spend this money on this, then it is no longer available for me on that future goal of that house that I'm trying to.
• 36:06
  SPEAKER_02: You are stealing money from your future self, yes.
• 36:08
  SPEAKER_00: Yeah, you are definitely stealing money from your future self, and every time the pot is empty and you are having to fill it, yeah, and then comes the concept of investing, right?
• 36:16
  SPEAKER_00: So it's not just about saving the money, but as you are saving the money and it is you are investing it, then that money is also now doing what it's working for you, so it is growing itself over time.
• 36:30
  SPEAKER_00: So if I was just going to have like a hundred CDs times 50 or whatever, it's now 100 CDs times 50 times the return that I would have made on that money.
• 36:40
  SPEAKER_00: And we've done this analysis, we've shared it several times.
• 36:43
  SPEAKER_00: I mean, through our platforms, where we did an analysis of oh, someone did a one-time 5,000 CD investment versus someone, let's say if you take a year, maybe they did it in June or September, versus someone who was doing 100 CDs week on week for the 52 weeks.
• 37:01
  SPEAKER_00: Every time this person would do much better than the one person who says, I'm keeping the money that when I get some big money, I'll go and invest it.
• 37:09
  SPEAKER_00: When you start small, you start earning, even on those small ones that you think is quaint, you start earning and the earnings end, and the earnings end, and so over time you've built that habit in the people don't understand the true power of the most powerful force in the universe, which is time.
• 37:29
  SPEAKER_02: Yeah, let me pull up, let me just go to a compound interest calculator right now.
• 37:34
  SPEAKER_02: I mean, I love doing these calculations though.
• 37:35
  SPEAKER_02: I think I do compound interest calculations like five times in a day.
• 37:40
  SPEAKER_02: Compound interest calculator, yeah.
• 37:43
  SPEAKER_02: So a lot of people don't understand that it is not about how much you invest, it's about how much time that you invest.
• 37:53
  SPEAKER_02: I'm going to do two calculations right now to see which one should I be in.
• 37:58
  SPEAKER_02: So many compound interest.
• 38:00
  SPEAKER_00: I mean, even in Excel, there's a formula for it.
• 38:03
  SPEAKER_00: So now we don't have any excuse.
• 38:05
  SPEAKER_02: So let's say let's take a regular person who can afford 20 cities a day.
• 38:14
  SPEAKER_02: So if you're doing 20 cities a day, that comes to what?
• 38:18
  SPEAKER_02: Let's say 600 a month, right?
• 38:20
  SPEAKER_02: Um, currently digi safe is at about 17% annually.
• 38:25
  SPEAKER_02: Okay.
• 38:26
  SPEAKER_02: So if you do 600 a month, that's at 20 cities a day over 20 years, right?
• 38:35
  SPEAKER_02: And you keep depositing the same 20 cities every single day.
• 38:44
  SPEAKER_02: At the end of the 20 years, you have 1.2 million.
• 38:49
  SPEAKER_00: Yeah.
• 38:50
  SPEAKER_00: Change that to 10 years and let's demonstrate something for the viewers.
• 38:55
  SPEAKER_02: Now, when you have 10 years, it is 189,000.
• 39:00
  SPEAKER_00: So, do you see the it's the same 10-year period, but do you see the gap between the first 10 years and the second 10 years?
• 39:08
  SPEAKER_02: So the person who starts doing this investment at 20 will be a millionaire by 40.
• 39:15
  SPEAKER_02: Yeah, the person who starts doing it at 30 will only have 180,000 by 40.
• 39:21
  SPEAKER_00: Yeah, so the time is actually more important than the amount of money.
• 39:27
  SPEAKER_00: And these are the secrets, I'll call them secrets that the wealthy have known and have been trying to gatekeep.
• 39:34
  SPEAKER_00: Because that's how they remain wealthy.
• 39:36
  SPEAKER_02: Why do you think that's how you get generational wealth?
• 39:38
  SPEAKER_02: Yes.
• 39:39
  SPEAKER_02: Because if you if you give birth and you immediately open a trust fund account for your child, I'm putting aside 20 cities a day for my child.
• 39:48
  SPEAKER_02: This means on their 21st birthday, boom, you can give them 1.2 million.
• 39:53
  SPEAKER_02: Start life with this.
• 39:55
  SPEAKER_00: Yes, yep.
• 39:56
  SPEAKER_00: A lot of people don't understand it, but those who do the the true wealthy people, these are the these are the tools they use.
• 40:04
  SPEAKER_00: Yeah, and these tools are available to us all now, right?
• 40:08
  SPEAKER_00: Through platforms like Achieve.
• 40:09
  SPEAKER_00: They're available to us.
• 40:10
  SPEAKER_00: You don't have to have in the past, like the HNI would say, Oh, they have to call their and go to the bank and say, I'm investing 20 CD.
• 40:19
  SPEAKER_00: It makes no sense.
• 40:20
  SPEAKER_00: It makes no sense.
• 40:22
  SPEAKER_00: Yeah, but for us, one of the so when we started achieve, we looked at the key frictions, right?
• 40:27
  SPEAKER_00: And one of the key frictions was high minimums for investing, the cost to invest was high.
• 40:33
  SPEAKER_00: If I have a hundred CDs to invest, by the time I'll leave my house to the bank and back, I've spent a hundred CDs, CC.
• 40:40
  SPEAKER_00: So it made no sense.
• 40:41
  SPEAKER_00: So it meant that I had to be able to add up a certain amount of money so that that trip makes sense.
• 40:48
  SPEAKER_00: And so with platforms like Achieve, we've eliminated those frictions.
• 40:51
  SPEAKER_00: So this 20 CD is not even far-fetched.
• 40:54
  SPEAKER_00: I had a dispatch writer who is a who's almost a friend of mine who I use for dispatches, and he saw Achieve on my WhatsApp status, and so he engaged me.
• 41:03
  SPEAKER_00: And we had a conversation.
• 41:04
  SPEAKER_00: We ended up supporting him to create like three buckets, and every day, because you know they earn daily, yeah.
• 41:10
  SPEAKER_00: So every day he's putting 20 CDs, 20 CDs, 50 CDs, and he's been doing this for like three years.
• 41:17
  SPEAKER_02: Wow, I can imagine what he's reached already.
• 41:20
  SPEAKER_00: You understand?
• 41:21
  SPEAKER_00: So it's not the things we are saying, it's not theory.
• 41:24
  SPEAKER_00: People have done it, people are doing it, and so you too should also do it because this is how you create that future that you want.
• 41:33
  SPEAKER_00: You cannot eat your cake and have it.
• 41:35
  SPEAKER_00: If you get the money now and eat it today, it's gone.
• 41:38
  SPEAKER_00: But if you think about this is what I want in life, let me prioritize my needs, and maybe a few of my wants, and the rest goes towards my future.
• 41:50
  SPEAKER_00: That future that you are looking for, you get it again.
• 41:52
  SPEAKER_00: We make this example of 10 years, 20 years, and it sounds like so far, you don't even come.
• 42:00
  SPEAKER_00: Whether you are investing or you're not investing, it will come.
• 42:06
  SPEAKER_02: The 40, you know, you will turn for 10 for 40 as a time.
• 42:12
  SPEAKER_00: Oh, you were explained, you were explained, you know.
• 42:15
  SPEAKER_00: But I even like to encourage people that even even in the short term, which she I can guarantee you, like people say, Oh, they're not making too much money, they are waiting, they are doing this, they are doing that.
• 42:29
  SPEAKER_00: Within two to three years, your life can change, yes, because you made one conscious effort to delay gratification on certain things just within two to three years.
• 42:43
  SPEAKER_02: Because you know the beauty of it that I came to realize it's not just the money that compounds, it's your habits, it's who you are.
• 42:51
  SPEAKER_02: Once you start preaching, once you start putting money aside for yourself every day, you start to realize certain things.
• 43:00
  SPEAKER_02: You know, you were very right when you're talking about financial freedom and it not meaning the same to everybody.
• 43:06
  SPEAKER_02: But what has happened is we've all assumed we have the same goals.
• 43:10
  SPEAKER_02: Everyone thinks that I want to get rich, so I own a fancy car, I own a mansion, I own this, I own that, but maybe that's not your fancy goal.
• 43:20
  SPEAKER_02: Let's take me for instance.
• 43:22
  SPEAKER_02: I love good food and I like to travel.
• 43:25
  SPEAKER_02: So if I think about my fancy goals, if I think about living a luxurious life, good food and travel, that is it.
• 43:32
  SPEAKER_02: I don't care about cars, I'm not into big houses, none of those things are goals for me.
• 43:37
  SPEAKER_02: Yeah, so if I think about the things I need to do, even if I'm thinking about prioritizing right now, certain things don't mean much to me.
• 43:46
  SPEAKER_02: Yeah, I won't spend like if I have to save money and not do certain things, it doesn't really matter.
• 43:52
  SPEAKER_02: Yeah, if oh, I need to buy a new car.
• 43:55
  SPEAKER_02: No, I I know the car I used to use before this, people asked me.
• 44:00
  SPEAKER_02: For years, Richie, why are you still driving this car?
• 44:02
  SPEAKER_02: You can afford something much better than this guy.
• 44:04
  SPEAKER_02: I don't care.
• 44:05
  SPEAKER_02: Yeah, as long as I'm moving from point A to point B, I don't really care about the car.
• 44:10
  SPEAKER_02: But somebody else cares.
• 44:12
  SPEAKER_05: Yeah.
• 44:12
  SPEAKER_02: But that same way, I don't care about the car.
• 44:14
  SPEAKER_02: You will see me go and eat some expensive food.
• 44:18
  SPEAKER_02: I'll go spawn there for myself.
• 44:20
  SPEAKER_02: I used to have this silly habit of mine.
• 44:22
  SPEAKER_02: I had like four favorite restaurants in town, and they are all far away.
• 44:26
  SPEAKER_02: I'll wake up in the evening, go to the four different places, I'll buy goat sea from here, then I'll buy chicken wings from here, then I'll buy, and I'll come back to the house, lay it in front of me, and eat.
• 44:38
  SPEAKER_02: Have a good time.
• 44:39
  SPEAKER_02: That's my advice.
• 44:41
  SPEAKER_02: Yeah.
• 44:41
  SPEAKER_02: That's where I will spend the money I shouldn't spend.
• 44:45
  SPEAKER_02: So when I think about my financial freedom, once I can keep doing these things and save and invest for myself in the future, I'm good.
• 44:54
  SPEAKER_02: Maybe somebody else just is clothed.
• 44:57
  SPEAKER_02: When you start to do these things, you will stop spending money on the things you don't need, the things that don't even make you happy.
• 45:04
  SPEAKER_02: New iPhone has come out.
• 45:06
  SPEAKER_02: Oh Samsung has come out.
• 45:08
  SPEAKER_02: So you are going to buy it to impress some girl.
• 45:11
  SPEAKER_00: When you and you don't care, I this new phone phenomenon, yeah, it's crazy because you are maybe three years in the workforce, yeah.
• 45:25
  SPEAKER_00: And you want to spend 22,000 Ghanaian CDs on a phone.
• 45:30
  SPEAKER_02: And if you don't get it, your life will not be okay.
• 45:32
  SPEAKER_00: I I I I don't know if it comes with maturity, but maybe we should mature faster.
• 45:38
  SPEAKER_00: Yes, because and the thing about it is that these phones they all work the same.
• 45:42
  SPEAKER_05: Yeah.
• 45:43
  SPEAKER_00: I have this habit of buying like four-year-old phones or five.
• 45:47
  SPEAKER_00: Like the thing is, I have budgets and priorities.
• 45:52
  SPEAKER_00: I was I I I was sharing this a while ago with some people.
• 45:57
  SPEAKER_00: Every year nowadays, I have three main money goals.
• 46:02
  SPEAKER_01: Okay.
• 46:03
  SPEAKER_00: Which is that this is where my money is going.
• 46:06
  SPEAKER_00: Everything else is secondary.
• 46:07
  SPEAKER_00: But this is, of course, over and above my needs and other things like that.
• 46:12
  SPEAKER_00: So if this year I've got and my my three year goals, they are not children's goals, you know what I mean?
• 46:18
  SPEAKER_00: These are things I'm trying to achieve, and that's where my money is going.
• 46:22
  SPEAKER_00: So, why am I spending 30,000 CDs on the gadgets?
• 46:26
  SPEAKER_00: Do you understand what I mean?
• 46:27
  SPEAKER_00: That's the thing.
• 46:29
  SPEAKER_00: Extra money should go towards those things that you think are extremely important to you.
• 46:34
  SPEAKER_00: And I am hoping that someone hears us, like they really hear us, because unfortunately, we are growing.
• 46:42
  SPEAKER_00: I mean, I'm not that old, but I've seen enough and I've engaged with enough people, and even in my own um life, to know that some of these things is not theory.
• 46:51
  SPEAKER_00: You make one switch like this, and your life changes.
• 46:55
  SPEAKER_00: And to your point, I might have started by not buying coffee, but that gave me some boost.
• 47:01
  SPEAKER_00: Like, yeah, I didn't die.
• 47:03
  SPEAKER_00: I was drinking this coffee for years.
• 47:05
  SPEAKER_00: Everybody knows me.
• 47:06
  SPEAKER_00: I'm coming into the office, I'm holding, I almost said the colour of the cup.
• 47:10
  SPEAKER_00: I didn't die.
• 47:12
  SPEAKER_00: And so now, oh, okay, I can leave this, I can leave that.
• 47:16
  SPEAKER_00: Yeah, I can leave that.
• 47:18
  SPEAKER_00: Oh, six months' time, this is what I have in my investments.
• 47:20
  SPEAKER_00: Oh, I'm pushing this, my project farther than it would have gone if I had still been doing these other things that I was doing.
• 47:29
  SPEAKER_00: You understand what I mean?
• 47:30
  SPEAKER_00: It is important to have a frugal lifestyle and to live within a budget that you have created for you, yeah, for yourself, so that every extra sense goes towards the things that are actually important, not the things that other people see, don't even see, don't even care.
• 47:48
  SPEAKER_00: You're wearing a nice thing.
• 47:49
  SPEAKER_00: Someone say, Oh, this thing is nice.
• 47:51
  SPEAKER_00: So, asan, unfortunately for us as Ghanaians, next time you don't even want to wear it again because you feel like they've seen this thing before you know what I mean.
• 47:58
  SPEAKER_02: And Morgan Housel said it so perfectly when you're talking in psychology of money.
• 48:02
  SPEAKER_02: He explained that the truth of the matter is we think people are looking at what we have and they respect us for it, but all they do is picture themselves in it.
• 48:12
  SPEAKER_02: Yeah, like somebody looks at your mansion, they don't think, oh wow, Josefa is doing great.
• 48:18
  SPEAKER_02: No, they think, wow, I would look good in that mansion.
• 48:21
  SPEAKER_02: Exactly.
• 48:22
  SPEAKER_02: People would respect me if I live in that mansion.
• 48:25
  SPEAKER_02: Yeah, but what they don't realize is but you're not actually respecting the person, you are just placing yourself in their shoes.
• 48:31
  SPEAKER_02: Yeah, so that person is going to do the exact same thing when they think about you.
• 48:35
  SPEAKER_00: Yeah, absolutely.
• 48:36
  SPEAKER_00: And when you free yourself, when you get to a point where your sense of self is above the artifacts around you, yes, you'll be able to achieve so much, right?
• 48:48
  SPEAKER_00: Like at some point I was trying to change my car, the car that I'll drive, because that was giving me problems.
• 48:55
  SPEAKER_00: And maybe this is I'm putting my business out there, but why not?
• 48:59
  SPEAKER_00: Let me let me put it out there so that somebody can learn something, right?
• 49:02
  SPEAKER_00: And I was I was thinking, oh, maybe I can get an auto loan so that because auto loans are easy, pay a monthly fee, you are gone.
• 49:10
  SPEAKER_00: Yeah, did the math, like this is crazy over five years, what I have to pay, or three years, whatever it is.
• 49:16
  SPEAKER_00: So I said, I'm not I'm not taking an auto loan, I'm not doing it because I'm not willing to give up 600,000, 700,000, 800,000 of my money for something I'm getting today, and I'll be paying for it for six years for a vehicle that ends up just being a status symbol.
• 49:35
  SPEAKER_00: You understand what I mean?
• 49:36
  SPEAKER_00: So I bought what I could comfortably afford from my pocket money pay cash.
• 49:42
  SPEAKER_00: Like I bought that.
• 49:44
  SPEAKER_00: Does it not take me wherever I need to go and come back?
• 49:48
  SPEAKER_00: It does.
• 49:49
  SPEAKER_02: I I I saw something funny those days, you know, when we were the artist's lifestyle, right?
• 49:55
  SPEAKER_02: I remember there was this guy in the club, so he drove, he drove a very fancy car, and we're helping a friend manage the club.
• 50:02
  SPEAKER_02: So we noticed that every time when this guy comes, he stays outside the club more than inside.
• 50:08
  SPEAKER_02: So we asked him why, and he said, You see, the problem is once he enters the club, there's no difference between him and the other guys, so he can't get the girls, so he'll stay out by the club.
• 50:17
  SPEAKER_02: The girls are coming and they see the car, they're like, boss, you actually stress, unnecessary.
• 50:24
  SPEAKER_00: Yeah, so I keep telling people like understand your sense of self above and beyond artifacts that signal something, right?
• 50:33
  SPEAKER_00: If you a car is a tool, like a lot of other things are a tool, a timepiece is a tool to tell the time.
• 50:39
  SPEAKER_00: There's no reason for you at 22, 24, who is not a multimillionaire, to be spending bands on a watch at this.
• 50:50
  SPEAKER_00: It will come.
• 50:50
  SPEAKER_00: That's the funny thing.
• 50:52
  SPEAKER_00: It will come if you delay the gratification, it will come.
• 50:56
  SPEAKER_00: It will be at a point where you're like, ah.
• 50:58
  SPEAKER_00: And then when you get to script, you're like, what is all this?
• 51:01
  SPEAKER_02: I don't even need it.
• 51:02
  SPEAKER_02: It's all back to social media again.
• 51:04
  SPEAKER_02: You know, it's like um there's a young girl out there, 20, 21, and she's watching a 40-year-old woman who has worked hard, been through the corporate cycle, and right now earns enough and has just bought her own Louis bag and is, you know, holding a Chanel bag, put me in Chanel and stuff.
• 51:24
  SPEAKER_02: And they're thinking, I need to live that lifestyle.
• 51:27
  SPEAKER_02: I need to have this bag, I need to own these Louboutin boots, I need to, and like she didn't own it when she was 20 or when she was 20.
• 51:34
  SPEAKER_00: Your salary is 3,000 CDs, but you want to come to the office with a 30,000 CD bag.
• 51:39
  SPEAKER_02: Thank you.
• 51:40
  SPEAKER_02: Like, how many people right now are doing national service or are in their first or second year working, earning between 1000 CDs to 2,000 CDs maximum, and are walking around with the Samsung 25 or iPhone 17.
• 51:56
  SPEAKER_02: Like even if even if somebody is buying the phone to dash you, these are the things that we don't think about.
• 52:04
  SPEAKER_02: Yeah, if let's talk to the ladies.
• 52:06
  SPEAKER_02: Sorry, ladies, if a man is taking away 30,000 cities to buy a phone and dash you, do you know the return you could have made on it if you had invested that money?
• 52:18
  SPEAKER_00: Sell that phone.
• 52:20
  SPEAKER_00: I'm not saying you don't take the phone.
• 52:21
  SPEAKER_02: I'm not giving you ideas, but don't go and sell your boyfriend's phone and say it was Richie.
• 52:25
  SPEAKER_00: It's also sell that phone, buy yourself something decent at 5,000, 6,000 CDs, and invest the rest.
• 52:35
  SPEAKER_00: Sell that phone.
• 52:36
  SPEAKER_00: Managing money is a skill.
• 52:38
  SPEAKER_00: Yeah, it requires conscious thoughts, it requires you to learn and know what you're doing.
• 52:43
  SPEAKER_00: But once you know what you're doing, you it won't even be it's a no-brainer to be very honest, to know that oh, I have zero money.
• 52:51
  SPEAKER_00: Yeah, someone is giving me something worth 50,000.
• 52:55
  SPEAKER_00: That will depreciate, it won't appreciate the person had bought maybe land for you at a place where it would appreciate.
• 53:02
  SPEAKER_00: I won't say sell it, I'll say keep it because it's an appreciating assessment.
• 53:05
  SPEAKER_02: That's what we understand, you know.
• 53:07
  SPEAKER_00: But this thing, it will depreciate.
• 53:08
  SPEAKER_00: You need how much camera power do you need for TikTok?
• 53:14
  SPEAKER_02: You know what's funny is you go and buy that expensive phone and you use it to watch TikTok, and then somebody else will buy an affordable phone, use it to produce content and make money.
• 53:24
  SPEAKER_02: I'm telling you, then you'll be watching them on your expensive phone.
• 53:27
  SPEAKER_00: I'm telling you, you know, we have a really backward Richie.
• 53:30
  SPEAKER_00: And I like I really appreciate how we are having this conversation because whilst the I keep saying this, the financial terminology and all of those things are important, that's not the crux of the matter.
• 53:41
  SPEAKER_00: Yeah, the crux of the matter is understanding who you are, getting out of this whole social media frenzy, yeah, and setting real goals, like tangible goals for yourself, and you can do it.
• 53:54
  SPEAKER_00: It's it's it's so doable because other people have done it.
• 53:59
  SPEAKER_00: How did they do it?
• 54:00
  SPEAKER_00: It's like I'll go back to health because health is important to me.
• 54:03
  SPEAKER_00: Yeah, somebody trying to lose 30 kilos, it's not rocket science unless there's an underlying condition why you can't.
• 54:12
  SPEAKER_00: It's really not rocket science.
• 54:14
  SPEAKER_00: What is the difference between the one who can do it and the one who can't do it?
• 54:16
  SPEAKER_00: It's discipline and consistency.
• 54:18
  SPEAKER_00: Finish.
• 54:19
  SPEAKER_01: That's all.
• 54:20
  SPEAKER_00: The formula is the same.
• 54:22
  SPEAKER_00: What you eat is what you produce.
• 54:24
  SPEAKER_00: That's all.
• 54:25
  SPEAKER_00: So discipline and consistency, that's the difference between the one who can do it and the one who can't do it.
• 54:29
  SPEAKER_00: So it's the same thing with finances.
• 54:31
  SPEAKER_00: I've identified that this is where I want to be in life, this is what I'm making today, this is my plan.
• 54:37
  SPEAKER_00: I stay disciplined and I'm consistent.
• 54:40
  SPEAKER_00: If I can comfortably do, and I like your 20 CD example, if I can comfortably do 20 CDs on Achieve every day, then I'm doing 20 CDs every day.
• 54:49
  SPEAKER_04: I'm cool.
• 54:50
  SPEAKER_00: You mentioned something about lifestyle inflation, and I want to go back on that, right?
• 54:55
  SPEAKER_00: So, usually what happens with lifestyle inflation is when we get a big salary bump or whatever, we try to shift our lifestyle.
• 55:03
  SPEAKER_02: Sometimes we shift before it even comes.
• 55:05
  SPEAKER_00: In anticipation, yeah.
• 55:07
  SPEAKER_00: But a trick that is so easy to do that rich people do.
• 55:12
  SPEAKER_00: I myself have done it, so I know it works, is when the increase comes, you act like it hasn't come.
• 55:19
  SPEAKER_00: Yes, and you leave it alone for like six, maybe 12 to 18 months, a year and a half.
• 55:26
  SPEAKER_00: Right.
• 55:27
  SPEAKER_00: It is mind-blowing how that can just change things for you in your investing life.
• 55:32
  SPEAKER_00: Yeah, you understand what I mean?
• 55:33
  SPEAKER_00: So maybe you get a salary increase and all of a sudden, instead of 5,000, you are getting 8,000.
• 55:40
  SPEAKER_00: You are living fine on the 5,000.
• 55:42
  SPEAKER_00: Act like the extra 3,000 didn't come at all, never happen.
• 55:46
  SPEAKER_00: And just sweep it into your achievement, sweep it, sweep it, sweep it for 12 to 18 months.
• 55:52
  SPEAKER_00: And so by the time you decide that you know what, I'm now trying to adjust to that 18 month, you are probably in line for to that 8,000, you are probably in line for another increase.
• 56:02
  SPEAKER_00: Exactly.
• 56:03
  SPEAKER_00: And you so there's always something there in your pocket, you know, when we're younger.
• 56:09
  SPEAKER_00: Delayed gratification for me.
• 56:10
  SPEAKER_00: That's the word that I'm hoping that if nobody takes anything away from today.
• 56:14
  SPEAKER_00: Because for me, if you can delay gratification, you will make it in life, in everything.
• 56:20
  SPEAKER_00: And I use that example in every day.
• 56:22
  SPEAKER_00: I use the same example in studies, right?
• 56:24
  SPEAKER_00: Because the gratification was I'm going out with my friends, I'm chatting up.
• 56:28
  SPEAKER_00: But the one who is delaying that to say, instead of doing this, I'm learning.
• 56:32
  SPEAKER_00: They get the results, right?
• 56:34
  SPEAKER_00: Um, when we were younger, there was something they used to call, I don't even, I can't even say it on camera, like FU money.
• 56:41
  SPEAKER_00: Like as a woman, they always say you need to have you need to have if some guy takes you out on a date and says, I'm not paying.
• 56:47
  SPEAKER_00: I'm paying and I'm leaving.
• 56:49
  SPEAKER_00: As a human being, as an adult, you need to have fu money.
• 56:53
  SPEAKER_02: In our business, we call it vex money.
• 56:54
  SPEAKER_00: Vex that's the word I was even looking for.
• 56:56
  SPEAKER_02: That's even better.
• 56:57
  SPEAKER_00: Vex above.
• 56:59
  SPEAKER_02: I'm gone.
• 57:00
  SPEAKER_00: I'm gone, but I have money to keep me going.
• 57:03
  SPEAKER_02: Every time we send an artist to an event or that kind of stuff, we always say you have to have vex money.
• 57:08
  SPEAKER_02: You do.
• 57:09
  SPEAKER_02: So depending on where you're going and the amount, like let's say if you've gone to the the US to go and play a show, you have to have enough money that if the organizers do log, you are booking your ticket, you are flying back.
• 57:19
  SPEAKER_02: Yeah, yeah, you're done.
• 57:20
  SPEAKER_00: Yeah, yeah.
• 57:21
  SPEAKER_00: In our parlance, we call it um what there's something we call an emergency fund.
• 57:25
  SPEAKER_00: Yeah, but essentially that's what it is it's vex money.
• 57:28
  SPEAKER_00: Yeah, because what does an emergency fund do?
• 57:30
  SPEAKER_00: It's maybe six to twelve times your monthly income that you have saved up.
• 57:36
  SPEAKER_00: So if one day your business goes down, like your your where you are employed goes down and everybody's made redundant, you have six months of income to help you get back on your feet.
• 57:46
  SPEAKER_00: Exactly.
• 57:46
  SPEAKER_00: You get it?
• 57:47
  SPEAKER_00: Let's say you fall sick for a prolonged period, and so you might have to come home.
• 57:53
  SPEAKER_00: You have six months to one year of money to get back on your feet.
• 57:58
  SPEAKER_00: So that concept for me, it just came out.
• 58:00
  SPEAKER_00: Like, let me mention it, because vex money that's what investing does for you, and so you move different, you are not at anybody's mercy.
• 58:08
  SPEAKER_00: You're not at anybody's mercy, yeah.
• 58:10
  SPEAKER_00: Even at work, you know, you move different and you are confident, you can say what's on your mind because I'm not afraid of being fired.
• 58:17
  SPEAKER_02: I'm cool for six months.
• 58:18
  SPEAKER_00: I'm cool for six months.
• 58:20
  SPEAKER_00: So, financial freedom again, that word freedom, it comes in so many ways.
• 58:25
  SPEAKER_00: And if you want to live a healthy lifestyle, a peaceful lifestyle, you are not worried about living paycheck to paycheck.
• 58:33
  SPEAKER_00: Yeah, delay gratification for some time.
• 58:36
  SPEAKER_00: Sometimes when we say these things, people feel like, oh, it's poverty-minded.
• 58:40
  SPEAKER_00: No, give yourself minded.
• 58:43
  SPEAKER_00: It's a wealth-minded, give yourself a few years of squeezing yourself, and you can do it the best when you are young, yeah.
• 58:50
  SPEAKER_00: You know, when you start when you have a family and it becomes a bit more difficult, but especially when you are young, live a frugal life, two to three years, five years.
• 58:59
  SPEAKER_00: Your mates will see you and they will not understand what is happening in your life.
• 59:04
  SPEAKER_02: And and raised that for that, Robert described it, and that was when it clicked to me.
• 59:09
  SPEAKER_02: It made so much sense.
• 59:10
  SPEAKER_02: When he described that the one of the biggest differences between rich people and poor people by mindset is that rich people buy assets, the assets appreciate, and then they spend the money they made from the assets on the lifestyle.
• 59:27
  SPEAKER_02: Yes.
• 59:28
  SPEAKER_02: So if I make enough money right now and I can buy a new car, instead of buying the car, I put that money in an investment which will make me money, and then I use the money it makes to buy the car.
• 59:42
  SPEAKER_02: So now I have the car and I still have the money.
• 59:45
  SPEAKER_02: But the poor person makes money, buys the car.
• 59:48
  SPEAKER_02: Yeah, money is gone, cars and accidents two months later, back to zero.
• 59:53
  SPEAKER_00: Back to zero, and it's a liability, it is depreciating everything.
• 59:58
  SPEAKER_00: By the time you even decide to sell it, you you'll be lucky if you get 10% of the purchase price.
• 1:00:02
  SPEAKER_02: If you buy a new car, by the time you drive out of the showroom, it's lost at least 30%.
• 1:00:08
  SPEAKER_00: Yep, absolutely, because it's now a used car.
• 1:00:11
  SPEAKER_00: Exactly.
• 1:00:11
  SPEAKER_00: Right.
• 1:00:12
  SPEAKER_00: So these conversations are extremely important for people to understand that we are not saying don't spend your money, but have a goal and then take strategic steps towards that goal.
• 1:00:23
  SPEAKER_00: So, in the example that you gave, for instance, I could even say maybe what you want to do is um buy instead of buying that big car.
• 1:00:31
  SPEAKER_00: You still want to buy a car, yeah.
• 1:00:33
  SPEAKER_00: Fine.
• 1:00:34
  SPEAKER_00: Buy three um small EV cars and run a boat business, for instance.
• 1:00:41
  SPEAKER_00: So it's the same, it's a car, but you flipped it in such a way that now you have access to transportation wherever you want to go, but that access is also making you money when you don't need it.
• 1:00:52
  SPEAKER_00: You see, and these are some of the little things that you are still solving your now problem, but you are doing it in such a way that you are solving tomorrow's problem.
• 1:01:02
  SPEAKER_00: Another person gets a house, young person, you've built like a big house, you can't even sleep in all the rooms.
• 1:01:10
  SPEAKER_00: Okay, fine, that's a great idea.
• 1:01:12
  SPEAKER_00: What if instead of building that house, you built a three-level apartment building, you lived in one, you rented the rest, or you Airbnb the rest.
• 1:01:22
  SPEAKER_00: You've still solved your problem of accommodation, but you've also created assets that are generating income for you.
• 1:01:30
  SPEAKER_00: And at some point you can decide that I'm big enough, I want to go and build a huge margin, you know.
• 1:01:35
  SPEAKER_00: But you have to give up something to get something.
• 1:01:38
  SPEAKER_00: And this concept of we don't want to give up anything, we want to have it all, it's not going to be powerful expression.
• 1:01:44
  SPEAKER_02: You can have anything you want, but you cannot have everything you want.
• 1:01:49
  SPEAKER_00: No, you cannot, you cannot, you have to give up something to get something, you have to prioritize exactly, and so our work is to give you the tools, the information, yeah, the platform, make it so easy for you so that you can start engaging with different kinds of products and you can build wealth.
• 1:02:10
  SPEAKER_00: When we give these examples, we're always looking at the lower end, right?
• 1:02:14
  SPEAKER_00: The 20 CDs, the 100 CDs, mostly because we feel like that's where the most need is.
• 1:02:19
  SPEAKER_00: But Richie, I can tell you, even the people who are earning hundreds of thousands of CDs and millions of CDs don't have this information and need the same kind of access, the same kind of tools and the same kind of um supports that we provide to be able to structure their finances in a way that makes sense for them.
• 1:02:41
  SPEAKER_02: I like to say the difference between the rich and the wealthy is investment.
• 1:02:46
  SPEAKER_02: Because both the rich and the wealthy have high income, but the wealthy person have assets have assets.
• 1:02:52
  SPEAKER_02: You know, and one thing I should really commend you on and achieve, because me, it's really helped me.
• 1:02:57
  SPEAKER_02: When I was going to shoot my episodes in essay, and I planned to go and shoot an essay, and I put together how much I was going to spend for essay.
• 1:03:05
  SPEAKER_02: I thought, hey, not that's not small money at all, though.
• 1:03:08
  SPEAKER_02: So the fact that I could actually save towards it over like a period of two to three months, I could put money aside, whether weekly or monthly, towards the essay trip, yeah, and the money was gaining interest.
• 1:03:22
  SPEAKER_02: Yes, was a is a very, very beautiful touch that you put in.
• 1:03:25
  SPEAKER_02: Yeah, most people when they do investments, as much as the long-term investment is how you get rich, they forget the short-term investment opportunities.
• 1:03:35
  SPEAKER_02: Yeah.
• 1:03:35
  SPEAKER_02: And for people who have access to cash and want to do certain things, that ability to be able to make profits, yeah.
• 1:03:44
  SPEAKER_02: Sorry, make earn interest on money that they were putting aside for something like how cool is it that you are saving up to buy your new car?
• 1:03:52
  SPEAKER_02: But you were still able to earn interest before buying the new car.
• 1:03:56
  SPEAKER_00: Yeah, so um that's one of the things that again our philosophy has achieved is not to say these products exist, let's take them and slap them on a digital platform, yeah, right?
• 1:04:09
  SPEAKER_00: We want to solve real problems for the people.
• 1:04:12
  SPEAKER_00: So we sort of understand what people care about.
• 1:04:16
  SPEAKER_00: How does this actually fit into their lives?
• 1:04:18
  SPEAKER_00: And that's why we've done some of the things that we've done.
• 1:04:21
  SPEAKER_00: Because I keep repeating, these traditional products they are not new.
• 1:04:25
  SPEAKER_00: We haven't really invented financial products, but we've invented how people access it and how they use it and broken it down for them.
• 1:04:34
  SPEAKER_00: So we realize this is the same point that you're making, right?
• 1:04:38
  SPEAKER_00: Because you're keeping your money in the traditional spaces, the banks or whatever, you're not making anything off of it, but you're saving towards something.
• 1:04:45
  SPEAKER_00: How do we open up the investment space for you so that you can easily fund your investments and easily also withdraw your investments when you need it?
• 1:04:53
  SPEAKER_00: Yeah, and that was the other part of it because yes, you go and find the investment, but now that you need the money, it will take five days, seven days.
• 1:05:01
  SPEAKER_02: Like the fact that you guys can withdraw money within one hour, it's like oh, so cool, you know, and you guys you say on the platform one hour, but every time I withdraw, it's instant.
• 1:05:11
  SPEAKER_00: It's instant, it's instant, it's instant, you know.
• 1:05:15
  SPEAKER_00: We aim to delight our people.
• 1:05:17
  SPEAKER_00: We are the only people who do that, and it took imagination and creativity to say the world can be different, yeah.
• 1:05:24
  SPEAKER_00: Because everybody knew that we know that when you are withdrawing from a mutual fund, it takes five days, three to five days, one week.
• 1:05:30
  SPEAKER_02: So even when we do instance, even when I saw the one hour, I was shocked at the one hour, and then I withdrew and I finally tell it.
• 1:05:38
  SPEAKER_02: I put my phone down, then I checked my account and it was in.
• 1:05:41
  SPEAKER_02: But I thought you guys have one hour.
• 1:05:42
  SPEAKER_02: How did it become instant?
• 1:05:44
  SPEAKER_00: It is so that's that's that's the goal to try and resolve that problem.
• 1:05:48
  SPEAKER_00: So for people who are looking to invest money or even save money towards a short term goal, yeah.
• 1:05:53
  SPEAKER_00: Then we have safe products like DigiSave, and you earn interest on that money, you know, even if you don't use.
• 1:06:00
  SPEAKER_00: Interest for anything, you can use buy it airtime rather than keeping the money in the bank or under your pillows.
• 1:06:06
  SPEAKER_00: You can use it to buy your pizza.
• 1:06:08
  SPEAKER_00: You know, everything is strategy.
• 1:06:09
  SPEAKER_00: You can use it to you can strategically say the interest, this is where my enjoyment money is coming from.
• 1:06:16
  SPEAKER_00: You know, you can think through all of that and then just make sure that you are you are covered now and covered in the future as well.
• 1:06:24
  SPEAKER_00: I for us that's what we want.
• 1:06:26
  SPEAKER_00: Yeah, we when we we when we talk about financial freedom, it's about giving people the ability to live the lives that they want to live.
• 1:06:33
  SPEAKER_00: And sometimes the frictions have been education, tools, and access.
• 1:06:38
  SPEAKER_00: And achieve solves all of that.
• 1:06:40
  SPEAKER_02: And one thing it really solves is see how in the beginning we're talking about investing and financial freedom being subjective.
• 1:06:47
  SPEAKER_02: Yeah, you know, I I would say from experience that the old forms of investing remove subjectivity because what happens is you need to interact with a person who's going to ask you, Oh, but why are you saving this money here?
• 1:07:00
  SPEAKER_02: Why are you doing this?
• 1:07:01
  SPEAKER_02: And they may give you advice based on what has worked in their life, yeah, as opposed to what works for you.
• 1:07:07
  SPEAKER_02: Yeah, but being able to just do it on your phone, it allows you to grow, it allows you to experience and find what works for you.
• 1:07:15
  SPEAKER_02: Yeah, because everybody's goal is different, everybody's path is different, you know.
• 1:07:20
  SPEAKER_02: Like how I'm saying you can invest 20 cities a day.
• 1:07:24
  SPEAKER_02: Maybe somebody doesn't want to do daily, maybe they just want to invest thousand cities a month.
• 1:07:29
  SPEAKER_02: Yeah, maybe they just got a big contract, they got 100,000, they want to put that in.
• 1:07:33
  SPEAKER_02: You need to be in control of your life, you know.
• 1:07:36
  SPEAKER_02: The education, the mastery of your mind, and everything is not to show you the way, it's not to give you a path that this is what you are supposed to do.
• 1:07:46
  SPEAKER_02: Yeah, it's supposed to make you conscious to find your own path.
• 1:07:50
  SPEAKER_00: Absolutely, and I like that you mentioned the term goals because I was about to say that in the traditional way of um investing, right?
• 1:07:58
  SPEAKER_00: You would typically do one investment, yeah.
• 1:08:01
  SPEAKER_00: And we found out that people are investing towards different things, and now they had to keep track of oh, 20,000 is for this, 10,000 is for this, 5,000.
• 1:08:10
  SPEAKER_00: That's why the concept of goals came up and was very important for us, and also very important for the people who use that.
• 1:08:16
  SPEAKER_00: But people love that, yeah.
• 1:08:18
  SPEAKER_00: That the fact that I can on one platform I can to you you would see someone have a rent goal, a school fees goal, yeah, and this goal, and that goal for.
• 1:08:29
  SPEAKER_00: And so I'm funding each of them.
• 1:08:31
  SPEAKER_00: And on the app, you can actually put in your target amount when you want to achieve the goal, and we'll help you calculate how much you need to be paying, whether you want to pay daily, monthly, weekly, like you don't have to pull up Excel or your calculator to do it.
• 1:08:45
  SPEAKER_00: All of that is there, and all you need to do is just fund it.
• 1:08:48
  SPEAKER_00: And you can even put it on autopilots, yeah, where on a periodic basis, depending on the period that you set, it is funded directly from your mobile money account.
• 1:08:58
  SPEAKER_02: So that's like building a system towards wealth.
• 1:09:01
  SPEAKER_00: Absolutely, you are not you are not giving yourself room to fail, yeah.
• 1:09:06
  SPEAKER_00: So you've built a system and you are following that system.
• 1:09:10
  SPEAKER_00: Also, when we talk about discipline and consistency, I'll give you the analogy of the fitness, right?
• 1:09:16
  SPEAKER_00: You want to be disciplined, you go out with your children to shop, and then you buy bags of candy.
• 1:09:23
  SPEAKER_02: You know, you how are you going to be disciplined?
• 1:09:25
  SPEAKER_00: When you open the fridge and it's looking at you at you, or you're going to visit Richie and he's eating all the fine things.
• 1:09:32
  SPEAKER_00: You know what I mean?
• 1:09:33
  SPEAKER_00: So the system that you put around you, and that's why the we've built those tools so that it's not that you have to remember to come and put the money there.
• 1:09:43
  SPEAKER_00: You put it on autopilot.
• 1:09:44
  SPEAKER_00: Yeah, whenever it's due, we will do the deduction for you to be invested for you.
• 1:09:49
  SPEAKER_00: Like it will just move and you are just living your life.
• 1:09:52
  SPEAKER_00: Yeah.
• 1:09:52
  SPEAKER_00: Um, at the end of the period, you still hit that goal that you wanted to hit by starting in the first place.
• 1:09:58
  SPEAKER_02: Because systems are everything when it comes to achieving any goal or discipline.
• 1:10:02
  SPEAKER_02: You know, people ask themselves why they are not disciplined enough or why they're unable to be consistent.
• 1:10:08
  SPEAKER_02: It's all about the systems.
• 1:10:09
  SPEAKER_05: Yeah.
• 1:10:09
  SPEAKER_02: Because when you're trying to change habits, you're trying to develop something new, if you don't put in the right systems, it will fail.
• 1:10:16
  SPEAKER_00: Yeah, it will totally fail.
• 1:10:17
  SPEAKER_00: Yeah.
• 1:10:18
  SPEAKER_02: We are only human.
• 1:10:19
  SPEAKER_02: We all make mistakes, we all like I suffer.
• 1:10:23
  SPEAKER_02: There's so many things in my life that I suffer to be disciplined with, and there are other things that I am excellent at being disciplined with.
• 1:10:30
  SPEAKER_02: So I realized where I suffer, build a system.
• 1:10:33
  SPEAKER_00: Yeah.
• 1:10:34
  SPEAKER_02: So it makes it very easy.
• 1:10:36
  SPEAKER_00: Yeah.
• 1:10:36
  SPEAKER_00: I mean, if you've read the book Atomic Habits, it talks about that and it talks about habits, habit stacking, right?
• 1:10:42
  SPEAKER_00: Um I think that was one of the best books I've ever read in my life because it's helped me understand the patterns of my life and how to pair things together.
• 1:10:54
  SPEAKER_00: So whenever I talk about this with my team, I give the example of I like to walk as a means of exercise.
• 1:11:00
  SPEAKER_00: Okay.
• 1:11:01
  SPEAKER_00: Okay.
• 1:11:02
  SPEAKER_00: I want to read to expand my mind.
• 1:11:05
  SPEAKER_00: But with my life and my family, and I cannot.
• 1:11:09
  SPEAKER_00: I used to be an avid reader.
• 1:11:11
  SPEAKER_00: I cannot sit with a book for 30 minutes.
• 1:11:14
  SPEAKER_00: I'm too busy for that.
• 1:11:15
  SPEAKER_00: So, what did I do?
• 1:11:17
  SPEAKER_00: I started listening to audiobooks.
• 1:11:18
  SPEAKER_00: I used to be a snob when it came to audiobooks.
• 1:11:21
  SPEAKER_02: Yeah, I used to feel like that's about them too.
• 1:11:23
  SPEAKER_02: But I'm not like that anymore.
• 1:11:24
  SPEAKER_00: I started listening to audiobooks, podcasts, lectures.
• 1:11:27
  SPEAKER_00: When do I listen to them?
• 1:11:28
  SPEAKER_00: Wow on my walks.
• 1:11:30
  SPEAKER_00: Yeah.
• 1:11:30
  SPEAKER_00: And now, like it's a system that works.
• 1:11:33
  SPEAKER_00: As soon as I'm going out, the earbuds comes in.
• 1:11:36
  SPEAKER_00: Yeah.
• 1:11:37
  SPEAKER_00: I catch up on whatever I, whether it's a lecture, whatever it is.
• 1:11:40
  SPEAKER_00: So now it's like I've almost eliminated the excuse for not engaging in an activity that I had wanted to engage in.
• 1:11:48
  SPEAKER_00: So systems are everything.
• 1:11:50
  SPEAKER_00: Um, if you are trying to build that management skill, build a system around it.
• 1:11:55
  SPEAKER_00: Yeah.
• 1:11:55
  SPEAKER_00: And I've mentioned a few.
• 1:11:56
  SPEAKER_00: I don't know if people have picked it up, but one easy system, one easy system is as soon as you get paid, pay yourself first.
• 1:12:05
  SPEAKER_01: 100%.
• 1:12:06
  SPEAKER_00: If you do it every time, it will even become like automatic.
• 1:12:09
  SPEAKER_00: Yeah.
• 1:12:10
  SPEAKER_00: As soon as you see the alert, no, you are paying yourself.
• 1:12:13
  SPEAKER_00: Or you can even set it up automatically.
• 1:12:15
  SPEAKER_00: That's what I was about to say.
• 1:12:16
  SPEAKER_00: If there's a daily, like there's a monthly cadence to your payment or whatever it is, you know it will come on the 28th.
• 1:12:23
  SPEAKER_00: Yeah, then you set it up, maybe 29th morning, whatever, and then it's done.
• 1:12:28
  SPEAKER_00: That's a system, and that's you setting yourself up to succeed rather than leaving it a chance.
• 1:12:34
  SPEAKER_02: So, okay, I was going to ask you one small habit that you think people should set up.
• 1:12:41
  SPEAKER_02: But I like how you've described it already that set a system that pays yourself first.
• 1:12:47
  SPEAKER_00: Yeah.
• 1:12:48
  SPEAKER_00: Pay yourself first and be consistent with it.
• 1:12:51
  SPEAKER_00: That's all.
• 1:12:52
  unknown: Okay.
• 1:12:53
  SPEAKER_00: Pay yourself first.
• 1:12:54
  SPEAKER_00: Look at your income, pick a number.
• 1:12:57
  SPEAKER_00: If you can't pick a number, Richie says 10%, I say 15%, whatever.
• 1:13:03
  SPEAKER_00: Pick a number and start with that.
• 1:13:05
  SPEAKER_00: Yeah.
• 1:13:06
  SPEAKER_00: The other thing about systems is that if the system is so rigid, you fail at it.
• 1:13:11
  SPEAKER_02: True.
• 1:13:11
  SPEAKER_00: So for instance, I don't chase 10,000 steps a day.
• 1:13:17
  SPEAKER_02: Am I rich?
• 1:13:18
  SPEAKER_02: Hey, I'm on 2,000.
• 1:13:19
  SPEAKER_02: 8,000 to go.
• 1:13:21
  SPEAKER_00: So I've done better than you.
• 1:13:24
  SPEAKER_00: I've raised my hands.
• 1:13:26
  SPEAKER_00: I can do it.
• 1:13:28
  SPEAKER_00: So on weekends, I can I've done 15,000, I've even done 20,000 steps before in the past, right?
• 1:13:34
  SPEAKER_00: But on a daily basis with work and all that, I'm not going to do that.
• 1:13:39
  SPEAKER_00: So if I stick to that as a target and I don't hit it several times, what am I going to do?
• 1:13:44
  SPEAKER_00: I'm going to demoralize myself and I'm not going to walk at all.
• 1:13:48
  SPEAKER_00: Right.
• 1:13:48
  SPEAKER_00: So I'm using that as an analogy to say pick whatever number is comfortable for you that you know you can consistently do.
• 1:13:56
  SPEAKER_00: Yeah.
• 1:13:56
  SPEAKER_00: And start with that.
• 1:13:58
  SPEAKER_00: Over time, you build up and then you increase the number as time goes on.
• 1:14:03
  SPEAKER_00: Right.
• 1:14:04
  SPEAKER_00: So pick that system.
• 1:14:05
  SPEAKER_00: It's a very simple system.
• 1:14:06
  SPEAKER_00: As soon as I get paid, I've set up my DGSave goal.
• 1:14:10
  SPEAKER_00: I move it there.
• 1:14:12
  SPEAKER_00: I have a goal.
• 1:14:12
  SPEAKER_00: So I have different goals.
• 1:14:14
  SPEAKER_00: I have like 12 different goals on DigiSafe.
• 1:14:16
  SPEAKER_00: But then the one that is the bucket that doesn't, it's just a cat cash, um, a catch-all, right?
• 1:14:22
  SPEAKER_00: It's called Zayfest Stash.
• 1:14:23
  SPEAKER_00: Okay.
• 1:14:24
  SPEAKER_00: It's my stash.
• 1:14:25
  SPEAKER_00: It's like my vex money.
• 1:14:27
  SPEAKER_00: Because all the other ones are going towards somewhere.
• 1:14:30
  SPEAKER_00: But I still, even then, still have an investment for just money that is going to me that I don't know I need right now, but at some point I might need, right?
• 1:14:41
  SPEAKER_00: Apart from all the other goals.
• 1:14:42
  SPEAKER_00: So it just creates one goal, give it a name, or your emergency fund or whatever.
• 1:14:47
  SPEAKER_00: As soon as you get paid, you pay that amount in there.
• 1:14:52
  SPEAKER_00: If you can set up automated deductions, you set up automated deductions and then it is gone in there.
• 1:14:57
  SPEAKER_00: We even have bank transfer features where you can actually set up a standing um debit on your account so that as soon as the money hits, it is moved into your DGSave account.
• 1:15:12
  SPEAKER_00: And then you spend within whatever is left over.
• 1:15:16
  SPEAKER_00: Yeah.
• 1:15:17
  SPEAKER_00: Just this simple change will transform your life if you are consistent and disciplined with it over a period of time.
• 1:15:23
  SPEAKER_02: I like that.
• 1:15:24
  SPEAKER_02: There's been so much like knowledge that you have poured out about investing, growing your wealth.
• 1:15:30
  SPEAKER_02: And I really hope people are paying attention to this because I don't think anyone in this life should end up poor.
• 1:15:38
  SPEAKER_02: I believe wealth is meant for everybody, at least at some point in your life.
• 1:15:44
  SPEAKER_02: You know, some will figure it out earlier than some, but life was made to be enjoyed.
• 1:15:50
  SPEAKER_02: The truth of the matter is, money's sweet.
• 1:15:53
  SPEAKER_02: Look, money won't solve all your problems.
• 1:15:56
  SPEAKER_02: No, money won't make you happy, but money's sweet.
• 1:16:02
  SPEAKER_02: It will make life a little bit easier.
• 1:16:05
  SPEAKER_02: Because what money does, I try and explain it to people.
• 1:16:07
  SPEAKER_02: I hope they get it.
• 1:16:09
  SPEAKER_02: Money gives you options, freedom.
• 1:16:12
  SPEAKER_02: So let's say me, I like food.
• 1:16:14
  SPEAKER_02: I like good food.
• 1:16:16
  SPEAKER_02: Now, good food can mean gobe, or it can mean cocaine rice, or it can mean lasagna, yeah, or it can be a steak, you know, ribeye steak.
• 1:16:29
  SPEAKER_02: Thank you.
• 1:16:29
  SPEAKER_02: I have options.
• 1:16:30
  SPEAKER_02: If I wake up and I feel like gobe, I can buy gobe.
• 1:16:33
  SPEAKER_02: If I feel like having a ribeye steak, I can buy the ribeye steak.
• 1:16:37
  SPEAKER_02: Yeah, so money gives me the options, yeah.
• 1:16:39
  SPEAKER_02: But somebody else who likes food who doesn't have options can only buy the gobe.
• 1:16:45
  SPEAKER_02: Yes.
• 1:16:45
  SPEAKER_02: So when they buy the gobe five days a week, then they get tired.
• 1:16:49
  SPEAKER_02: But I can eat the gobbe two days and then tomorrow I'll eat rock swatchy.
• 1:16:53
  SPEAKER_02: Exactly.
• 1:16:53
  SPEAKER_02: Oh, no, options.
• 1:16:55
  SPEAKER_00: Exactly.
• 1:16:56
  SPEAKER_00: You should the freedom to live the life that's important to you.
• 1:16:59
  SPEAKER_00: Yeah, and I um so you might have someone who is, let's say, very religious and they want to spend.
• 1:17:07
  SPEAKER_00: I was telling this to someone and they were laughing.
• 1:17:09
  SPEAKER_00: Like, even if you want to serve God well, when you have money, you can serve God well because in my religion, you are trying to give alms.
• 1:17:18
  SPEAKER_00: How are you going to give the arms, for instance?
• 1:17:19
  SPEAKER_02: You know, when Richard Niyama told me, you know what I mean?
• 1:17:22
  SPEAKER_02: He wants to open food banks that will give away food for free every day.
• 1:17:28
  SPEAKER_02: My first thought was wow, it must be nice to have enough money to think about that.
• 1:17:35
  SPEAKER_02: Yeah.
• 1:17:36
  SPEAKER_02: Because I don't have enough money to give away food to my family free every day.
• 1:17:42
  SPEAKER_02: So it's not even an option for me.
• 1:17:45
  SPEAKER_02: So, whatever you want to achieve in life.
• 1:17:48
  SPEAKER_00: There is facilitation, and facilitation is money, yeah, most of the time.
• 1:17:53
  SPEAKER_00: Um, so I mean, let's change our mindset around money.
• 1:17:58
  SPEAKER_00: Let's understand that it is a skill and it's not it's not out there.
• 1:18:03
  SPEAKER_00: It's around us, we can learn it.
• 1:18:05
  SPEAKER_00: The resources are available, the tools are available.
• 1:18:08
  SPEAKER_00: We at Achieve, we are available to help you understand, even on this.
• 1:18:12
  SPEAKER_00: You'll be surprised the number of students who have started with Achieve and are building that skill.
• 1:18:18
  SPEAKER_00: Yeah, like you said, it's a habit.
• 1:18:20
  SPEAKER_00: So you've built the skill.
• 1:18:21
  SPEAKER_00: Imagine that this person now, two, three, four years down the line, is earning 30,000 CDZ.
• 1:18:27
  SPEAKER_00: They are far gone because they've already know what they are doing, yeah.
• 1:18:30
  SPEAKER_00: Their money.
• 1:18:30
  SPEAKER_00: It's not at that point that they are coming to figure it out.
• 1:18:33
  SPEAKER_00: You understand what I mean?
• 1:18:34
  SPEAKER_00: So the information is out there.
• 1:18:36
  SPEAKER_00: Let us change our mindsets around money to understand that it is a skill, it is doable, all of us can master it in such a way that we free ourselves down the line and live the lives that we actually want to live.
• 1:18:53
  SPEAKER_02: And I really hope enough young people are watching this because if I had watched these types of conversations when I was 17, 18, I'd be retired by now.
• 1:19:03
  SPEAKER_02: Oh my god.
• 1:19:05
  SPEAKER_02: And and you see, my personal experience is what pushed me to start having these conversations because I'm a well-read person, I believe I'm very intelligent, and I have achieved a lot in life, pun intended.
• 1:19:20
  SPEAKER_02: But I still didn't have all this information until I made a conscious effort to look for it, and then it made me realize wait, then that means there are so many people out there who don't know these things.
• 1:19:31
  SPEAKER_05: Yeah, yeah, yeah, yeah.
• 1:19:33
  SPEAKER_02: There are so many people who are even very rich and don't know the there's somebody who's earning as we are sitting here, they are earning 50,000 CDs every month and they are spending 49,000.
• 1:19:44
  SPEAKER_00: They are in debt, yeah, they are in debt, and they just need to make a few structural changes, and things would be much easier for them.
• 1:19:54
  SPEAKER_00: And unfortunately, if you don't learn these things, then you can't also pass it down to the next one.
• 1:20:00
  SPEAKER_00: So when you talk about generational wealth, that's I also talk about that a lot because when you learn it and you free yourself, you can now teach your children, you know.
• 1:20:08
  SPEAKER_00: Um, some of the conversations that happens in my house is very funny because my children they know as soon as you come and ask mommy or daddy for something, the first question is do you have money to buy it?
• 1:20:17
  SPEAKER_00: It's not my money that you are going to use to like it to buy something, you know.
• 1:20:23
  SPEAKER_00: Can you afford it?
• 1:20:26
  SPEAKER_00: And then I mean, as they are growing, they know it's a ridiculous question to ask them.
• 1:20:30
  SPEAKER_00: But I've been doing this since they were little, yeah.
• 1:20:32
  SPEAKER_00: They know, they understand, but my husband is the same way.
• 1:20:36
  SPEAKER_00: Thanks be to God, you will not find them throwing a tantrum outside.
• 1:20:42
  SPEAKER_00: Why?
• 1:20:42
  SPEAKER_00: Because they understand that things cost money, and it is not always that mommy or daddy is willing to spend this amount of money on this that's not important.
• 1:20:51
  SPEAKER_00: So if I tell them, no, I'm not buying this, it's a matter of okay, sometimes they'll negotiate.
• 1:20:58
  SPEAKER_00: Okay, fine, you're not buying, but you next week when we come shopping company.
• 1:21:02
  SPEAKER_00: That's and so if you yourself are not getting the knowledge, how do you pass it down?
• 1:21:08
  SPEAKER_02: You put a lot of pressure on the educational system on why is it not teaching money?
• 1:21:12
  SPEAKER_02: Why but you why not teaching it at home?
• 1:21:14
  SPEAKER_02: Exactly.
• 1:21:14
  SPEAKER_00: If you learn it, you can teach it to your children, so it's extremely important if every individual or every parent took it upon themselves.
• 1:21:23
  SPEAKER_02: Let's say you just gave birth and you say that I am going to learn and master money over the next 10 years.
• 1:21:30
  SPEAKER_02: When your child is 10, you can start teaching them, and by the time they are adults, they will also be a master.
• 1:21:36
  SPEAKER_00: They would understand it.
• 1:21:37
  SPEAKER_00: Yeah, they would understand it.
• 1:21:38
  SPEAKER_00: I know you, I mean, your perspective is around wealth, but I feel like even if you are not rich but you know how to manage money, you live a much better life because you are making conscious choices about what's important to you.
• 1:21:50
  SPEAKER_02: No, because when I say wealth, it's the wealth of life, yes, yes, it's not about the amount of money in your because financial freedom, how I define financial freedom is that you have enough assets that outweigh your expenses.
• 1:22:05
  SPEAKER_02: So, what that means is that's positive, yes.
• 1:22:09
  SPEAKER_02: If you look at your lifestyle, the maximum lifestyle that you want to live, yeah, and that lifestyle is 4,000 cds a month, and you have assets that are bringing in 6,000 CDs a month.
• 1:22:20
  SPEAKER_02: You are wealthy, you are good.
• 1:22:22
  SPEAKER_02: Wealthy does not mean billionaire, you are good, or millionaire, or I own an island, or it's wealthy is what do you want?
• 1:22:30
  SPEAKER_02: Do you have money that will keep giving you what you want every month?
• 1:22:34
  SPEAKER_00: You know, there are people who live these nomad lifestyles, going for with a backpack, backpacking from here to there.
• 1:22:40
  SPEAKER_00: They are not holding a lot of money, yeah, but they only they are generating some of them, they are wealthy, but there are some who are not.
• 1:22:46
  SPEAKER_00: It's just that they have assets that generates just enough money for them to live that lifestyle, and that's what makes them happy, at least for the time period.
• 1:22:53
  SPEAKER_02: So someone grows their own food in their backyard, they enjoy it, they cook their own food, they like cooking, you know.
• 1:23:00
  SPEAKER_00: And it's a luxury, yeah, it's a luxury, not you that you wake up for a how are you going to garden?
• 1:23:07
  SPEAKER_00: You know what I mean?
• 1:23:08
  SPEAKER_00: So, I mean, all of us need to appreciate that there is a gap there.
• 1:23:13
  SPEAKER_00: Yeah, I mean, we used to estimate that less than 20% of Ghanaians had any level of financial literacy.
• 1:23:20
  SPEAKER_00: We are hoping that now that has changed.
• 1:23:23
  SPEAKER_00: Uh, achieve has really done a lot of work.
• 1:23:27
  SPEAKER_00: 12% of all collective scheme members invest to achieve.
• 1:23:33
  SPEAKER_00: So, hopefully, that has opened up the space and people are learning, but there's a lot more.
• 1:23:39
  SPEAKER_02: I should confess, I was one of the people who did the small amount first.
• 1:23:43
  SPEAKER_02: When I started, I put 500 CDs in first.
• 1:23:45
  SPEAKER_02: That's small amount.
• 1:23:46
  SPEAKER_02: Let me watch these people and see.
• 1:23:48
  SPEAKER_02: And I was like, Oh, okay, my money's still there that I withdrew it.
• 1:23:51
  SPEAKER_00: Exactly.
• 1:23:53
  SPEAKER_00: No, so you know, we work with data a lot, especially in the early stages, and we are trying to understand customer behavior.
• 1:24:00
  SPEAKER_00: It was almost almost consistent.
• 1:24:03
  SPEAKER_00: Yeah, anybody who was serious about these things, when they come, this is the behavior that they will exhibit.
• 1:24:08
  SPEAKER_00: But it also taught us that it's not that Ghanaians are you know semi, don't want to adopt technology.
• 1:24:15
  SPEAKER_00: No, it is that the technology was not serving their needs.
• 1:24:18
  SPEAKER_00: But when the technology is serving their needs, they will adopt it, they will build trust.
• 1:24:23
  SPEAKER_00: Why should I put my money on a financial platform or an app when there's a possibility that I'll lose it?
• 1:24:31
  SPEAKER_00: If the app goes down, what am I going to do?
• 1:24:34
  SPEAKER_00: All these things are questions and very valid questions that people have.
• 1:24:39
  SPEAKER_00: So, our job was to educate people, give them that experience over and over and over again, and that comfort.
• 1:24:46
  SPEAKER_00: That's why something like withdrawals is like an extremely important metric for me and my team to measure.
• 1:24:53
  SPEAKER_00: And however, we can make withdrawals easy for you.
• 1:24:55
  SPEAKER_00: Because why are you investing the money?
• 1:24:57
  SPEAKER_00: You're not leaving it with us forever.
• 1:24:59
  SPEAKER_02: You want to back?
• 1:25:00
  SPEAKER_00: There will be a day when you need it, and so your experience at that point determines oh, I trusted these people when true, true, yeah, I've gotten my money.
• 1:25:08
  SPEAKER_00: So you tell somebody else, and then you tell somebody else.
• 1:25:10
  SPEAKER_02: Maybe there's a delay, but they'll say, Hey, what's my money?
• 1:25:13
  SPEAKER_00: Hey, you know, it's not money.
• 1:25:16
  SPEAKER_00: So those are the kinds of things that we try to look at to create the experiences that we create on the app so that people can build trust again within the system, yeah, and get more participation in the financial services um products that we have in the industry that we have.
• 1:25:35
  SPEAKER_02: I want you to do something for me.
• 1:25:37
  SPEAKER_02: Imagine you could look in that camera, yeah, stretch your hand through and drop one powerful mindset that will change the person watching to help them start investing and building their wealth.
• 1:25:52
  SPEAKER_02: What would that be?
• 1:25:54
  SPEAKER_00: It's very simple.
• 1:25:55
  SPEAKER_00: Um, and I've said it already.
• 1:25:57
  SPEAKER_00: You need to master the concept of delayed gratification.
• 1:26:02
  SPEAKER_00: It's exactly the thing that once you master, it will change your life, especially when it comes to your finances.
• 1:26:10
  SPEAKER_00: Delayed gratification.
• 1:26:11
  SPEAKER_00: You don't need all the things that you think you need.
• 1:26:14
  SPEAKER_00: Pay yourself first, build a budget with the net amount that's left, and focus on the things that are most important to you on a month-on-month basis.
• 1:26:25
  SPEAKER_00: And trust me, within two to five years, that amount of money that you are investing for yourself would yield so much.
• 1:26:33
  SPEAKER_00: You would wish you had started this 10 years ago.
• 1:26:37
  SPEAKER_02: Safa, thank you so much.
• 1:26:38
  SPEAKER_02: This has been an amazing conversation.
• 1:26:41
  SPEAKER_02: Once again, I wish younger Richie had watched conversations like this.
• 1:26:52
  SPEAKER_02: But I want a big smile.
• 1:26:53
  SPEAKER_00: You mean your achievement account?
• 1:26:55
  SPEAKER_02: Yes, my achieve account.
• 1:26:56
  SPEAKER_02: But thank you so much.
• 1:26:57
  SPEAKER_02: It's been so insightful, and I really hope as you've watched this, you've paid attention, you've picked up some tricks, and you are going to invest, set up your achievement account, make sure you are putting away money consistently.
• 1:27:10
  SPEAKER_02: Pay yourself first, become the mastermind you are meant to be and make some good money.
• 1:27:17
  SPEAKER_02: Thank you so much.
• 1:27:20
  SPEAKER_02: Thank you for watching this episode.
• 1:27:21
  SPEAKER_02: Now, the Mastermind's dream is about building a community of people who have the right mindset and are ready to take their success into their own hands.
• 1:27:31
  SPEAKER_02: So, do me this wonderful favor subscribe and share with anybody out there who you believe you want to see have the right mindset to succeed so that together we can all become the masterminds we deserve to be.