Wednesday, July 29, 2009

Wait 'till I get my $ right!

Perusing the CNN Money section before checking in to dreamland does not constitute "light" bed-time reading. Instead i have been having mini panic attacks at 3am in the morning about how i managing my money.

After reading everything under the sun about how to manage your money, where best to put your money, whether to save and clear debts or clear debts before saving, i still feel relatively clueless.

One of my girl's claims i'm over-reacting and after giving her a run-down of my situation offered some advice...but i feel like i am chasing my tail either way.

Financial advisors charge ridiculous amounts of money to spew forth what you can read up by yourself anyway. I also think they're too detached, i feel like i should trust and know (to a certain degree) the person who's providing me some monetary direction.

If only Suze Orman was my BFF and i could interrogate her over tea *sigh*

Bottomline: I need a clear and concise monetary plan. My end goal is not to become a paper chaser, but to use the little i have is the great enabler after all.

I'll figure it out i guess....but in the meantime; what's the best money advice you've ever received, read or given?


Taking the plunge: As a good friend of mine so delicately informed me, " you need to stop making excuses and grab life by the fu*ken horns."

Eish tough words to hear, but not something i did't already know. So no more ummming and hmmming...appointments have been made, meetings have been scheduled, game plans have been drawn up. Will keep you informed as i cross off my to-do-list accordingly

Interesting times.

Just found out i have to go and give a lecture to university students, oh what joy! I can barely remember being a student...okay, now i am lying! I remember it all...the fun parts anyway. Those were simpler times indeed, lol.

Have a great hump day chickens!


V x


munhu said...

i really do not think that there is "silver bullet" regarding money. those to the manor born worry about so much less than those who serve the manor however I believe there are a few constants nomatter ones station in life. WARNING - this may turn into a long rant !!
1) sacrifice - whether it is forgoing the new Jimmy Choos or not buying that second packet of chips. Learn to control your desires hence your spending.
2)save - put some money aside for the future. the future is unknown. so know you have some something to take into the unknown.
3) set realistic financial goals so that you can savour their attainment and work towards bigger goals.
4) work hard - the harder you work the more you earn. the more you earn the more you can keep !!
5) tithe - whoever your God is. Give back to him - it could be through works of charity etc but return a portion of what you receive. You will not be poorer for it.
Will stop round about here though.

munhu said...

p.s - the flu flared up again and am bed-ridden again today. not looking good. Just brought in a fresh supply of ginger and honey and juicy lemons !!!

Nyasha said...

i can be your financial advisor...but its gonna cost you! :) you know how i do!

ShonaVixen said...

aaaah nhai munhu naNyasha vabvepi??I have been stalking this blog all day and next thing I come 3 comments..NOT FAIR!!!

ShonaVixen said...

Munhu said it all...I now know to curb what I want and what I NEED..i dont splurge no more even when there are SALES..thus making me wiser with the lil that I have...and putting aways any excess..

K said...

I will not lie I am the last person ANYONE should come to for money help namely because I need it more than anyone! So if you find an advisor pass the details over. :-) seriously

Oh yay the old come back alumni & tell those coming up how we groomed you into the success you are today talks. I had to do that in my 2nd yr of uni @ my ex high school b/c I was debate captain and all captains of whatever had to come and inspire the final years. All Im saying is that the teachers now ask peeps to come and talk to their peers when they've finished 1st sem of 1st uni year bcoz they discovered by 2nd yr uni the good ex catholic school girls have been corrupted and rebelled! The advice they have is a little different after you have drunk, slept, partied away 1st year and quite possibly dropped classes upon classes if not changed entire degrees...

RocNaija said...

Money! Money! Money!
The bane of a young man's existence..

G'luck with taking the plunge..

Only those who risk going too far, can possibly find out how far they can go..

Good luck!

Hadassah said...

Save Save and Save. I think the problem with us people is we do not know the difference between responsible spending and frivolous spending. Save more.Spend Little.

Super star! said...

The best advice i ever received on wealth is by dead people whose wealth transcended 10 generations. For the purposes of this discussion, a simple book " the richest man in babylon" is the most apt law giver on wealth out there. its less than 100 pages, but you must devour each page, stop reflect for 2 days, read again, and i promise- life will change.

what did i learn from the dead pple? become an entreprenuer!

K said...

You know what I thought peeps would come here and give advice like invest in a,b,c ...shares are available @ where ever because I know some people are living a super life so they have to be doing something extra to be maintaining ;-)

Being an entrepreneur & saving money is great advice but I feel like I have heard that before.

Vimbai said...

@munhu: Bra, have they tested you for the H1N1 virus (supposedly its not polite to say Swine Flu no more). Hope you get well soon sha!

Thanks for the advice. Shamwari,i'm not even splurging on Jimmy Choos at least then i would understand where it was all going! Oh and point 5 made me a bit shy...bra,what i drop in the offertery basket is no where near 10%!

@Nyasha: I know all aobut you! You think i've forgotten when you were 8yr and i asked you for like $10 and you insisted i pay you back with interest *smh* - 8yrs old!

@Shona: At least you've got your splurge trigger underr control. This needs vs wants is a murky grey area for me right now.

@K: Exactly K, i was hoping peeps would be giving away trade secrets, hehehe *sigh*. As for my varsity trip, i wasn't going there as alumni but on some mentorship program. Varsity students look younger and more fashion forward.

@Roc: Are you still in the Land of The Brave? As for the money, its the bane of all mankind's existence....i am so over it.

@Hadassah: But save how much, save and do what with it...invest bonds. I need specifics :-S

@Super: You and your fascination with dead guys. Will give it a read, but i still was hoping for that insider trading to help a sista out!

Super star! said...

remember all the city traders, CEO’s and bankers you see are like movie stars and musicians in this world. They seem to be glamorous, swagger n al, but at the end of the day THEY ARE PAID WORKERS. ask yourself who is paying them....
Some are paid by a guy who died 300 years ago. Yes it’s great to earn like Will Smith, but its better to be Warner Brothers :-)

@K if you have heard about entrepreneurship before have you heard of J. Schumpeter? Are you a practioneer? Did you know that the sawing Machine your mum uses was made by an entrepreneur 150 yrs ago? Yes so many people have heard the gospel, the question is have they followed the gospel?

PeriPeri said...

that's right K, we have heard all this advice before... don't know what delusional world we live in where we still express surprise when we check our bank balances when you still have fresh boxes of *insert fave shoe brand here*.

(PS. blame this materialism on being fed on Puffy thru my childhood, am so gonna hide the tv from my kids)

anyway... we all know what we sposed to do to make money, thing is not everyone is meant to be an entrepeneur. half of us can't even spell it! truth is someone always has to be on the bottom... is that you? if it's not, you know to make a plan.

my point? you asked for concrete advice... i'll give it to you cause i'm yo homy like that. Invest in me. i'm a sure thing! peep the name, Nandos is a hit worldwide!! will be sending you an email soon with my bank details and i'll look after yo money, please don't mistake it for a Nigerian scam.

Super star! said...

Everyone can be an entrepreneur, thats the beauty.... you dont need an education/money/friends in high places etc. The world is abundant enough with resources to make ideas flourish....Its those that want to play it safe, refuse their natural impluse that eventually become workers and pass the worker mentality to their kids, thats the gridlock.

The gospel is preached, but do people listen......

Vimbai said...

@Super: It's hard for those of us conditioned to follow the rules and stick with the 9 - 5 routine to suddenly busta move and declare ourselves entrepreneurs. I hear you...but it all sounds very airy fairy.

Are there any step-by-step action plans to being a maverick, probably not and therein lies the rub!

@Peri-peri: Before i begin, i just have to say, "I HEART you" seriously! You have killed me today, hanzi, "not everyone is meant to be an entrepeneur. half of us can't even spell it!".

Now you have me paranoid, "Am i meant to be at the bottom...surely not..right...maybe...eish."

But if push comes to shove, i will be wiring my hard earned cash to you in Melbizzy...and if i don't get some sort of decent return on it, i will hound you down and beat it out of just saying :-)

K said...

@ Super can I just say the "worker mentality" as you call it is not so bad. I have to agree with @ PeriPeri not everyone is meant to be the captain of the ship. Its those that are not happy being the girl/guy mopping the decks that need to be preached to about entrepreneurship. And I think Vee was just saying that she would like to make a little more money right now not become the next Oprah.

I think people especially Gen Y are about making it rain/popping champagne etc etc they forget that someone needs to sweep the streets, clean the loo's etc. Lets not look down on those with "worker menatlity" because shit that mentality made some of our parents go to work for us to go school every day.

I don't know who said it but it went something like this: Whatever it is that you do do it like it was your calling and if you aspire for greater things you will get to the top by working like you are at the top even when you are at the bottom.

*End of Rant*

P.s Peri Peri, I invest in nando's weekly...I have the thighs to prove it

Super star! said...

Whats interesting is that, if you have this discussion with Black people, they will always find an excuse why worker mentality is not so bad....

K said...

What's "interesting" is the use of the cop out response that black people dont want to rise above in life if we haven't heard that before. If I was white would that still make it an excuse... its a fact not everyone can be Donanld Trump and in fact not everybody wants to be Donald. But if you do go ahead with your bad self its as possible as being happy working 9-5pm doing something you enjoy.

Super star! said...

Entrepreneurship is not about Donald Trump or being captain of the ship/ oprah etc.

in case you missed it, the undercurrent is that black people are always averse to the notion that everybody deserves economic freedom and self-determination. I suspect though not conclusive that its the after effects of being told for centuries that you cant do anything( the racist lie) That is why African nations do not talk of baking more cakes, but of sharing the cake that’s available according to political favours.

the worker mentality, is in common parlance the labourer mentality, that you are told what to do, when and how. Of course you can be an entrepreneur in some else’s ship,..... first we need to explore what entrepreneurship is. (preamble: it’s the most liberating thing twice as much as what is purported to be political freedom, thrice economic freedom and ad-infinitum personal freedom)

munhu said...

Peri-peri hints at how we have been raised on an MTV diet that promotes a culture of consumption hence - I will stop before I even start on that.
But Supa lauds the benefit of entreprenuership (check spelling Peri Squared - thanks). I have to agree with K. There is a balance in the universe if you want to call it that. The reason why not all of us are black or white is the simple reason why not all of us are entreprenuers...and will never be. I believe that if you do whatever it is that you do well you will excel and have the results to show for it. This shoe-horning of everyone into the "elixir" classification of an entreprenuer will invariably create misery even for those that would have excelled.

ShonaVixen said...

wow...when did this all happen nhai? It kinda sounds like my 'economics lecture' without the lecturer's good looks for me to focus on of course...
Ok I wont even go into the 'black people' or 'entreprenuer' but say munhu & Kooks said it all otherwise I'll go on a rant but lemme indulge in my greasy chips this lunch time!!

Super star! said...

Entrepreneurship (pliz check spelling), ah well i suppose a prophet is never welcomed in his own hometown.

ShonaVixen said...

BTW when I said its like my economics lecture, i meant it reminded me of two wont say..

ShonaVixen said...

Breathing to 10....Jesus take the wheel..pleaseeeeee!!!

Vimbai said...

I love a good debate :-)

@K Makes a good point, its not a black or white thing. Societies and countries were built off the back of the lowly worker man, quietly going about his business.

@Super Yes, us black people must rise above our previous limitations as result of prior oppression...but even then, we all cant be CEO's and what not. Its a reality isn't.

@Munhu: You must be feeling better, spouting off wise words and all.

@Shona: Bra, my innocent/pure mind doesn't even understand what the heck you are talking about with economics...and two men....and eish, where are you going with this?

Super star! said...

What is mentally dilapidating is the belief that we all can’t be entrepreneurs.... because we see the reality around us, we are intellectual lazy to see the possibility of a community of entrepreneurs.

A CEO can just be in the same boat as a peasant/artisan, working by routine, and not be an entrepreneur.

White people i suppose can say that well we can all be entrepreneurs and the black people will do the routine work. Black people are caught up in a fix, are down the food chain and unable to believe that its possible for them not to do the routine work.

Super star! said...

@V and i quote
"Societies and countries were built off the back of the lowly worker man, quietly going about his business"

NO societies where built by entrepreneurs!

ShonaVixen said...

Vimbai ignore me...

munhu said...

@ Vee - am feeling a lot better thanks.
@ Supa i think that your implied definition of entreprenuer as someone who is self-employed is the first flaw in your ENTIRE argument. The entire concept of the practice of that discipline is to cultivate an entreprenurial spirit. So the garden boy whose boss ( black or white ) did not buy a sprinkler for him to water the lawn with resulting in said garden boy not standing around with finger to nozzle but attaching nozzle to perforated plastic coke bottle with "recken" thus enabling him to water the veggies while mowing the lawn actually exhibits an entreprenurial spirit - he is enterprising HOWEVER he is doing routine work.
So Supa please before we go further what would an entreprenuer be exactly?
After which I will even borrow from the Good Book - some He called to be ministers, some to be deacons, some to be comforters....etc etc.

Super star! said...

@ Munhu, if you care to read my earlier post i have intimated the following:
- one can be an entrepreneur even in someone else's ship.
- The black mentality on self-determination
- Worker mentality/labourer as routine work
- CEO in the same shoes as peasants/artisans
NEVER did i suppose entrepreneurship to be Self employment. if you care to read the entire thread you will see that my ideology is centred on routine work and innovation. I thought maybe we could get the first base right before we explore deeper, but realised that the fundamentals were not correct as everyone here could not believe in a community of entrepreneurs.

as for your example, my natural question is, why would one need a garden boy in the first place? an entrepreneurial society will have long automated the process, so that the "garden boy" could have up-skilled to become a landscaper and exercise their creativity not in designing 15th century sprinklers but HOW the garden looks, or better yet selling the new 21st century automated gardening kit.

PeriPeri said...

hmmm.... Did someone say Ayn Rand? quite a debate that's sparked here, it's a pity it is not the same argument.

I think we all agree we all weren't created to run our own businesses and earn top dollar, and those who don't it's not necessarily out of laziness, but they may just be motivated by other things. If someone starts up an NGO or some charity scheme isn't gonna be balling out of control but they are just as necessary and as successful as that enterprising young man who came up with Nandos. (detecting a trend here?)

point is... Superstar... i know what you saying. You are saying people are content with where they are and don't allow their minds to expand to improve their livelihood and that that's the curse of the black race. That's a whole other debate and won't get into it.. but i will say i agree, the analogy you gave of the garden boy made sense.... there's nothing wrong with the garden boy as long as he's out there thinking of ways to improve his environment, making things easier for himself.
The bhodhoro with the rekenhi is a start though.... that's the start of an entrepeneurial society.

Super star! said...

@ Periperi

1)An NGO can be entrepreneurial.
2)Laziness should not be rewarded in a society, unfortunately it is.
3) Profit, or any hedonistic ambitions are the least primal motivations for an entrepreneur. Bill gates didnt set out to be the richest man alive.
4) The largest/biggest endowement funds/charities are entrepreneurial and were set up by entrepreneurs. These have advanced the cause of society more than any government has ever done in history (e.g Kellog/carnagie foundations)
5) The curse of the black man is quite evident- as they refuse the means from which they can advance themselves i.e entrepreneurship! e.g how many black people are in entrepreneurial societies like silicon valley?
6) The gospel is preached but do people listen?

Vimbai said...

Okay boys, clearly we need to agree to disagree here!

Some amazing valid points being made here, some great thinkers commmenting on my blog *big smile*

But we may have strayed off the point...ummm, where my money at?

I will provide bank details for you to send your generous donations to the Help Save Vimbai cause.

munhu said...

@ V - thanks for putting this up even though it did somewhat stray - in your opinion. But I believe you have the answer right there in all those arguments above - your financial freedom is not necessarily outside of where you are right now.
@ Supa - I did read the entire thread. I also did feel that in your last post we more or less trod the same path. But agree to disagree is also very cool. Considering that I live in a society where the most profitable transport and retail enterprises are all firmly in the hands of the black folk...nah...will agree to disagree. I quite enjoyed the banter.
@ Peri Peri - I heart your heart for Nandos !!!

chayoma said...

Money money money!

Shamilicious said...

I go with Suz...girl when you wanna buy that pair of shoes...think of her going "DENIEEEEDDDDD" LOL

Vimbai said...

@chayoma More money, more problems (same goes for less mone), lol.

@shamilicious: Oooh, the whole Jedi Mind Trick...eish, thats a hectic visual. Suze speaks the truth for real!

tiavi said...

Becoming financially independent is very much like losing weight; we all know what needs to be done but prefer quick fixes and shortcuts which end up leaving us worse off. In addition, society frowns upon any undertaking that has an element of risk and uncertainty, as we all bask in the false security of paid employment till the next round of job cuts and retrenchments occurs.What matters are not bullet points and "how to" guides; it is simply growing a big enough pair to make things happen.

Vimbai said...

@tiavi: Eh, thanks for the sobering advice! I will indeed grow a pair and grow my empire accordingly.

Nothing like the cold hard facts on a chilly Monday morning :-)

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