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Financial Survival: Real talk on managing money · Closing Sales in Nigeria - Sales For The Nigerian Business Person: The Sales and Marketing Blueprint

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Lots of Nigerians, whether they are self-employed or they work
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for someone else, struggle with money and that's because as a
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society we we have very low levels of financial literacy and
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that is something that I explored as a guest on the show
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called Chook Your Mouth. For those of you who are long
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time listeners, you will remember that that's the show on
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Radio Maria, that is a Pigeon English show.
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Now for those of you who listen regularly, you remember that the
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first time I showed up on the show and I had to speak pigeon
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for one hour straight, I finished and I was tired and I
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swore. It is something I would never do
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again because it's the hardest thing I've ever done in my life.
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But anyway, they called me back last week and to be honest, at
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first I was scared. I was like again, another one
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hour speaking pitch in English. But anyway, my wife overheard
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the conversation and she just gave me the signal that I should
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go ahead. So I went ahead and I did it.
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So I've done it the second time and to be honest, the second
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time wasn't as bad as the first time.
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So I guess the lesson that I've taken from that is the same sort
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of thing I've always told you guys on the podcast, you know
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that the first time is always going to be awkward and it's
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going to be painful, but then the more times you do it, you
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know, the easier it's going to become anyway.
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So this is not about my adventures in speaking pitch in
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English, but rather just to come and share some of the things
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that we spoke about on the air when we're talking about
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financial literacy. Now, even though this is a sales
1:30
podcast, once in a while I stray into some other topics that I
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think might be relevant for Nigerian business people who are
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struggling in business or who are at the early stage of trying
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to get their business going. So financial literacy, very
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interesting topic. Oh, by the way, apologies
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because I'm out and about. I'm actually chilling outside a
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market today because I'm trying to get my glasses fixed and the
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ophthalmologist or the ophthal, whatever is not far from the
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market. So I just parked where I could
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and that's what I'm making today's recording.
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So you're going to hear some noise in the background, you
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know, people just walking, people Hawking their wares and
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you know, stuff like that. So apologies for the noise in
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the background. So back to the topic for today,
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financial literacy. Now the way I like to define
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financial literacy is this because the other technical,
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technically correct definitions. Sorry about that.
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So financial literacy for me, when I say financial literacy, I
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just mean people having a basic understanding about how money
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grows because lots of Nigerians don't know how you grow money or
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how you acquire money, how you get money.
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And in my opinion, the focus of financial literacy is just to
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make sure that none of us will get stranded all right.
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And also so that we can avoid the all I put in this, he's not
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even in Nigeria, I think per SE, because I thought it was a Niger
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thing. But after living in the UK and
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then hearing about starts from America, it looks like this is a
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global thing. So it turns out that lots of
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people over the globe just leave hand to mouth.
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Honestly speaking, I thought it was a Niger thing until I
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entered UK and I was like, OK, so you know, UK people have the
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same problem. And then the American was called
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the Bureau of Statistics or whatever, you know, they release
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their own figures and it turns out that, you know, even
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American people have the same problem.
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So there are lots of people who are living hand to mouth.
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So the whole point of financial literacy is just to understand
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how does money grow? How do you get money?
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And then also to make sure that we don't get stranded and also
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so that we stop living hand to mouth so that we can plan and so
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that we can prosper. Hand to mouth just means, you
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know, any money will come, you just go drop them, you
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understand? So money comes in school fees,
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money comes in Napa, money comes in flexing, money comes in
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repair your car. So anyhow, anyhow, money just
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they miss. So that is what we mean when we
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say financial literacy. Now on the whole thing of how
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money grows or how people get money, unfortunately there are
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no magic ways to acquire money, at least not yet.
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If you just, if you figure out any magic ways to acquire money,
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please let your boy know so I can stop struggling.
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Let me join you. I get that magic money.
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Excuse me, but in the meantime, how most people are going to get
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money is you are either going to sell your labor.
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Now it's physical labor or mental labor.
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In other words, you're going to go and get a job or you will
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sell a product or you will sell a service.
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That means you will start a business and then eventually,
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after you've acquired, you know, quite a bit of change, you will
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start looking for assets to invest in.
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Now, an asset is anything that puts money in your pocket or
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that you reasonably hope is going to put money in your
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pocket in the future. So for those of you who are
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running around trying to buy land, you're trying to acquire
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assets because the hope is that when you buy a piece of land,
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you're going to be able to sell the land at some reasonable
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point in the future. Sorry, just one moment.
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My attention is being required elsewhere.
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OK, sorry about that. Remember I told you guys a
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mountain about and so my attention was being required.
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So I had just spoken about the first part.
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That is how money grows. So you grow money or you acquire
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money by selling your labor. You're going to sell your
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physical strength or you're going to sell your mental
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strength. In other words, you're going to
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be an employee and then you collect a salary or you're going
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to sell a product or you're going to sell a service.
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So you're going to be self-employed, you're going to
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be an entrepreneur, you're going to be a business owner, you
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know, blah, blah blah. OK, no, you're going to be
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self-employed or you're going to be an entrepreneur.
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Business owners are people who have built systems that exist
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and can function beyond them. So by the time you're a business
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owner, you don't have to be in the mix per SE.
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You can check in once in a while just to make sure things are
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going, but you don't, you're not necessarily required to be
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there. 247 like people who are self-employed.
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So basically for most people, when we talk about financial
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literacy, that is what we should expect about how to get money.
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And now the focus of financial literacy, just remember, the
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goal is we're trying to make sure we don't get stranded as
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far as you start your day, you know, you they move and then one
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emergency, one biggie, something here, something there and then
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next thing you don't they hang. I would like, oh, who can I
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call? Who can wear me this?
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Who can send me money? Who can do this?
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Well, I'll go bored, you know, and all these kinds of issues.
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So that's what financial literacy about shiny.
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How make a new strand, make a new day stranded.
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Then this hand to mouth thing just be eating any money that
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come. You know now we have to plan and
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we have to prosper. Then we also spoke about
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budgeting. Now budgeting is twofold and the
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more we have to understand where is our money going.
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Now even from a business perspective, those of you who
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are on businesses need to understand where is your money
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going. It is only when you understand
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first where your money is going that you can now start saying
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where should I send my money? And those are the 2 main
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questions when it comes to budgeting.
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So we suppose they track our expenses on a daily, on a
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weekly, on a monthly or and if, if you're doing on a quarterly,
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then why are they? Because the gap is too is too
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much, at least my first accountant.
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That's why he advised me. He said if we're going to be
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doing this on a quarterly, quarterly basis, it will be
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inefficient. It will be too much because the
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paperwork will be too much for him to reconcile and stuff like
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that. So what he told me to do was he
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gave me an Excel sheet that had different headings and he told
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me, look, don't worry about being exact.
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Just be putting it where you think it belongs.
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At the end of the day, he, the accountant was going to now do
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the gaggle, reconcile everything.
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You know, if it was in the right place, he would leave it.
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It was in the wrong place. He would move it.
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But then I was supposed to have been having meetings every
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single week to reconcile everything.
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But shall we should be tracking where our money is going.
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So it is after we track where our money is going that we can
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also ask the can I ask the question, where should I send
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it? Because you know, like some
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callers, not just on my own radio show.
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Because funny enough on the money show based that is done by
8:17
the CFA society. There's a podcast by the CFA
8:19
Society. The CFA society is the chartered
8:22
financial Analyst society. They are that people have the
8:28
charter holder for. It's a very prestigious
8:31
financial exam. So people who want to be wealth
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managers, people want to have a career in finance, you know,
8:36
things like that. You know, they, they take the
8:37
exam. I think currently they're about
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400 or maybe about 500 people also in Nigeria who have the
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qualification. And my wife is one of those
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people who is currently writing the exams.
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She has aced Level 1, she passed Level 2IN flying colours and
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we're currently getting ready for Level 3.
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So I listen to their podcast anyway because I mean, you never
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know, you learn stuff from podcasts just like you are
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learning from my own podcasts right now.
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So yeah. So I think was it last week or
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maybe 2 weeks ago? Yeah.
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They also have financial refusing on and somebody called
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and the person was like, look, the whole point of making this
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money so we go flex now so we go enjoy our life.
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So like what's all these kind people are saying budgeting,
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blah, blah, blah, blah, blah. So yes, we suppose flex.
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But The thing is track where you are spending your money because
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at the end of the day, you might see that by the end of the
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month, the money that you spent on QEC, for instance, is like
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150K, you know, so Khilishi once in a while is is good like, you
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know, just enjoy yourself. You know, some Khilishi, you
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know, some, some Sharma. If you're like my wife, my likes
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my wife likes her ugly and Uber, you know, ugly and Uber or she
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also likes what do you call this thing catfish, this pepper
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grilled grilled catfish. You know, if once in a while you
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want to enjoy yourself, no problem.
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But honestly speaking, if you track your money and you see
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that every single month you're spending like 200K or catfish
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pepper soup, OK, if you can afford it, OK, no problem.
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If you consciously want to be spending 200K on catfish pepper
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soup, no problem. But if you're struggling and
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you're living hand to mouth and you look all your expenses and
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you see that last month, 200K catfish pepper soup, only now
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you know that you can start taking dressing.
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So that's why this first part of where's my money going?
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You suppose they track your expenses and if you get an
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accountant, it's one of the first things that I'm assuming
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any Nigerian accountant will have you do OK, look here's the
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excel sheet or here's the paper or begin the snap and send me
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receipts or whatever methods are there'll be this thing of let's
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track the expenses. Let's see where the money is
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going before we now, you know, before then I start advising you
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that, you know, you suppose don't like this, You suppose
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don't like this or before they now prepare your what's it
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called? Statement of accounts and all
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that. So the first part, where's my
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money going after that? Where am I supposed to send my
11:07
money? Then we also spoke about the
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differences between saving and investing because the host of
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the show wanted to know that what's the difference self?
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That's either way, I'm putting money away.
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What's the difference? And so I had to explain that,
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look, saving is different from investing because when you're
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saving, you're just putting money aside.
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So like in this part of the world, people do Kolo, they do
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Isusu, they do BAM, they do cooperative, they do, you know,
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all those kind of things. And then some people savings
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account. Now, whether you do savings
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account or Kolo or Isusu or Bam or whatever you do, you call it
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in your own language or you know, for those of you who are,
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you know, traders maybe like international, like
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international marketing, Markudi or trade fair complex in Abuja
11:54
or in Lagos or you know, whatever these collections that
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you know, you people do amongst yourselves.
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So the way I explained it is this, when you're doing a saving
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thing, whether you're doing a personal, personal or whether
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you're doing it as a group, the focus is the money you put is
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the money you expect to get. So in your color, in your ban,
12:15
in your market association, or some people even do it according
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to families, you know, their families that do it, you know,
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like cousins can get together. Like in my own family, we don't
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do that. But their families that do that,
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you know, families where they trust themselves.
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You know, unfortunately my whole family, if you try that kind of
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shit, some guys, you don't disappear with the money before,
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you know, your cousin has your cousin has disappeared while I
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go there and you know, lead to all kinds of infighting.
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So yeah, in my family, you know, we never mature reach that
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level. So in my family, we, we don't,
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we don't try it at all. We don't mix money issues.
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So both our families do it. So if everybody's coming
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together every single month and every single cousin is dropping
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like 250K every month at the end of the year, the everybody's
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expecting to collect 250K times 12, nothing more.
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You are dropping 250K every single month religiously.
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You know, if you skipped a month or two at the end of the year,
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what you're expecting to collect is 250K times the 10 months that
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you dropped or times the 11 months that you dropped, nothing
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more. That is savings.
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That is what people do in Colo. That's what people do in social,
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that's what people do in Bam. The money you dropped is the
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money that you collect now for savings.
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On the other hand, people hope that when you're dropping this
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to 252-250-2250, you're hoping that at the end of the year you
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collect the 2250 plus something small on top.
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So any current arrangements where you're expecting to get
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something on top, that's typically what we call
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investing. So if you're expecting to just
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get your money back as it is, security of assets, security of
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deposit and drop money on collector, that is typically a
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saving thing. But then if there's any hope
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that this money will grow, that the money will accrue something,
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then we're talking about investing.
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Now just for risk appetite and to set the right level of
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expectations, please, This is how it works world over, not
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just Nigeria. If you want to collect high
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returns, high investment, at the end of the day, just know that
14:28
whatever business it is that is being invested in is going to be
14:32
a very risky thing. Then if you're OK with low
14:37
returns because you want your money to come back to you safe
14:40
and sound, you are going to be dealing in very low risk things.
14:44
So like let's say Nigeria now for instance, treasury bills,
14:47
that's the easiest thing anybody can do.
14:49
You know, let's say you have a good year, you had 10 clients,
14:53
each client paid you like you know, 33 M and then maybe you're
14:57
living below your means. You didn't spend too much.
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So at the end of the year, you know, you have, oh gosh, I can't
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remember my math. What did I just say now?
15:05
Well, as I said, 10 clients, 33 million, that's 30 million.
15:09
Maybe you're able to live on 10 and then at the end of the year,
15:13
you now have 20. So if you take that 20 million,
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you don't want that 20 million to miss.
15:18
You put it in treasury bills. Now treasury bills doesn't give
15:24
much returns. I don't know what it is now
15:27
currently, but I remember that when my our first born, that's
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my, my first boy, my first baby boy when, when he was born.
15:35
I know that I think treasury bills, then I was able to find
15:37
like 1617% on the money. And then there's the time that
15:41
things are really bad and you get maybe like 3% on the money.
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So if you're only getting 3% on your 20 million, you can see
15:49
that that money is not much, but that's how it works.
15:52
So if you want that at the end of the year, you want to collect
15:57
your 20 million back, you don't want to hear a question mark,
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you don't want to hear a story. You don't want to hear one
16:03
thing, one thing. This thing happening economy do
16:05
like this economy do like this dollar rate, this dot dot dot
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dot. You don't only hear a story.
16:10
Then you have to be satisfied with low rates.
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But then if you want high rates, you want to double your money,
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you want to triple your money, you want to 10 extra money, you
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want to quadruple your money. Just know the high high rate
16:22
means high risk, OK? You guys just know it.
16:26
The reason why is because there's some people who reach
16:28
out to me like one guy who had 700 and he was trying to see
16:31
what he could drop. And then that 700 would have
16:34
become 1.4. You know, I had to let the guy
16:37
know realistically, like dude, not be so you have 700 K, you
16:42
want to drop 700K now at the end of the year you collect 1.4.
16:46
If it was like that and it was like that easy.
16:47
You don't think me, I'll raise 10 M from people and then drop
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10 M so that at the end of the year and I have 20.
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It's not that easy. And then another guy who called
16:57
in on the radio show and for him he had 300 and he wanted to see
17:02
he wanted to see what he can do that he would drop down 300 by
17:05
the end of the year. The thing will appreciate you
17:07
will have at least you have like that kind of 600.
17:10
So the guy is even be more aggressive.
17:11
He has 300 by the end of the year.
17:13
He wants to be able to have excuse me, he wants to be able
17:16
to have 400 extra. So just notion that if you want
17:21
your money back safe and sound and secure, you're going to be
17:25
dealing in instruments that have low risk.
17:28
But then if you want, you want aggressive returns, you want to
17:31
double your money, you want to triple your money, you want 75%
17:35
returns and no problem just with the high risk good they involve.
17:38
So guide yourself accordingly. Talk to your lawyer, talk to
17:42
your stockbroker. If you're somebody like me who
17:44
doesn't know money issues that much, then you don't marry a
17:50
woman who knows about money and she will advise you accordingly.
17:53
But anyway, you suppose that educate yourself and you have a
17:56
basic level of basic level of education.
17:59
So that's the difference between savings and investment.
18:02
So for savings, the idea is capital should be secure as I
18:07
drop it. That's how I want to pick it.
18:10
The capital must be secure. And then for savings, the focus
18:13
typically is, you know, emergencies, rainy days, you
18:16
know, school fees. So for those of us who are
18:19
parents, you know, that's how we run it.
18:20
So you do, you know, one or two jobs, you get some, some good
18:24
money, some good coins. You know, you have maybe like I
18:27
kind, you know, maybe 10510 and you say, ah, correct, you're
18:30
just going to put it in school fees account.
18:32
So you just know that, Oh, you know what for the next.
18:38
And depending on the kind of school that you're in, because
18:40
my cousin is in, he lives in Abuja and he has three kids.
18:43
And then when he heard how much we're paying and Abuja, the girl
18:46
was like, eh, he said, he said how much?
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And I told him, he said guy is a lie.
18:50
I said what do you mean is a lie?
18:52
So how much I pay in the school fees for his three kids in
18:55
Abukuta, you won't believe the guy is paying 700K for the three
18:59
terms. In fact, when I was telling my
19:01
auntie, my auntie said sorry, how much?
19:04
My auntie was thinking that for the three children, it was
19:06
700,000 for one term. No, for the three children, it's
19:10
not 700 for one term. For the three children, it's
19:13
700,000 for three terms. That's in this year, in in 2026.
19:18
Now I'm making this recording. So what was that now?
19:24
So savings now. So if you're right, if you're
19:25
that kind of person and you do a job and then, you know, money
19:29
comes in, you know, 5 AM, 10 AM. You say, OK, no problem.
19:32
Let me just remove 5. I'll put in school fees and
19:34
you're paying 700 a year. You now know that.
19:35
OK, you know what? My children's school fees are
19:38
sorted basically for the next 4 years, four years, five years,
19:40
Abby, if my math is correct. So typically that's what savings
19:44
are for in this part of the world.
19:46
That's what we do, emergencies and you know, stuff like that.
19:49
Then now the section that I wanted to explore with listeners
19:55
of the podcast today, because a lot of us are business owners
19:58
and self-employed, managing debt, debt, DEBT.
20:03
Now, forgive me, I know I don't pronounce this correct.
20:05
I know that there's a podcast listener who reached out to me.
20:09
To correct me on how I pronounce some of these words, you know, I
20:11
beg Novak is one of these things Mumsy has been trying to correct
20:14
me. And The thing is, you know, I
20:16
say one way that somebody corrects me and then I say it
20:18
another way and somebody corrects me.
20:19
So to be honest, I don't even know again, but I'm just going
20:23
to say debt. And by debt I mean borrow,
20:27
borrow, I mean loan. I mean you go and collect money
20:30
from people. So that's what I mean.
20:32
So we had a conversation around managing debt because people
20:37
think that all debt is good debt from a business perspective and
20:40
even from a personal perspective, not all debt is
20:42
good debt. So if you collect debt, borrow,
20:47
borrow, you'd like to go and take money from people, but you
20:50
use money to acquire assets. That is good because an asset is
20:53
something that puts money in your pocket today or you have a
20:55
reasonable hope that is going to put money in your pocket in the
20:57
future. Now the thing with assets is
20:59
that you have a reasonable hope of paying the money back later
21:02
on. So back to the example that I
21:03
gave that I say you, you know, you like to borrow, borrow,
21:06
borrow. You go and borrow money from
21:08
your cousins, but you are trying to buy one or two plots in Abuja
21:13
or one or two plots in Lagos. Now the hope is now plot should
21:18
be able to appreciate reasonably in a certain amount of time and
21:21
you'll be able to sell off the land and pay your cousins back
21:25
or you'll be correcting rent and then you pay your cousins back.
21:30
So that kind of debt is good debt because you're using the
21:33
debt to acquire assets. And the example that I gave is
21:35
our boy Dangote. So Dangote now is, you know, he
21:39
talks about opening the port in, I can't remember, is it Cross
21:43
River State or whatever, you know, and the the project is
21:47
leveraged. When you say leverage, you mean
21:49
that the guy, the guy has borrowed money from banks, you
21:51
see. So he's borrowing money from
21:53
banks to open the port because he's hoping that this is an
21:57
asset that is going to bring in money at a reasonably a
22:00
reasonable time soon to come because the pot is not going to
22:05
be for free. You know, freight forwarders
22:08
will be paying their levies. People who have come and pack
22:11
sheeps to upload will pay their, you know, whatever.
22:14
And you know, it's a money making venture.
22:16
So down with it. Borrowing money to open a port
22:20
that is good debt. Then bad debt is when you
22:24
borrow, borrow when you borrow money.
22:26
But then you just you know, you just eat everything consumables.
22:30
So you go and borrow money from your cousins, but then you use
22:33
the money to go and marry a brand new wife.
22:35
That is bad debt. Bad debt.
22:37
You already have one wife. You're quarreling with one wife.
22:41
You go and borrow money from your cousins to go and marry a
22:43
second wife. Why is the wife going to?
22:48
Is the wife going to generate income enough to pay the money
22:51
back to your cousins? You should be reasoning this
22:55
thing. Some of you say, why am I come
22:57
up with these examples? Because it's real life, real.
23:01
My wife a couple of years ago, it was a time that in our in our
23:05
company, everything did well. So you know, they declared
23:08
bumper harvest for everybody and you know, they gave everybody
23:12
nice package, nice package. That's how long I went to go and
23:16
marry wife, one of our brothers. You know, when I saw our
23:18
brothers, you know what I mean? Now, because I'm from Benway
23:20
State, so Benway, NASA, Rawa, Plateau, you know, Taraba had
23:25
that area be having to go and marry a brand new wife.
23:29
And you know, I've heard the guy's name before.
23:30
It's like the guy is not married the whole he has kids.
23:33
I say yes, no, that he has two wives.
23:34
And I say see, see our people, see our people, you get some
23:39
good income. What you do is you go and marry
23:41
a brand new wife. So anyway, I didn't make this
23:43
thing up. It happens.
23:44
This is Nigeria, it happens. So raising money to buy land,
23:49
good debt, raising money to buy equipment for your business,
23:55
good debt, raising money because you want to buy a brand new car,
24:00
maybe not raising money because you want to marry a new wife,
24:04
maybe not raising money because you want to buy iPhone 17, I
24:10
guess is not a good idea. Although there's some women that
24:13
have argued with me that you can never go.
24:17
You never go wrong in raising money to to buy gold, to buy
24:21
jewelry. And, and The thing is, you know,
24:23
I'm like, I don't know anything about precious metals, but
24:26
honestly, I don't know anybody who has lost money buying gold.
24:29
Funny enough, like my mom, because she used to buy gold,
24:33
you know, when she was much younger, but now she can't be
24:35
bothered about gold. And so there's one time that,
24:41
you know, she has some extra cash and she was doing a bunch
24:42
of stuff. And I was like, Hey, mommy,
24:43
where did this money come from? Because my mom is retired and
24:46
she was like, Oh, I sold off all my gold.
24:48
I say, you don't mean this for how much?
24:50
And then she told me and then plus inflation, it doesn't look
24:54
like it was a bad deal. She's actually that just not a
24:56
bad deal that she said she was shocked, seriously shocked.
24:59
So I'm not saying you should go out and buy gold.
25:01
I'm just saying that there's a woman who like to argue with me
25:03
who say that, look, this gold that I'm buying, this necklace
25:07
that I'm buying, this ring that I'm buying this blah, blah,
25:11
blah, blah, blah. That is an investment.
25:13
And I will say how this thing is not an investment.
25:15
You're buying. You're buying all these things
25:17
so you can flex, so you can look fly.
25:18
Those say do an investment. So yes, I just want to let you
25:23
know, yes, some people make that argument, but you know, I'm not
25:26
I'm I'm not an expert in precious metals.
25:28
So for those of you who know about precious metals, I'll
25:30
leave you guys to that. So that's the thing about that
25:32
then, OK, We also had a segment on protecting your wealth.
25:36
Now there's one thing I didn't talk about that I heard on the
25:38
CFA show, the CFA, sorry, the money show by the CFA Society
25:43
Nigeria. So it's a really interesting
25:44
podcast. Go ahead and listen to it.
25:47
If you are interested in, if you're a layman like me and
25:49
you're interested in financial matters, you know, it's not a
25:51
bad way to to, to learn and to grow.
25:55
And also, if your partner happens to be studying for the
25:57
CFA, it will be a nice way for you to bond because you can say,
26:00
hey, babe, or you know, you can say, hey, babe.
26:04
I was listening to the CFA show today.
26:05
They were talking about this or talking about that and you guys
26:08
can talk and you know, you can't bond.
26:09
You know, it's nice. It builds A marital, marital.
26:13
What's the word? Is it intimacy, a big unity or
26:15
stuff like that? So, yeah, it's, it's a good one.
26:19
It's something I heard when I was little.
26:20
People used to say like, oh, if your husband likes football,
26:22
watch football with him. You guys grow closer.
26:25
If you're like, if your wife likes Desperate Housewives, you
26:27
know, watch Desperate Housewives with her, you guys grow closer.
26:31
By the way, no one actually is correct because my wife, she's a
26:33
maniac when it comes to, sorry, not Desperate Housewives, Real
26:37
Housewives, any Real Housewives, my, my wife, they watch out.
26:41
So do you know that these Real Housewives of South Africa,
26:44
these Real Housewives London, these Real Housewives where
26:49
again, they just, they release them anyhow, anyhow, anyhow, you
26:52
know, Real Housewives of Lagos and like, OK, if they open a new
26:57
franchise, my wife has watched it.
26:59
So there's one thing I used to abuse her and her friend, her
27:03
friend Jugo's Ojugo, because Odugo is also a lawyer and my
27:08
wife is a lawyer and you know, they're both going to qualify
27:12
for CFA soon. So that means a very smart
27:14
woman. They know about financial
27:16
matters very well, you know, respected in the organization
27:20
that they work at, very, very smart woman.
27:23
And then I look at them and I say, look, Odugo and then I call
27:25
my wife. I say, like, how can people be
27:27
watching this kind thing? Are you an educated woman?
27:30
How can you be watching this thing?
27:31
They will laugh and they'll say, leave us, Jerry.
27:33
So anyway, well, what was that? Yeah.
27:35
So it builds a maritalism is yeah.
27:37
So whatever it is your spouse is doing, just trying to get an
27:41
interest. What was I?
27:44
How did I get here? OK, so the money shows CFA.
27:47
So they said, look, protecting your wealth is the final part of
27:50
financial literacy. And so #1 the guy advised that
27:54
you live within your means, live within your means.
27:58
Live within your means. Don't spend more than you have
28:02
that in fact, in fact, I think that's one of the things my mom
28:04
tries to tell me because anytime I'm talking to a customer and we
28:08
get to the payment stage, the moment we start talking money in
28:11
my head, I've already started calculating everything now.
28:13
OK, OK, cool. So, so so million, they come.
28:15
So therefore, I'll put this one here.
28:18
I'll put this one here. I'll put this one here.
28:20
My mom should be saying, look, young man, stop this thing.
28:22
You only you only spend money that you have.
28:24
Because sometimes when you're talking with the customer,
28:27
especially the money is sweet, the money is good.
28:29
You look at this and you say and at 20 million they come.
28:32
So you will now start actually planning one or two things.
28:35
You know, you actually start dropping money on one or two
28:37
things. The problem with that kind of
28:39
movies, you know, sometimes the talks will now fall apart.
28:42
The money won't come again. We're now day stranded.
28:46
You see, financially, Tracy, remember the goal is more no get
28:50
stranded. We should not be doing hand to
28:52
mouth. We should plan and prosper no
28:54
matter of hand to mouth, hand to mouth.
28:57
So live within your means. That's one thing I forgot and I
29:00
had on the CFA show, so sorry, the money show on the CFA
29:05
Society of Nigeria. So I'm repeating that one here.
29:08
Well, some of the things I spoke about on my own show, I told
29:12
people that look, avoid Ponzi schemes, avoid MLM and avoid
29:16
Wonder Bank. So all these things of one
29:19
person should recruit 2, two people should recruit 4, four
29:21
people should recruit 6-6, people should recruit 12.
29:24
Avoid all those things, Anything that involves recruitment, avoid
29:28
it please, except if it's a genuine MLM that's a multi level
29:32
marketing scheme. In that case, as you're
29:35
recruiting people, you should be expecting to sell the product
29:38
because the money that you're going to commissions, you're
29:40
going to enjoy, you know, will be from everybody's sales.
29:44
So expect to be doing plenty of selling, selling, selling.
29:47
Then avoid wonder banks. All these people that say give
29:50
us 300,000 naira, put it in our savings account and by the end
29:55
of the year would have tripled your 300. 1000 will now be
29:58
900,000. Avoid wonder banks.
30:00
So for me, for me as a layman, when we talk about protecting
30:05
your wealth, this is the first thing I say in Nigeria in 2026,
30:11
please. We've gone a while without
30:13
hearing any big Ponzi scheme. But I know it's only a matter of
30:16
time. Next year another one will come
30:18
they always do Ponzi scheme MLM wonder bank.
30:21
Please leave them then other ways of protecting your assets.
30:26
Insurance can insure your assets, you know insure your
30:28
buildings, you know insure your property so that you know if any
30:31
castle happens you know at least we get the money back from the
30:34
insurance scheme. Then there's some people who use
30:37
life insurance as a savings tool was an investment tool because
30:41
there's some in insurance products now at least in Nigeria
30:44
anyway that they put a savings component.
30:46
So whether you claim the insurance or not, you're going
30:53
to be able to get a certain amount of money back after a
30:55
certain period of time as more than we wouldn't have
30:59
educational competence attached to it.
31:01
So educational incentives attached to it.
31:03
So that as you're dropping this money, if anything happens to
31:07
you, your children's school fees are going to be paid off
31:10
completely. But you know, if nothing happens
31:13
to you at the end of a certain period, when the team mature,
31:16
you'll be able to collect the money and use it towards school
31:20
fees. So anyway, speak to your
31:25
insurance broker, your insurance advisor and they will tell you
31:28
about all the different things that you can do.
31:30
Then when I was a boy, my young, my, my old man, my dad, he told
31:35
me, he said Tavishma. I said yes, dad.
31:37
He said don't make the mistake that I made and I was wondering
31:41
OK, what mistakes I was because I thought was going to give me
31:43
the lecture about women because you know, unfortunately I'm most
31:46
Nigerian. My father made some questionable
31:49
choices, you know, if you understand what I'm saying.
31:51
So that's the reason why I happened.
31:53
This whole woman matter or something, you know, one man,
31:57
one wife, just more than managing herself because
32:00
unfortunately when by the time you start evolving, you know,
32:03
2-3 other people, you don't complicate your matter.
32:05
Seriously, you understand, right?
32:09
For those of you who get what I'm saying, especially men,
32:11
please clock it. And what is enough for the West?
32:15
So I thought was going to give me the lecture about women, but
32:17
then he said don't only rely on one stream of income.
32:22
I said, oh, OK, yes, Sir. So that is where my journey on
32:26
some of these things began because my father said do not
32:28
rely on your one stream of income.
32:30
And I think makes sense as I protect your wealth.
32:32
If you have two, 3, four sources of income and one level of
32:36
income choke, you know, the other one should be able to
32:38
provide. All right, then let's see.
32:42
OK then to protect your wealth. There's also stuff around
32:44
retirement planning and planning for your future, you know, stuff
32:48
like that. So these are all important
32:49
things that we ought to do. Now remember, I am not a
32:54
financial planner. I'm not a financial anything,
32:56
anything wanting, wanting, wanting.
32:59
What I am is I'm a sales coach and I'm a business development
33:02
consultant. So what I do is when we're
33:04
sitting down and looking at your situation, I'll try and see how
33:07
you can get more revenue by selling better, how we can grow
33:11
your business by selling better. So that is my focus.
33:16
So all the things that I've spoken about here today, please
33:18
don't call me if you have any of these problems, all right, But
33:22
you have a problem with your business, you have a problem
33:24
with top line, you have a problem with bringing revenue,
33:26
then call me, send me a text message or WhatsApp message on
33:29
0806466 2140. So thank you very much for your
33:35
time and attention. I'll catch you some other time
33:37
and please take my suggestion seriously.
33:42
If you're interested in these sorts of things, just listen to
33:44
the The Money show. There are lots of shows called
33:48
the Money shows. So just make sure it's the one
33:50
that is hosted by the CFA Society of Nigeria, CFA
33:54
Chartered Financial Analyst. Now, I am not affiliated with
33:59
them in any way. They are not paying me money.
34:01
I just think it's a useful podcast that I listen to from
34:03
time to time, especially since my wife is getting ready for
34:07
level Level 3. Yeah, Level 3 exams.
34:10
So yeah, that's it. So thank you very much for
34:14
listening. I'll catch you all some other
34:15
time.