Thursday, 09 October 2014 6.12PM / Olufemi Awoyemi
Short comments by Mr. Olufemi Awoyemi, CEO, Proshare Nigeria Limited at the 1st Financial Empowerment seminar tagged “Building Wealth for a Secured Future” Organized by CSL Stockbrokers in conjunction with ProshareNG and co-sponsored by FCMB and Legacy Pension on October 9, 2014 at the Protea Hotel, Ikoyi, Lagos.
Permit me to thank the organizers of this Seminar - CSL Stockbrokers – for being highly innovative by tapping into this Personal Finance initiative through the recognition of the need to educate, enlighten and encourage young men and women like you to be better equipped to build wealth for your future. I also immensely thank all the individuals and organisations that provided them with the support in driving this initiative inclusive of FCMB and Leadway Pensure, to mention a few. I would not fail also to mention WebTV for being the pioneering media crew to cover this Seminar as it debut today and I hope it would not end here but be a continuous engagement model for the investment community.
Our Nation Nigeria as revealed by the recent revised GDP for 2013 reflected an increase of about 89% to N80.2trillion ($509.09billion) compare to N42.2trillion ($269.5billion) as recorded in 2012. This in essence opens our mind to the true picture of what our nation comprises of thereby making us accept the reality of the things we have longed shied away from – a land of untapped wealth.....
However, we cannot celebrate yet because we are not there yet; and the picture we have been made to see does not imply that Nigeria is richer but just shows how much more diversified we are than previously reported, and the opportunities that abound herein.
These are opportunities waiting for you and I to step up to and harness.
About three months ago, Proshare took a deliberate step to enter the world of Personal Finance – an area it knew all too well but had to side-step to enable it create the platform of engagement that would make articles, research and data meaningful to the targeted audience.
It was a journey I knew too well on a personal level, not just as the CEO of a start-up firm but as one of the many who come from a sealed fate – a life cycle that starts and ends with the wrong P - Poverty, not Prosperity, Progress and Profits.
It is a life we all know too well; and repeat because we have memorised the outcomes by heart; choosing to blame ‘witches and wizards’ for our outcomes.
Today, this must end. So here is my pitch, not another speech.
Life doesn’t answer to those who deserve it but those who demand it and are disciplined enough!
If you are thinking of building or increasing your wealth in order to secure your future, then you may want to pay attention to meaning of the keywords.
To build requires you have an end in view – a future that aggregates your life journey, one you need to secure today to prevent life’s vagaries put aside.
This would require you to be honest with yourself.
Building wealth covers a lot of things – insurance, pensions, targeted investments, education, career and home.
In this endeavour, you will find out that saving money from your regular income may not be enough to grow your wealth but it is a good starting point.
When you get your pay packet, what first goes through your mind? Expenses? Yes, like so many people do, we spend all and invest what is left, if any.
The first rule is to invest first based on the future plans and then ‘manage’ what is left. Better still, you look for or actively set out to create other ways of making more money or building a residual income.
Here is the hard part – the part where those who build wealth are separated from those who don’t.
It may be a difficult process to grow wealth initially, but if you are disciplined and work hard at it consistently, you will break the cultural yoke and begin to learn, with the aid of a financial advisor how to accumulate wealth.
The key steps are:
1. Start by investing a specific sum out of your pay every month;
2. Determine the shortfall between what is left of your income and your expenses;
3. See what you can forgo today in order for you to build your tomorrow;
4. Understand that there are 12 hours in a day and 12 hours in the night....use them wisely to generate a secondary level of income;
5. Invest the secondary income in assets that generate rental income – real estate, stocks, funds
6. Consider a retirement/pension plan for yourself
7. Protect your assets and life by taking up insurance plans
8. Invest in you – education, career and life.
This is a short take on how I and you have to take responsibility for the change(s) we seek, the difference we yearn for and for the future we desire.
While the specifics may differ from person to person, the story is all too familiar with most that we have become somewhat indifferent to the tales and the challenges and unless we are giving testimonies in a ‘religious setting’ such tales are hardly told.
So today, here is my advice. Get angry with the status quo. Take immediate action. Change position.