Date Archives February 2018

BOOK REVIEW– Smart Money Woman

Book Reviews

Title: The Smart Money Woman
Author: Arese Ugwu
Publisher/publication date:
Matador, Troubador publishing ltd/ 2016.
Review
I didn’t know what to expect from this book, I only hoped in all sincerity that it wouldn’t bore me because at the time I picked it up, I had no patience for troublesome reads.
I had seen recommendations(not reviews) of it on the internet. My friend Chizaram gave me the e-book. If you’re interested, you can e-mail me.
It wasn’t a boring read in spite of discussing a bit of what is often considered the ‘professional stuff’ in finance. It takes the form of a light hearted fictional read. Considering the reader is aware the book isn’t for all purposes fictional, the lack of exceptional fictional narrative skills, is forgivable.
For me, it was an enlightening read.
The foreword was written by Nimi Akinkugbe, CEO BESTMAN GAMES, money matters with Nimi. She wrote:

”For many people, the subject of personal financial management can be somewhat daunting. The book presents the basic concepts of earning, budgeting, spending , borrowing, saving, investing as well as behavioural and emotional aspects of money In a personal way that makes it easy to personalize.”

This book isn’t vague about the ‘woman’ mentioned in it’s title, even though it is very well profitable to all sexes. It uses the story of a Nigerian woman, Zuri, to bring home the points.
After each chapter, there are highlighted lessons in which the concepts explored through story telling for that chapter, are discussed. Afterwards, there are exercises for the reader to carry out, for example, calculating your own net worth.
Zuri, a 28 year old senior manager at Richmond developments( a real estate firm), has good financial potentials as she earns a salary which the average Nigerian aims to earn. Regardless, Zuri discovers she is broke. This is a journey on how she climbs out of it.

”Broke means, if you lost your primary source of income today, you wouldn’t be able to maintain the lifestyle you have become accustomed to because you have no assets to rely on”

”Broke people think its about how much you earn and spend while rich people know it is about how much your are able to convert of your current earnings into an asset for the future.”

This book broaches the manner in which money is spent from the perspective of different individuals. We take a look at all four of Zuri’s closest friends together with their families and what financial strategies they employ.
It also broaches the subject of peer pressure(especially payment for aso ebi*); building an emergency fund; articulating what it is you exactly want your money to do for you in life; sacrificing comfort; having financially conscious friends with the same ideals who gear you on to financial accountability; setting boundaries in helping family relations; the impact of societal gossip; handling money fears, financial analysis; diligence at work; having a partner who understands financial success; the making of Wills in Nigeria(how it’s seen as a taboo); discussing family securities etc.
Furthermore, the role of employers and other mentors in the society is also considered; the benefit of organizational programs such as WIMBIZ (the largest and most substantial women organization that empowers working women in Nigeria).
Exploring this book, as is the same with other works of literature, you must be conscious of what you’re learning. Some other people can float through the whole experience and end up not realizing the gem of wealth in the book(perhaps just admiring Tsola).
Some of the points well scored in the book:

  • The average wealthy Nigerian has an ayeye** mentality. Upon the death of someone in the book, the family threw a big burial party despite the fact that the deceased’s will had been read and huge debts had been unraveled. Family finances must be discussed. Understand your spouse’s money personality. Is there life insurance? What are the responsibilities of each family member?
  • It teaches you that you should understand investment. Don’t just assume you’re cool because you’ve started investing. What are your investment goals and strategy? What is your risk profile? know the classes of investments that exist and very importantly, speak to an investment adviser or stockbroker.
  • As an entrepreneur, do you have financial records; balance sheet, cash flow, profit or loss statement’? or are you just shining teeth that ”hello I’m an entrepreneur”?
  • Everyone doesn’t have to be an entrepreneur.

”you know leveraging on your set skill to maximize your earning potential doesn’t have to mean starting your own business, right?”

  • What you can do to leverage your earning potential, is to maintain a habit of thinking outside the box and to have multiple streams of income. In essence, not necessarily following the herd mentality that comes from over glamorizing entrepreneurship, if that is not your thing.
  • Look beyond making money, seek to create value, to make an impact.

There’s some humour and general consideration of what it means to live in Nigeria.
I consider this book helpful in that the vibe it gives off is one of the author trying to help the reader. She goes ahead to critically explain even the downside to engaging an investment firm, what questions you should ask etc. She insists no one should dismiss your concerns. In essence, be the boss of your own money.
However, I am not wholly in support of the story’s plotline.
I rate it 4.5 out of 5 stars and I recommend it to anyone on a quest to learning on finances (and you should be!).
Excerpts:

She felt like she was no longer on a career ladder to nowhere…Zuri had discovered she was her own hero

The smart money woman has positioned herself for success. For her, improving her net worth is more important than improving her wardrobe.

”In sub-Saharan Africa, less than one percent are born into wealth, and under ten percent are born into middle class. In general, we are not taught in any formal framework, how to keep money or grow it- basic personal finance skills are difficult to learn. As a result, when a young adult starts earning more than they need to survive, they still end up living from paycheck to paycheck”

”What you deny or ignore, you delay; what you accept and face, you conquer”

”People associate the word budget with scarcity or a reduction in station in life. Therefore budget is a word they’ve come to resent. The truth is budget is something that tells you how to allocate your resources, and it should reflect what you value”

”Your network is your net worth”

”Soji and I never discussed about money without tension. At first, it was normal because that was how I grew up as well. My parents never really discussed money with us or with each other. But now with everything that is going on, I realise Its something we should have discussed even before we got married”

”The cardinal rule is when you invest; don’t invest in anything you do not understand.”

Have you read my post on Finance and perspective? What is your view on managing finances? Have you read this book? Are you interested?
* aso ebi stands for the culture of sewing the same clothes for big events
**Ayeye is a Yoruba word meaning fanfare.
As always,
Love, Debby.

Exposition: What is Impostor Syndrome? 

Educative 10 Comments


I’ve wanted to write this post since the inspiration first came. I once saw a person write “I am aware” in a space meant for complimenting yourself. I like that. I envy it; to be aware, informed, enlightened.
I learnt of the term Impostor Syndrome(IS) not so long ago.
It is a concept describing individuals who are marked by an inability to internalize their accomplishments and a persistent fear of being exposed as a fraud.
It’s common among high achievers. They believe their success isn’t well deserved.
I first got to learn of it when Mariam Olafuyi had an instalive session on Instagram sometime last year. Ever since then, I noticed it easily in books I read, I saw it on the internet. Simply put, I became conscious of it and discovered its been a long standing discovery.
It’s very easy to think of it as Low Self Esteem (LSE) but it isn’t. Someone asked a question on that instalive session on whether any difference existed between IS and LSE. She responded by saying they’re different. I’m paraphrasing her answer:

“It isn’t the same. I know I’m awesome. I think I’m pretty cool. I don’t doubt that. The issue is when opportunities come, I don’t think I’m best suited for them.”

Both concepts can rightly be said to be distant family relations, so far as you admit that they are different. IS doubts results produced, LSE doubts the worth of the person.
IS is also referred to as Impostor phenomenon or Fraud syndrome. One easy way to diagnose it is that while a part of you tells you that this explains that feeling you often have, another part tells you ‘No, you’re simply famzing the category, reading too much meaning into your inabilities, you probably just have poor output’.
The condition
The condition “Impostor syndrome” was first identified in the late 1970s by Pauline R. Clance and Suzanne A. Imes. Their research showed that many high-achieving women tended to believe they were not intelligent and that they were over-evaluated by others.
IS is not rare, according to a study in the International Journal of Behavioral Science, it is estimated to occur to 70% of people from all walks of life, both men and women experience the impostor syndrome at some point in their careers.
Another study revealed almost 75% of surveyed students at Harvard Business School also felt like they were admitted due to some failure of the admission process.
Technology is growing so fast that most of us are learning something new on almost every project we work on. And that can make you feel like you don’t have the expertise you should have to rightfully be in that position.
I saw two Ted talks that I think shed more light on this concept. The speakers didn’t for once mention Impostor Syndrome but it was, in my opinion, close to their areas of concentration.
This by Sheryl Sandberg and This by Reshma Saujani.
Impostor syndrome is more common in women. Sheryl Sandberg, author of Lean In said:

“Men attribute their success to themselves while women attribute it to other external factors.
If you asked men why they did a good job, they’d say ‘I’m awesome, why do you bother asking?’ If you asked women, they’d say someone helped them; or they got lucky; or they did a good job…”

Another fact is that men are more likely to apply for a job in which they meet 60% of the requirements, while women will most likely not apply unless they meet 100% of the requirements.
This isn’t to fault the male folk in any sense, its simply to highlight the extent to which women lean back and why Impostor syndrome is consequently, more common in women.
Teaching women bravery instead of perfection, will go a long way in alienating IS because then you are taught to try.
My theory is that IS has gotten enough flesh to feast on because of our approach to a failed attempt. We all think ill of an attempt which didn’t turn out well. We should rather, think well of the courage that fuelled that attempt in the first place.
When that is accomplished, it goes to say when we do in fact succeed, it would not be sacrificed on the altar of “it just happened“, “I got help“, “ I was lucky“. It didn’t just happen. You did well. You succeeded. Believe it, own it.
Some of the tips to overcoming Impostor Syndrome include:

  • Keeping a file/folder of all the compliments you recieve on the work you do. You can always consult it to forge ahead on cloudy days.
  • Admitting that its impostor syndrome that’s preventing you from trying something new, from accepting your good work. Say it. Say it and it immediately becomes less of a threat.

“I own my own successes. I wear them as a badge. I have privileges but I’ve been able to leverage them. I’ve not done much but what I have done is substantial. I celebrate my work.”

There are a million other things you can learn about impostor syndrome and how to overcome it. A few helpful links: one and two. Research some more, the internet is (well, can be) your friend. Lol.

You may be immune to this, but you have a friend who isn’t. Share this post with them and stay enlightened.
I really hope this has been of help. If it has, do share. Have a great weekend and don’t forget to tell us what you think in the comment box.
Peace and Light,
Debby.

2018 Life Update (1)

Life Diary 6 Comments

Hello.
I try not to get too consumed in other blog plans, so as to leave out updates on my life.
Sometimes though, I do not know how to succesfully pass across all I’m going through. Sometimes, I do not even know how to blog. Do we ever really know how to do some things? Expertise may just be a hoax.
Reading: Homegoing by Yaa Gyasi. I’d heard good noise about this on the internet since it got published. I hope to review it someday.
Also, I’m re-reading Daughter of Destiny. It’s the only authorized biography of Kathryn Kuhlman. I told an old friend recently that I try to re-read that book every year. I vividly recall something I heard Bishop Oyedepo say in a message I listened to. He said he re-reads Kenneth .E. Hagin’s books every year because that is a huge part of his faith origin. Every year, the busy bishop Oyedepo, much older than I am, makes out time to re-read the same books and read others. Obviously what you focus on, shapens your life. If there is a book which marked a significant turning point in your life, you can make a yearly commitment to it. 
Thirdly, I’m on Living as a Christian by A.W Tozer. I love A.W Tozer’s style. He is that familiar uncle I never met. I don’t mind going over a chapter repeatedly.

Wanting: My own apartment. I like having my own space a little too much. I told my mum that someday, I’ll really love to have my house before I get married. A place where I can just customize. Preferably a minimalist setting, with lots of awe-inducing wall art.
Right now, I love my roommate but I get bothered about the issue of space. Isn’t it okay to just have my things the exact way I want them to be – unruffled?
When I do reflect, I think it just goes to show my personality and a weakness in that personality. Life is in sharing. People won’t always have the same priorities I have. Therefore, if I have to sweep four times a day because I do not like any dirt, well then, so be it. Sweep, and live out my current personal apartment-less life.
Wearing: New lipstick occasionally. Make-up is as much a mystery as it is a controversy in some circles. In some other circles, it’s just feminine, nothing attached.
Having: daily battles with my flesh. Sometimes, I will do every other thing but pray. Every other thing. No matter how many spiritual things you do, if you do not pray, you’re cheating yourself. When I say pray,I do not mean collective prayers but personal. 
At a group retreat recently, someone made mention of the reason why some people pray saying “the God of Babalola, the God of Adeboye“. Those ministers have personal spiritual ‘net-worth’. This isn’t about the communal anointing that occurs when we gather to pray. Rather, a personal spiritual weight harnessed in the place of prayer.
Eating: fruits of late, because something has to work atleast.  My plan was to prepare lots of food at this period and store them. I had plans to make soups but I can’t, because, erratic power supply. In other words, I’ve been missing my African dishes. *cue dramatic sigh of a Yoruba girl*
Missing: Family trips.
Hoping: For an audible subscription from a friend. Lol. Hoping for a Cassie Daves blog planner from a friend.
Listening: To nothing much of late. My phone isn’t reading my memory card currently so most of my songs have been out of reach. My favourite song of late is Reckless Love by Steffany Gretzinger. It’s a Bethel music song.
I also miss listening to audio bible.
Trying: to tie together this thing called adulting. Making decisions. Being taken seriously. Being looked up to. Working.

Encouraging you: to stick to one thing like a postal stamp, until you get there.
Well, that’s what I saw as a quote somewhere. Your life encourages people with the littlest of things sometimes. There is someone on instagram who encourages me with her huge love for dogs. Imagine that. She is just living her life, loving dogs, yet she inspires someone. It gets as simple as that. I’m here making sense of this blogging thing in the midst of a thousand and one confusions and then occasionally, someone tells me of how the blog is a blessing to them.
 I think doubt surely follows any good thing. In an article I read on Zadie Smith(a writer) today, in answering a question on any secret techniques to coping with self-doubt, she admitted that:

” In the end, you just have to write and doubt simultaneously”

Don’t bother about the doubt accompanying what you’re creating,  just do it. Stick to it, like a postal stamp, until you get there. I know you will get there.
That does it for the day. Thanks, see you next week.
Love, adulting, prayers,
Debby.
Can you relate to something I shared? How are you faring? Pray tell in the comment box.