HOW TO SET YOURSELF UP FOR FINANCIAL SUCCESS DURING A RECESSION #Investments #PersonalFinance

HOW TO SET YOURSELF UP FOR FINANCIAL SUCCESS DURING A RECESSION #Investments #PersonalFinance

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hello and welcome to investing tuesdays from wherever you're watching us from caribou sun if you're watching us from facebook i would want to ask you and request you to click on that share button because people need to hear this conversation today it's going to be an amazing session we have and our guest in the house my goodness and ladies and gentlemen today we are talking matters finance as well and you know the subject of the day is very close to us because of the season we're coming from and listen to this setting yourself up for financial success during a recession setting yourself up for financial success during a recession i'm also very keen to listen to this conversation because it means then there is hope even during such tough times our guest in the house today is a household lamy they may say that household name why because he is very passionate about matters finance and matters you succeed in your personal life it matters finance that is none other than who is the ceo of centonomy sounds familiar center be right there you go and he's in the house today and we're just going to have a very nice conversation now if you have any questions with regards to how you're doing how the season is taking you and what to do feel free because all those questions will be answered today in our question and answer session of course as usual i'm not hosting alone and i have my co-host emily emily's in the house as well emily thank you so much maina and it's a pleasure to just have mr gatumia just to give us some more insights yeah okay so this is mine awesome awesome um so uh as you go through this second third uh waves as they call it uh of the pandemic what have you seen in terms of people handling their finances where has your view been it is a mixed bag so we must be honest with ourselves and say it is a difficult time for many people and not just here locally around the world it's a really tough time it's a tough time because there's um work is not possible for some people um we're just doing some sometimes we offer training less for instance around areas like retrenchment and retirement and in this last year obviously you can imagine the number of jobs that have come through and it's simply a factor of the of the pandemic when you have a group of staff members who are not working even as a company even if you wanted to do all you can do you can't keep them for too long and some companies have done really well there's one company that had their cleaning staff and they wanted to they they kept them for over a year now they have not been to the office but they have kept them on a full salary for this period of time because of the goodwill that they have but it can't continue forever and so now is when they're beginning to put in those changes so when we're speaking about the things that have happened we have to be so sensitive because it's a tough time for many people if you're in the entertainment business if you're in the hospitality business this is hard because it's not your fault but watch this in the same environment there are some people like last year who their job didn't change but when the taxes changed they actually started earning more than they would have been earning before so it was actually a boom year for some people you can imagine manufacturers of of ppe and other such things suddenly now you're booming globally you can see the businesses of uh the pharmaceuticals companies they're at at this point they don't even have the their issue is capacity because the demand is so high so in in times like this it is to be sensitive and to understand that people are not all in the same uh storm in fact that's what we've been talking about sorry in the same boat we're in the same store but for sure we're not in a different boat there are some people who are swimming to save their lives and the others were in ships who are barely feeling the waves that in fact the waves are getting them there faster so we must be sensitive but we also must recognize even in a time like this there is opportunity i love that by the way emily i think i may have to chip in here because um i think you know one of our previous sessions we had a gentleman as well come and say that you want to open up your eyes wide and see what can you tap from in this particular season and the fact that others uh made it big time uh when others of course had a serious recession time they still some glimpse of hope that hey if you look kindly as you're saying then there must be something else is it actually when he was talking i just remembered um there's a shop i visited um along yashara street yeah normally i was used to it just selling um cartons and all those things i found them selling masks and huge cartons of masks were being offloaded and i just remembered being sensitive to every season there is an opportunity absolutely yeah so i just uh as you've talked about that happening how has it trickled down to the individual finances in terms of spending power and all that yeah wow so last year if you looked at online trading it meant that there are people who are spending money yes as i said those who had the cash were spending more online we ran classes at centronomy and one of the things that we do first of all is an awareness program and i'm sure this you've heard me say over and over again i will keep saying it the first thing we get people to do is track their expenses just to be aware it's not about to be paid pedantic for nothing it is it is an awareness issue so this lady was in class and she she we she did it for one month so this was a june class last year and she did it for a month and she came back and she was like yeah i did not see how much i was spending because now it's a simple click on my on my phone or my computer and so what does that mean there's not i have the cash i'm not traveling around i think because i'm not driving i'm not spending as much yeah so last year for some people especially those were their income was not directly hit they actually increased spends for those who did not know where the income is directly hit it became now a survival affair yeah so here are some tips yeah just to look at it from that perspective awareness is the first place be aware where your cash is but every single class that has come through centronomy we speak about this number one you save and saving is not for nothing see saving in and of itself is boring i mean why why say for what yeah the the the reason that we are saving is for times like this especially for emergencies yeah so for people who are at that stage we can talk about have six to 12 months worth of your income in savings obviously it's not going to come in one day or in one month you keep saving and putting aside some cash so that should a shock like this come at least you have some money the second thing that you must do and i know that's what we're talking about today yes is we must be growing as well yes so you save and you put aside cash for an emergency but you also on the other hand at the same time you have to multitask you must be investing and that means that your money is actually growing and here's the problem that we have let me talk to many kenyans out there many kenyans have focused on saving yeah what they don't realize is in saving sometimes you're actually losing value oh yeah why savings account will give you what kind of return four five percent absolutely if the inflation in our country has been at five six even at some point eight percent what does that mean the value of your savings is actually yeah absolutely but you need savings cash yeah should an emergency come up that's true at the same time so that you're not just reducing in value you should be investing in this thing behind us here investing in businesses investing um where there's growth real estate yeah investing through your charmander there needs to be growth at the same time yeah so when we talk about the effect here is that suddenly there's pressure yeah so people often hold back let's wait and see was it not the attitude of if even businesses let's yeah let's wait and see what's going to happen yeah you're not sure as you wait and see emily you said it this is not just wait and for everybody else to figure out what's going on it is as you're waiting where is the opportunity yeah because as of last year if you had taken advantage when people are scared and they're leaving the market if you have some cash yes yeah put some in because the market will rebound yes it will yeah what so if you are waiting for other people to decide on your behalf you will always be behind the curve yeah so the other so investing we've talked about we talked about saving yeah if your income is significantly hit and there are many people who are being hit like that now you don't know where the next shilling is coming from then now is the time to be as prudent as possible and to say what is a priority what is essential yeah in centronomy we have what we call an abc budget it's very simple a is essential b is important but not essential and c is everything else so what's this a you need a place to live you need food and water yeah that is a the basic needs and education let's put that there but please note not all education is the same yes okay not all education is an air expense not all housing is an air experience because there are some schools that you can send your children to and you're sending them to that school because it is that school not because necessarily it is good education so what do they need education the house that you're living in if you have got a three bedroom apartment and use only two of those bedrooms then what did you need you need the two three but the three but it's nice to have the three isn't it and we isn't aren't we talking about wealth creation here so you want the three four and five yes but if you are aware that what do i need is that that's your expense i still providing a house an extra room for sure when she comes even if she's not coming now for now if you're under pressure if you're under pressure watch what happens now last year proved this to us and you guys know this yeah we thought going to the barber shop was essential it's no longer oh my god did we survive for months without going to get our hair cut going to the salon people actually got a new style that's what i'm saying so is it important to look good yes yes it is important but guess what it is not essential essential so if you've been spending 2 000 on your hair per month imagine a if things are under pressure yeah you can cut out last year taught us you can cut out that two thousand yeah and then everything else your subscriptions to tv shows other things like that those are now c expenses i did not say they are bad yeah i said they fall into that category yes and so if you have a b and c when you're under pressure what we were talking about right now you're able to say a some of those c expenses some of those b but a we a we are focused on a yeah we have a place to live we have some food you know kids are still going to school yeah because we have organized our budget absolutely yeah absolutely do it all the time and be aware of where you are wow just maybe even becoming emily i think this may look like it's just simple or people may not really uh may think that they are really doing some of these things but they need to look you know on the sidelines let me just tell my viewers that we're talking about have you ever tracked how much money you spend in a month or your emphasis just looking at it and not just on the m during your transaction the transaction costs you know i you know after you said that on the sidelines you say that i said i'm going to check because the question will be this are there cheaper ways sometimes or even transferring funds to other people over to you you know and i just want to remind our viewers today that you know this is a conversation that is in fact you can grab a cup of tea like i'm having here and sit down and ask yourself hard questions it's now and so please remember to share this to your loved ones so at least they can get to learn it's an amazing one and i'm taking notes myself i shall be sharing some of this as well out there everything yes and uh as we think about it as we even uh as maya takes his cup of tea i'm just thinking just write it down yeah write it write it down it'll be so real as you write it down how much and where you expense yeah yeah can i respond to that emily if you don't mind yes because safaricom is a good client and they offer very good services they're amazing m is an excellent service yes let me tell you the things you can do with it are more than what we could do in the past absolutely but just like any good thing we can abuse it yeah food is good yeah but if you eat too much you're abusing food is a very good thing but if you're using it for the wrong things it can affect your life as well and so what we're talking about is the awareness is you know we've just gotten used to it yeah i'm sitting here with mine i owe him a thousand bob instead of going into my pocket see we're here to give you the thousand bob uh see i just pick up my phone and i send it yes the power of convenience i could have done that and saved myself however much it is to send a thousand more now it's not just impressive your bank charges uber uber all these things because of convenience so every time you're paying for every time you're using convenience you're paying for it yes so what we're trying to do is this be aware use the service in fact i can save you rather than having to travel up country to go give your parents something yeah you can send it that has saved you yes but when i'm sitting here next to miner and i owe him some cash if if i just go to my pocket do you see the difference absolutely so use the wonderful services that are available now with again what awareness yeah because then you can maximize the opportunities that you have absolutely i think what you're saying is be prudent i mean be wise to know when and balance when to use what and when you know they can love it you have just pre-empted the next question it was about balancing balancing your ears b's and c's absolutely yes probably can just help us on how to balance wow yeah let's get deeper so how do we find the balance yeah remember i said that saving is boring even investing is boring you're right because sometimes you look at that money and you're like yeah what could it do why is that because you have not linked investment and saving to our goal oh okay if you're listening to us now and you have never had this before write this down yeah always match your investment or your savings plan to a goal something you want to achieve yeah if you're just saving because you're saying i'm saving for what people say for a rainy day how much will it cost you on a rainy day so do you see what i'm saying the rainy day you define it like in this case i said six to twelve months of your income yeah so if you add 10 000 shillings if you have 60 000 or 100 you know 120 000 shillings in an account that means that for a half a year or a year you could survive yeah you get so that gives you a target and once you've reached your target now take your money and put it somewhere else you've achieved that goal when it comes to your investment strategy it's the same thing take and adjust and say this is what i am looking for yes what do we want why am i coming to the stock exchange yeah because i want to grow my money so that in the next 10 years i can buy the house i have dreamt about so now you see it becomes a goal absolutely so i'm not just investing for the sake of investing i'm coming and asking which one of these stocks which investment strategy will get me to my house in the next 10 years yeah that's what we're looking for investment and there has to be an outcome there has to be a goal absolutely you know and i think it's also a motivation by itself where you know let me just be a bit practical and correct me if i'm wrong because i'm here to learn like you might want to let let's say i want to build my three bedrooms somewhere you know so that can even be a motivation when the architect has given me already how the beauty will look like and so my saving moves from being boring because i can see the actual thing that is causing me to sacrifice all this match you have to have a vision first what do you want yeah one of the first questions we ask when you enter centronomy class is what do you want because people will say i want to be rich yeah that means absolutely nothing nothing my next question to you is how can i reach yeah then they start wondering okay so i love that you brought this up because you said yeah i want a three-bedroom house yeah good now where is that three bedroom house because the one that is down the road here in westland and the one that is in my tacos they're not the same this one here you're talking about 30 m yeah that one down there you're talking about maybe seven yeah before that even if you're you know it depends on what you're looking for absolutely yes so now when you set that now you begin to understand that one for seven or this one for 30 which strategy am i going to use to get there yeah and then you take action if you don't take action yeah let me tell you the one resource you will never get back is time that's true so if you're thinking about investing invest today today in fact invest yesterday you know i wish you could go back in time right wow this is i mean i'm loving this conversation because it's more like back to basics because you know emily we have been having a little bit of more advanced conversations about shares what we're doing all those kind of things but sometimes we easily tend to forget that the basics still stand they're the foundation of any other thing is saying that before you think about uh you know jumping into what investments you're doing have you first of all even saved do you even have a goal towards that saving yeah and so it's upon you to really go back and rethink this whole thing and sit back and ask yourself have you done the homework even we call it that you know have you done that homework now i always want to preempt our viewers because you know that's the reason why this information i know you'll be paying a dime for it and that's what we pull so you better make use of him by sending us all your questions and by the way what has been experienced are you on track are you on track by the way emily i was just asking that question do they even have a track that's a good one yeah and you know as he was talking he was talking about that relating saving for anything yeah what is that really doing you need to all define that absolutely is it retirement is it in case of an emergency or a pandemic that has just come abrupt like this one now yeah and you've lost your job so do you find that a rainy day yeah that you're saving for and what do you want to achieve in that rainy day you're right yeah so um how does someone achieve even during now these times of uh storms we've talked about we're not in the same boat yes but now um how does someone thrive through this seasons wow i wish i had a special pill you know like a some medicine you could take or inject something you know you know like a vaccine and then suddenly we're good to go you're well you know you are thriving i i wish that's what it was probably can tell us some initiatives so here's what you must do absolutely you cannot batter your head in the sand you be aware look around and say to yourself what am i going to do yeah everyone is going through this by this by the way because we are all adjusting and we are looking for those opportunities so first of all where am i assess your position yeah and continue to adjust your current goals as you move forward let me tell you let me give you an example from our company this is what we experienced last year yeah so as they told you we train and on personal finance and other things that training used to happen physically we'd have people in a room and you come and train last year in march yeah the president comes on the television and says all in person training closed here we have over 400 people in our classes across from here to nakuru yeah and suddenly this is sunday the class is back on on tuesday yeah what are we going to do so we sat down with the leadership team and we said what are we going to do yeah we sat down and where how can we get these people can you imagine on sunday i had never heard of something called zoom on monday we had a a a consultant in the room yeah telling us there's this thing called zoom it's going to save your life on tuesday yeah with all the issues that we had all those people who were in class if we did not do that yeah literally our business would have shut down it absolutely absolutely now let's translate that to a personal perspective um the gentleman who i deeply respect he's called peter wacky he is a founder of resolution health yeah he's spoken at some of our events at centronomy and when he was speaking he said when he lost his job before he started resolution he actually lost his job and what he was saying was i couldn't just stay home yeah he lost his job it meant he didn't know where he was going to go he'd wake up in the morning dress up and go yeah go and figure out what you're going to do you can't just sit back and wait for everything else to happen around you absolutely if you have lost your job we are really sorry and and may god help you in this time because it's a really tough time but it is for you to stand up and say okay it's gone who do i know where can i go who can i ask for some assistance where can i go and offer my services that's what you have to do even those companies that were not hard hit and we were laughing at them and we are saying now if you're a pharmaceutical and you're producing vaccines this is a huge time for you they are solving problems now of capacity they're saying the whole world needs our product yeah but our capacity can only serve this what can we do they are working day and night to figure out those problems so as an individual let me encourage you everyone is in this storm it is for you to say for yourself yeah and to say this i am here i want to be there what am i going to do today you're right sometimes it's just simply getting up you stand up and go and go beyond the move just beyond that and you'll find some opportunities on the way if you sit back and just wait have you called everybody you could call have you tried everything that you could try i doubt it yeah try again and even if you try to start again if you're talking about how to think because that's the question yes those people who thrive are the ones who don't sit back and wait they initiate the changes in their lives they have purposeful living they are not waiting for the world to help them cyrillically inside here no take initiative take initiative wow this is lovely you know let me just give a shout out to a few people who are watching uh merely atheimo you've even tagged somebody uh thanks so much sarah wong i hope you can keenly listen through samuel baraka very informative thank you so much that's a brother there mary minor like this emilia thiamo always match your investments and saving plans to a call absolutely she's taking notes she says lovely lovely so uh keep your your comments coming and if you have any question as well keep it flowing because today i feel like we should have called this under title back to basics you know back to basics because i think from what um you're saying because you know i'm also ingested this as you speak that at such a time when we are in the middle of a crisis like this the best thing is to strategize sit back so that even when you start moving you have already uh sort of like open your eyes wide to see what opportunity is there what opportunity is there you know i think in one of these conversations somebody said that during this season there is a carpenter that made a lot of money because all of a sudden people need work from home and people at their home they only had sofas and beds you know so someone needed a corner you know and so he had so many orders of can he make me a nice corner desk or something that was an opportunity you know so we started making them you know in my in in numbers in their numbers so people just come and grab them and the guy was happy as you say they're people who saw the opportunities and i want to say this i think the opportunities are not yet over there's still so many of them right absolutely something goes home for me he talked about the opportunity in the market i remember that time in around march april last year the kcbs the equities were trading at around 34 35 there yeah right now the shares are that are 40 shillings 40 shillings and you and your dividend you don't have safari home you got your 45 cents yeah and now you are having your cents dividend yeah there's opportunity there is absolutely but that opportunity you see if you have not set the target for yourself if you have not set a goal then you then you're not even looking for you're not looking for how you can be able to get there yeah i love to watch athletes they're all now preparing for the olympics which might or might not happen yeah but in their preparation and i was watching at one of these news items on it yeah because of kovit their training has to change now do you stop training no you change how you do it so that you get to the same goal that day but you see it's because they have the goal of what olympics what is your investment goal what do you want yeah because people don't know what they want this whole team when you're recording this session what do you want when you're coming to work yes is it just simply the paycheck if it's the paycheck then it's boring you're looking for something greater yeah and when that is there then you know why am i working here why do i come and talk in places like this is because i have a family i want to do something good for my family yeah i have purpose that i have i want to do something good for my community so it's not just about my job so when i shop to work work is boring if you don't have a purpose when you have the purpose then it helps you yeah to focus on how to get to where you're going yeah because i'm curious you know we we didn't even give our guests a chance to tell us what they do it said totally but i'm sure he will he will say something in between um what has been your observation at centromere during this season you know are people uh sort of coming for these trainings more or uh i just don't want to preempt your answer but who does the observation it's different yeah let me tell you this um as i said remember we are just okay so at the time we offer classes programs training programs that help people around the years of personal financial management and investment yeah entrepreneurship how do you start and grow a great business yeah uh um on career development anything to do with wealth creation that's what we train great job right so we have been planning to go online because we're trying to think you know you're this is how you try and strategize and work but it hadn't happened yet yeah last year when we when we were forced to go online because of covet yeah the very next in intake which was june so we had already started our class at the beginning of the year and just like now actually our next classes are starting in june next week it was a similar time like this we had people who are at home so so many people came for our online webinars i think now then people didn't know so they came in numbers we had these huge numbers of people especially like in the diaspora who had been waiting for an opportunity to learn and say how can i be come back and invest in africa how can i invest in kenya back where i am yeah and the surprise is the number of people what this thing called the internet does for us yeah is that it has opened it to a much larger audience now a global village you have no idea yeah last year we ran classes even into this year literally across the world yeah wow when in the same class you have somebody in sydney in australia someone in in japan in osaka yeah someone in the middle of asia can't remember something was it singapore india someone was there we have some people in in europe north africa south africa america literally different time zones so somebody walking because they have they have they know there's something more they want in life than they want to go yeah so um it's been amazing because you can imagine now the wealth of experience in the room yeah one of the benefits of our classes is that it's adult learning and in that adult learning you come with your experience you come with xp and when we talk we find solutions so you can imagine oh this is how it works in asia this is how it works in north africa as here in south africa this is the wealth that we have in those sessions and so um yeah i'm telling you if you have been wondering about your own life how do i learn how to invest in the stock market we have one of our classes is trained by a stock broker we don't train ourselves we bring people who are industry experts who come and tell you this is the strategy you you know there's some people who buy a hundred shares of safaricom or 100 shares of meals whatever it is they buy yeah and then they just wait i'm going to become wealthy with 100 shares they're waiting for dividends then suddenly they're like 100 i'm not even getting a hundred bob how can all people becoming wealthy because they didn't understand their strategy investors who come to the market are not coming to buy once they are continuing they're building their portfolio yeah and unless you know that then you'll be wondering how is it that somebody does this and grows and that's what we offer in the market wow wow that's a beautiful one there you have it and if you were hundred what's your tummy does that there you go there you go there you go i don't know whether i can bring this in now emily uh because you know i sort of like was trying to see whether they also grabbed the opportunity and he clearly just put it across that now it's no longer about just guys who can get to the class it's everybody now it's open now you're teaching the entire globe everybody can get into the class and learn and so the question is this uh because and i'm trying to talk from your experience because you have a lot of students that have passed through your hands um and most of them some of them and the reason why probably you could according to the fact that you had a lot of intakes this time around because some of those are the most affected in this recession you know some of them lost their jobs and they have their retirement cash in their hands and they wonder now and now where to jump to so they want some you know education on this which is important because awareness is important as we said yeah and so the question is this have you observed some existing opportunities now that you think people need to really cleanly open their eyes while these opportunities are still low hanging fruits that they need to tap on and because i know people are taking notes you know um so can you help us maybe either you've seen that maybe people get happened yeah so your question is is a a good disguise for another question that has been asked yesterday the question that often comes which business can i start with 50 000. the problem is the question yeah because watch this with with ten thousand ball even less i can start a bigger thing i can start baking sure yeah you guys will not buy my cakes because i have no clue how to bake so i could start with you knew i could start it you can serve yeah but why not no i have no skill i know in my life i think i baked one cake what am i doing so the question is yeah where is your opportunity yes what does that mean let's talk about it real yeah you have a different life experience for me as you do yes you have different skill sets you have different networks yeah you have different access to capital yeah and you have that is what you must focus on so if you're saying where's my opportunity where are the opportunities they are everywhere everywhere wow i have and and that's what that's what is the problem because i'm seeing for instance you know you know these entrepreneurs yeah we have heard about them you have heard of them absolutely what they do because what they do is good they are finding ways what they have realized is they have a network of people who can assist them yeah to get a tender now because they have that network yeah then they go and look at the network of people who can supply that tender do you get do you get what i'm saying they are using their opportunities so let's figure out what that means for you and i mm-hmm uh 10 15 years ago yeah oh hey even almost 20. i'm just beginning to see how old i'm getting i started i i learned how to play the guitar i like i like music yeah so at that point i could have looked and said i'm a musician i can play the guitar do you know the opportunities that are there for a musician you can do a couple of things you can train people in music sure that's one you can play like in a hotel or somewhere like that that's another business yeah you can become a session recorder record a player you go in and record artists with other artists or you can do your own music those are all four business opportunities there as a musician yeah do you have the same opportunities well no i don't think different you're different i'm different definitely you an excellent mc oh yeah what you're doing here is you're using that ability what you're saying is i can communicate i can take your brand to the next level so i'm here with my music skill i have no opportunity i don't even have the network how do i even become an mca i don't know so if you're looking and trying to say where do i begin yeah to thrive that's just where are the opportunities yeah the opportunities are different based on your skill set your qualifications your networks yeah um the the market around you and sometimes it can even be based on something that bothers you um yeah because some people get bothered like if they came into this room you know there are people who are organized and they say no those chairs could be over there that bother so that person can take up an opportunity where they organize people organizing things i on the other hand i'm not like that making i didn't even neither i'm paying attention to the chairs i walked into this room and i sat and i were built differently yeah so where are the opportunities if you have a skill set here can you use it yeah if you have capital yeah where are the opportunities to put that capital to grow not just to grow for nothing but based on your goal yeah so let's just be honest let's be let's be real honest okay for someone who is thinking about i need cash to survive to buy food today and to you know take care of my kids they thought of going to the bonds market going on where shares market that's not what you're doing food first you have 2 000 bob you go and buy clothes in combat eye on them put them in a plastic paper and go sell them near your apartment where you live so that you get 4000 in that day and go take care of your family that's the level of investment you need to do that but there are some people in this place who are and who are listening to us they have cash they have never sat down and set a goal my challenge to use this set a goal and then go to the right people to ask the right questions absolutely one of the biggest issues we have is people ask their uncle their auntie they ask the internet yes about the sex stock exchange yeah they have never gone to a stock broker or come here to the nsc to ask how i want to grow my wealth how can you help me so if you want help go to the right person when you're sick please go to a doctor absolutely the doctor is the one who will help you with that yeah if you now go ask your auntie i am feeling a complaint over here she'll give you the best that she knows yeah you might be dying and that's it yeah same thing with your money why would you risk your money like that or your investment so are there opportunities yes everywhere that's why i'm struggling to answer that question because the opportunities you have i don't have because you have a different network you have a different capital base you have a different skill set you have a different qualification that will get you somewhere where i can yeah so where you it is a self-assessment there are some people i'm telling you you've been working in a specific job for 10 years yeah do you know what that experience means yeah there are companies out there looking for you too now your job is to find them yes so that you interact hey if you let me talk i'll talk forever [Laughter] and you know as he talks i'm just like don't despise anything that you have absolutely even those networks sometimes you're like ah they just know people that's it but you don't know that knowing people yeah i knew something i know someone who knows like processes of doing like registration of companies yeah he just facilitates he you just pay him some facilitation he's the one who will run around you need this documentation is this documentation meeting the required standards and that's how people just make their money wow yeah you're right and i think the there is more what i gather from this conversation is don't just dive into what people are doing yeah don't go just there blindly because oh nani started this now and he started this already bought this particular stock so i'm just jumping in you know you want to sit down and just want to preempt our viewers here as well that we have had this series quite a number of them we've talked about shares how to identify what shares to buy all those kind of conversations are there and so if you're wondering where to go to i just go back to the series again go on the youtube channel on the facebook channel look through and take a moment it's only an hour this conversation is just an hour and it will just give you a lot of information and let you know what exactly you need to do because it is important to go when you are informed i think that's the word you have to go there when you're informed and i think now from the conversation here is that you need to look inward looking at yourself first of all who are you first of all you know don't just jump and you know just do whatever is that do it i think that's what i gather you know there's an intrinsic check you need to do and say okay yeah i think my even risk capitalists are different they're people who yeah me risky no i'm better off just jumping into bones you know where there is no risk of my money but other guys who want to do their daily trading here you know on and off you know so who are you of all before you jump in and what kind of investments suit you as well even the goals that you are aligning which investment suits those schools you're right are they risky that you're looking to make more money in a shorter period and now it's risking also you can lose that money within the same period yeah absolutely so i as you talk about it yeah what are those things that someone should run away from the mistakes you should really watch out for oh there must be some things right after you've seen some students when you're like oh my goodness you come earlier you know yeah taking advice from the wrong person wow or taking advice from one person you know yeah so many people after that i'm not think what the examples would be yeah but that's you know going to the wrong person for advice even because you don't understand their motivations what they've been through what they're trying to achieve yeah that's where one of the issues is so if you have a question go to the right person that's the first one um don't go to just one person ask questions beyond that point a big mistake and this is an african treat that we have found i don't know why as africans we struggle with self-esteem yeah we struggle many no i'm not saying all of us but yeah it tends to be a lot of people that i've experienced here knowing my rights yeah when i go to see my stock broker it is my right yeah he is he he is offering me a service which i am paying for absolutely i should ask every question i need to ask absolutely and not be afraid of it and not feel like i am bothering this person yeah even if that and if their customer service is showing you that you're bothering them please please rather and go to someone else ask them this is my goal i want to do this what will how can you help me okay good now if we do this what will that do and if that happens what will happen will i lose my money here will i do this ask every question you want to ask yeah the problem is that these questions come whenever a big mistake has happened a when it's in the newspapers it's when now people come up and say but they never gave us a contract but they never did too late so when you're working with anyone who's a professional yeah and you're paying for the service yeah use it through that and probably just to add on that go to and someone who's under the umbrella there's like an authority like the capital market authority someone who's licensed said that if you have any challenges you can actually have a fall back yeah and just remind the people that all this information is we had the capital markets authority as well represented here the other day and they spoke about you know some of these things you need to check yeah because you know yeah there could be that one person who's just wrong that's why that has said but even they're nice looking organizations that are there and they're waiting for your money the woman that money lands it you start asking what did i do you know and even some wrong cameras we talked about charmander the other day you know from chiang mai we just go with the flow oh we planted wheat i don't know then i don't know what birds did stories come here and there and then you lose you very hard and money just wanted to give a shout out to saint james too very informative and he's following the conversation thanks a lot also uh there's shem shooky as well very informative yeah take notes take notes take notes emily you know there are numbers behind you and i know you have a question on these numbers because you know uh i'm sure itaka has interacted with a number of um professionals what is your view about the stock market as you tell your viewers is it a place to invest in you're asking me if the stock market is a place to invest in yes yes and i came all the way to nsc here to talk about yes it is thank you but always yeah always it's people ask i remember i said it which is the best investment the best investment is the investment that matches your goal absolutely so when you are even in the stock market itself and this is one of the things we talk about in the class yeah is that there are some investors who come to the stock market food investors come to the stock market sorry for different reasons yeah there's some who are coming for income so their goal is income yeah so what do they do they look for stocks on the market that give a good dividend so they're not looking for long-term growth absolutely they're not you know i have wealth i'm going to buy some shares that are in this company that i'm good and some return from that yeah there are others who are coming to the market and i'm speaking to all the young people because as young people what we're trying to do is grow we're trying to build our wealth yeah then you're not coming to another dividend in my opinion yes yeah i should say that because you know people will now start saying oh i should not know everyone is different but in my opinion you're coming as a young person to grow yeah so you're looking for where are these companies that have that growth potential absolutely and then now you're building as you said earlier your portfolio yeah the thing about investment and this is this is what we talk about often is don't put all your eggs in one basket we've had that so many times when you come to the market the good thing about the market is that you can diversify it individually yeah or you can go uh through funds you need trust that are out there that diversify for on your behalf but also not all your money comes to the stock market yeah you need some in a savings account you need some in real estate so that you're building a portfolio so that sometimes the market is down at least your rental will give you some property yeah sometimes there's no you don't have a tenant and please talk to all the landlords out there who they'll tell you why it's been this last year not having a tenant mean there's no cash flow so if you've invested in the stock market and as you said last year the prices were depressed look at the prices where they are now now you've gotten some some at least some appreciation that's there so is the question again is it a good investment if it matches your goal you're right yeah my goodness you know that he said yes i was worried you know uh i mean we have had a series all through definitely talking about the importance of thinking about it and you know you just pointed out on diversifying your portfolio and just wanted to a lot of viewers that even in the market itself the stock market itself that you can still diversify on the many instruments being offered there it's not just about chairs there are many others you're asking which ones go back to the disease and check the real estate that he's talking about yeah we have their exhaustion yeah yeah absolutely okay wow i i love the viewership and what we're saying gladys angano you're asking how can you be getting your lives on such talks oh you have not subscribed to our channels or checked on our social media you better because invest in jesus comes every other tuesday so after next week we'll have another session as well just to keep you on the right as well and also we'll make posters and send you or all through we're about to close the session yeah my goodness you know it's been almost an hour now of just conversing and i must say that you're loaded you're loaded you might use that while there's a lot of wisdom that is needed out there um so i don't know what i want you to address somebody who's just sitting watching saying these guys don't know what i went through you know first of all maybe somebody lost a job and then they're saying yeah yeah uh somebody has some you know that's that cash today they have receiver they say it's either invest this it goes or it works you know uh because they mean we're talking about a recession and there are many people as we see the more the people that were hit as compared to the ones where we made a key out of this you know what would you tell them yes we've seen be on the move do something but what would be your advice for someone who's just sitting there saying hey okay i've heard you guys now what do i do please you have because you are still alive you have an opportunity yeah if there is breath in your lungs if you have the ability to walk it means you have an opportunity to change your life now i'm not trying to belittle what you have gone through yeah i'm trying to say this with what you have what can you do two quick examples and how much time i have you just gotta hear some minutes one of the wealthiest men in this country is a gentleman called sk masharia very quickly his story yeah when he when he was young going to university he actually got a scholarship to travel but he couldn't raise the funds to get on the plane so he was left by the plane yeah eske masharya took a bus to the us you didn't hear us took a bus ah he jumped on a bus here in nairobi took him to khartoum from khartoum to libya from libya to the port of benghazi on the mediterranean sea he jumped on one of those immigrant immigrant boats that you see he crossed to europe crossed europe across the english channel went to the uk and got a family in the uk to sponsor him to go to the us he went to the us by bus oh my goodness that is why he is now one of that he told that story in a place i i was at and i even me i was shocked like you but now do you understand why he's one of the wealthiest people he came from poverty he couldn't even afford he has determination so that when he started his businesses here come on you remember there were many clashes with the government but he had gone up to the us by bus yes so what is what else am i meant to do so now he's one of the wealthiest people in this country the second one is a gentleman that we eat his food today yeah most of us who are watching this have eaten his food it is a type of chicken that was cooked first in kentucky kentucky fried chicken yes was started by a gentleman in his 60s he had failed in many different things his life had gone in many different ways right worried about him yeah right and in his 60s he did something that no one else could do he cooked chicken in a way that we is being cooked around the world today today and everybody wants it today there is something in you where you are right now yeah that if you offer this world people will pay you for it yeah but the problem is many of us don't show up for life we don't show up and we're waiting for everyone else to initiate it there you have an opportunity today make it even in your job don't go to work and just offer what they require of you go over and above yes that's why somebody gets promoted that's why they get more responsibility and if you get it take it yeah i'm not saying it's going to be easy saying you have a chance if you're alive get up yeah and move wow my goodness i can't add any more even the comments here like that's enough somebody could say that like he wants to get up right now after that oh my emily you know anytime you take that kfc always remember the story behind it yeah yeah for me the one traveling bypass yeah all the way to the uk i mean much respect to the gentleman honestly i i didn't know sk has gone through all that i mean i i know he had he has had a draft with the governments of those days but look at him now we are celebrating what we need is more of these stories i'm telling these men gentlemen write this story put them in books the reason i talk about kc is because somebody wrote about it yeah someone needs to write this story of the africans and the things that they are because he's not the only one yeah when you talk let me tell you very quickly one of the things the first thing we do in the class is we give an assignment if you know somebody who's wealthy in your life you can do it now yourself go tell them i want to buy you a cup of coffee yeah and just tell them tell me your story yeah i did this obviously that you know people who are wealthy they're busy so my assignment was due so the first guy didn't show up the second guy couldn't get there so the third guy he was my backup plan yeah i thought he'll just tell me a few things i knew he wanted his own house what's up so i went there like this as the gentleman started to explain how he was an orphan he took care of his six siblings this guy now owns he he owned a hotel and i didn't even know i was sitting next to him in our church sitting next to someone who owns a hotel in mombasa he owns a building in nairobi cbd he owns a taxi company you know the way you start writing quickly what people have been through will teach you what you need to do yeah stop living life by yourself learn from others around you wow you know as they say matt has shortened the learning curve and you can easily pick lessons so you don't have to go through the tough crazy seasons as well yeah many thanks for coming thank you and shout out to santoro as well thanks a lot for watching thanks guys yeah emily um as i said write down about the other people yeah start writing yours now absolutely the goals that you're making the changes that you're making the adjustments that you're making yeah write them down it someone will make it you will find it easy to write a story my goodness i have some assignments as well to do i've taken it out there finally if guys were to contact central army how do they do that centonomy.com please go to centronomy.com all our classes are starting next week and because we understand the coveted times we all are classes on our discount at the moment a 10 lockdown discount yeah so this is the time to learn if you want to build a business the entrepreneurship class starts next week if you want to learn about your personal finance and investments this stuff behind you here and in in english like we have been talking here yes you know come for those classes they are worth the investment yeah and i'm sure if you check in the chat box there's some details there but go to centronomy.com

yeah um we will be there to help you to grow your wealth absolutely so there you have it if you want a different i don't know what to call it different english way of understanding these numbers behind us right here there you go uh centromere as well will help you navigate through that conversation many thanks for joining us many thanks for your comments for your viewing and even for those who will view this later on it's still going to be there so make sure you take your notes and get on the move with all this wisdom remember the abcs that we'll talk to you talked about here as well make sure you follow them keenly wow that's how we ended here right here on investing tuesdays the only thing i can say is keep you know moving invest wisely be aware is it and get to learn as well learning never stops and we'll be here right here then our business stocks exchange securities exchange definitely uh keeping you updated on matters that are happening and you know keep tabs keep tabs follow this particular channels you know subscribe to all these channels as well so that at least you you're not left behind with information all the best keep going investing has now gone digital with the nairobi securities exchange application to get the app go to your play store or app store download and install the nairobi securities exchange app here you will get market statistics personalized notifications financial news and choose your broker online link or broker app to trade from the nse app start your investment journey and keep getting regular updates on the app the nairobi securities exchange app investing goes digital

2021-05-29 21:41

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