EVENT REPORT: REDEFINING FINANCE - WHAT I LEARNT

OVERVIEW:

The weekend was super eventful for me I spent Saturday with my sister cousin on the beach, eating so much fries, swimming, relaxing and having very insightful conversations with intelligent minds.

Saturday would have been the absolute high of my weekend and week until i attended The Redefining Finance Event on Sunday. I saw the flyer everywhere and thought it would be a good opportunity to finally know where the social place is and learn some new things. Well my expectations were crushed and raised after the first session.

it was an absolutely inspiring session with women who had made something out of their situations.

some of them from very well to do backgrounds that weren't necessarily relatable to me and others from average backgrounds that i could relate with but none of them without their own personal challenges and financial fights and strengths stories that were clearly human and woman enough to inspire me.

I am an incredibly shy person so i couldn't walk up to all of them to say thank you but I was really grateful that I attended.

WHAT I LEARNT ABOUT FINANCES & MONEY

ARESE of Smart Money with Arese:

Arese took the first segment of the program which was a One on One Master Class about finance she used her strenght to cover topics ranging from Assets, Net-worth, budgeting, investing, spending plan and setting aside emergency funds.

On Budgeting: your salary should be shared into 3 parts

• 70% for living expenses
• 20% for long term financial goals ( building assets that will grow your net worth)
• 10% for your short term goals ( cars, loubs and so on)

On investing: no two persons are the same when it comes to investing.

• know why you are investing
• you need money to invest; so be discipline about the 20% you are to set aside
• write down your goals and set bench marks for yourself ( land, foundation, house)
• get investment advisers and managers
• ask questions and make sure you invest only in things that align in with your goals ( i.e what is the liquidity when you need it? does it attract penalties? etc)

On Making More Money and starting a business: power of purpose

• Passion : what your friends always call you for
• Skill set: master your passion
• Work Ethics: Be discipline
• What people will pay you for: because you are that good

On Emergency funds:

• set aside money worth the first 9 months of your living expenses for emergency funds.

On biggest Money mistake:

• the believe and assumption that one will start to make more money so there will be more money.

WANA WANA of Inspiration 92.3fm:

she was the co host of the event and she lead us into the next segment which was the discussion segment with the other 3 guests, Uzo, Aurora and Elaine.

• its important to have strings of businesses
• its important to have friends who are like minds
• if you fall you can rise up again

UZO of Cupcake Couture:

• Every Luxury you think you need you don't; forget about the strawberry, pawpaw will do.
• money isn't everything; she decided to start a business after she was so busy she missed her first wedding anniversary.
• invest in shares and treasury bills
• Save towards transitioning from the 9 to 5 work to owning your business
• Put you time into it, wake up early, do it at night.
• work for free to advertise yourself 
• start cheap and everything will grow and fall into place
• diversify but make sure you stay within the same field if you want your business to grow.

" i was making so much money but I remember what my boss used to say, even if you are on top of your husband you must pick your phone"

AURORA  – Brand Manager:

• shop as less as you can, she shops once a year
• shop only sales items; she leaves Items from Asos in the Shopping Cart for like 5 weeks since it retains for 6 weeks and it will definitely get cheaper.
• if you work in a 9 to 5 organization, Join the cooperative society
• your rent shouldn't be more than your 3 months salary.
• Buy things off people; furnitures and all.
• Don't BUY new cars: they depreciate faster than used cars.

" You don't have a class! you don't have a status! its all in your head"

ELAINE of  Shomya Professional Makeup Services:

• Invest in your goals no matter how much it is.
• Discover what your vanity is i.e what you really love and just be minimal about everything else. ( she loves hair and beauty and that's where it stops she can care less about shoes and bag).
• Give in Free hours for what you believe in serve and learn the business through an expert, be straight forward about what you want and how long you intend to stay.
• Build you client base with minimal prices, give them quality so that when you decide to increase your rates they still understand what they are paying for.

" i always saved as a child and when i decided it was time to leave my banking job and face make up that i always loved i spent $2500 of my savings for school"

GLORY of The Inspire Series: 

she is the owner and brain behind the inspire series.

• its okay to be emotional
• cry
• go back read your goals and start again
• Have good partners and build good partnerships
• be willing to give back.

" i'm a good beginner but not a good  planner so I like to share all my ideas and Wana brings them to life"

In conclusion

Investing isn't a luxury and you are never to small or young or broke to start.

the way you spend ONE naira is the same way you will spend ONE BILLION naira.

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