Why saving money did not help me from going broke
I was a seasonal equities trader before joining Orient Asset Managers. I got into the markets at a time when the economic outlook was quite uncertain; because of the interest rate environment and volatility in the equities market. At that time, I was given a role by my supervisor to oversee one of the biggest funds in the business. I had a lot on my plate. I had to be up to date with the market movements, fund operations, and also keep the fund performing above its benchmark. Currently, the fund has grown 2.5 times. It hasn’t been an easy journey. This has been possible through integrity, prudence, and teamwork.
Money mistakes that seem small right now can snowball into larger problems down the line. In the past, I focused too much on saving money and only dealt with finances when something went wrong. What I learnt from that experience is to always view money as an access tool. Also, always deal with your personal finances in a calm headspace.
Money management on a personal level has been a key lesson for me over the years. In the past, I did not have a clear financial plan and didn’t set time for my finances. If I could start all over again today, I would make spending time planning my finances a big priority.
I save my money in unit trusts. This is one of the most effective ways to grow your wealth over time by just letting your money work for you. This can be achieved by taking advantage of the power of compounding, better known as the ‘eighth wonder of the world’. Previously, I used to stick around with cash money, which is the equivalent of putting your money under a mattress. This exposed me to overspending.
In asset management, I am tasked with handling our clients’ wealth and investments by mitigating risks and maintaining capital preservation. The current business and technology require most asset management firms to take a 360° approach to transformation. This includes reinventing the client experience, data flows across the company, and integrating technology into investment decision-making. This has been part of our strategy and we are 86 percent into its completion. There have been many sleepless nights, hard work, and persistence.
There are major differences between the way entrepreneurs approach their careers and the way employees do. Anyone out there debating entrepreneurship vs. employment should ask themselves which side they feel more inclined to. Being an entrepreneur calls for the willingness to take risks and sacrifices to make things work. If you are an employee seeking to venture into entrepreneurship, are you willing to go without a steady paycheck or health coverage over a period of time? In the end, there is no right or wrong but only what feels right for you.
Your actions breed more clarity to your life than thoughts. You can never think your way into a new life. You have to act your way into one by having consistency and discipline. BY DAILY NATION
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