Exclusive interview with Gbonjubola Sanni by Chukzbook

chukzbook stores: Welcome Gbonjubola Sanni! We are happy to have you today 🙂

Gbonjubola Sanni: Thank you. I am pleased to be here too

chukzbook stores: Let’s get started! Where did you get the inspiration to write ABC of Financial Intelligence for Kids!?

Gbonjubola Sanni: The inspiration to write ABC of Financial Intelligence for Kids came from my passion for financial intelligence as an individual and also the fact that I have a desire for kids to turn out right. I believe that the future of any family, community or nation is dependent on the training given to the kids. Inasmuch as I want adults to understand the subject matter, I felt that it is easier to build strong children than repair broken adults like Frederick Douglas said. I also know that raising a child is raising the world because they are the seed of the generation to come. I actually wanted to go the route of starting clubs but I was encouraged to consider writing a book by Adeolu Akinyemi. This led to more research on the subject and that led to the book which we co-authored.

chukzbook stores: What sets ABC of Financial Intelligence for Kids! apart from other books in the same genre?

Gbonjubola Sanni: Most of the books in genre of ABC of Financial Intelligence for Kids are story books and they are only able to touch on a few or just one of the principles that relate to money. What we have been able to do with ABC of Financial Intelligence for Kids is to include all concepts when it comes to making money, managing it and also investing it. Discussions about money are also not complete if vision, goal getting and financial freedom are not included. We were able to do this in the book.
Another point worthy of being noted is that most of the books in this genre are foreign while ABC of Financial Intelligence for Kids is written with the Nigerian child in mind.

chukzbook stores: As an author, what are the keys to your success that led to ABC of Financial Intelligence for Kids! getting out to the public?

Gbonjubola Sanni: I would say passion and focus were the keys to the success of the book. As soon as I knew what I was enthusiastic about I went all out to get it done.

chukzbook stores: As an author, what is your writing process? How long did it take you to start and finish ABC of Financial Intelligence for Kids!?

Gbonjubola Sanni: I am a focused person and all I need is to make up my mind and then whatever needs to be done will be done. I decided to write the book in July 2012 and by September 2012, the first draft was done, that is about 3 months in all. The period between September and December 2012 when it was released was used for editing, getting the graphics done and also taking for publishing.

chukzbook stores: What is next for Gbonjubola Sanni?

Gbonjubola Sanni: Next in the ABC of Financial Intelligence series is ABC of Financial Intelligence for Toddlers. ABC of Financial Intelligence for Kids is for kids between ages 5 to 12 while ABC of Financial Intelligence for Toddlers will cater for pre-schoolers as lessons about money should start as soon as a child can count. The teens will also not be left out. Watch out for the next in the ABC of Financial Intelligence series.

Why all these books?
I believe strongly that a lot of work needs to be done with the upcoming generation with respect to their mindset. A change in our paradigm about money will go a long way to bring about the Nigeria of our dreams. I also strongly believe that the building of the next generation starts with raising financially strong children. I’m very passionate about this because I know that once the mind is liberated, the possibilities are enormous. With respect to this, my next project is a crusade to help kids start early financially by partnering with organisations like yours, schools, financial institutions and other children friendly organisations to get the books into the hands of every child and also include financial education in the curriculum that kids take in school. This will go a long way to recalibrate our values, those of our kids and also help us to embrace change.

chukzbook stores: At what age should parent start teaching their children about money and financial intelligence-when is it too late? And do you believe our school system is helping or how it can help.

Gbonjubola Sanni: Children need to be taught about money as soon as they can count; that means from their pre-school years. As a matter of fact, ages 8 to 14 are critical times in the development of children’s financial behavior. During these years, they form habits on saving and spending that can last well into the future. It is, therefore, essential that they get help in learning about financial matters as soon as possible. Most parents tend to feel lessons on money is required when children are in their teenage years. This is rather late because they are less likely to listen to our sage advice by then. Their peers, the media and so many other things are struggling for their allegiance. In fact they are too busy trying to figure out who they are that learning about money is the least of their problems; they’ll rather just spend it.
Currently our school system does not teach fundamental money lessons to help anyone navigate the real financial world. We, therefore, need to encourage our schools starting from primary schools to include financial education in the curriculum. This process has started in UK and US and those of us in other parts of the world should not be left out.

chukzbook stores: Fantastic! We are so happy to have you today We say–have the best weekend ever!

Gbonjubola Sanni: My pleasure! Do have a great weekend too!

You can pick up these titles from chukzbooks stores. See flier below:

Make a Millionaire out of your child

As a child, I always wondered what I could do that would make me a millionaire. I really wanted to be rich and I mean very rich. This is one of the reasons why I care about the financial well being of kids so much. I am sure many kids want to get it right as early as possible. One thing I am certain of is that if they are able to get it right early enough they will be able to achieve whatever they want to achieve as soon as possible. How then can you work towards making your child become rich? Here are some tips:

• Don’t allow your child to take on degree after degree all because of money. More schooling is not a guarantee for a higher salary; neither is it a factor of how expensive the school is. What is actually required is more alignment with purpose, passion and a refinement of inbuilt skills and talents. If this alone is paid attention to, your child is guaranteed to make money, lots of it for that matter. However, don’t get me wrong, if your child is passionate about books and reading more and more, by all means let him or her go for it, but be sure it is not being done for money.

• Encourage your child to start working early in life. If you own a business, you can put them on your payroll but make sure they are doing real work. It’s easier to become an entrepreneur when one works at it from early in life. A 15 year old boy will find it easier to try his hands on a business than a 40 year old man with a wife, 3 kids and aged parents to do the same. If he fails he will move on and not sulk and be scared of trying again and again.

• Inasmuch as your kids get to hear what you say, you need to show them that taking loans for liabilities is not worth it. Rather let them understand that the rich will always leverage other people’s money to achieve their own dreams. I have noticed that very many people who are not rich are scared of taking loans even when it is for a good course. This is limiting. Let them learn the ability to get help when it is for the greater good.

• Let them start learning about money very early in life. Let them learn about budgets and limits. Instead of giving kids small allowances for movies and snacks, give them larger ones and have them pay for things like clothes and transportation. This will teach them about tradeoffs and buyer’s remorse. A financially sheltered child will only grow to run back every time he or she is out of money. Raise a financially smart child who will know that he or she ought not to spend it all but to also give, save and invest.

• Teach them to begin with the end in mind by investing. This you can start by encouraging them to invest their savings in paper investments such as stock, bonds, funds, deposits, etc. You can also give them investments instead of satisfying some of their cravings that you know will not mean so much after a while.

Teach them to make the right choices

One of the things that is very important we teach our kids is for them to learn how to make good choices about spending money. This afternoon I was privileged to be part of a discussion about spending money and someone said it is not possible for her to ever have her expenses lower than her income. That sounded ridiculous to me. This is someone who I believe makes a lot of money. I wondered why she will ever say that. What that means is that even if her income increases she will continually allow Parkinson’s law to be fulfilled in her finances. That way financial freedom may never become a reality even though she is making good income.

Here are the learnings I was able to draw from the above:

I am sure you have heard this saying “Your decisions determines your destiny” many times. What do you think about that? As adults, our decisions in times past are the reason why we are wherever we are today.  I looked up decision in the dictionary and I picked out these 3 definitions:

1. The passing of judgment on an issue under consideration

2. The act of reaching a conclusion or making up one’s mind

3. A conclusion or judgment reached or pronounced; a verdict

The conclusions or judgments reached by us on a daily basis determine what our future will be like. If you make your child believe money should be spent without any savings then that is what your child will believe and financial freedom might become an impossible feat. As adults we need to ensure we make the right choices about our money so we can pass the right knowledge down. Our children will begin to make choices about how to spend money very soon and will more or less do the things we do even if we say the opposite. Let’s start to teach the right values now so they can make the right choices that will define the kind of future we want for them.

Hindrances to becoming wealthy

Almost on a daily basis I come across people who have different reasons why their financial status or future will not make sense. They don’t even understand where they are or what the future should hold for them. Wealth is your birthright but you won’t realize your financial potential if you allow limiting beliefs and obstacles to hold you back. The fact remains that when you set the sails God will send the wind. Here are a few things you need to deal with if you must achieve your set financial goals before the end of this year:

• Mindset: The greatest hindrance to prosperity is believing that only some people can be wealthy. People that are not wealthy must first buy into the error that poverty is default. How so wrong!
• Financial Knowledge: What you don’t know can kill you, ignorance is darkness. A man who is ignorant of his ignorance has achieved the minimum qualification required in the college of fools. Seek financial intelligence, read books, get a coach because everybody needs one and commit yourself to daily learning.
• Poor management of expenses: Inability to manage your expense will lead to poverty. About 90% of the world’s population spend more than they earn and that keeps them on the RAT RACE. If you spend more than you earn you’re simply borrowing from your future to spend now. Learn to live on not more than 50% of your income, most wealthy people live on 35%.
• Lack of Reserves: Lack of savings and investment culture will not give room to wealth. Learn to pay yourself from every income you make, put it away in an escrow account so you can invest in assets that will put money back into your pocket.
• Lack of Passion: Lack of passion and dedication to your goals will also rub you of wealth or God-ordained riches.
• Lack of a Mentor: Everybody needs a coach to guide his/her journey to financial freedom. Seek for an experienced and willing mentor.
• Your Network: I say to people your network determines your net worth.  Lack of right association can severely limit your possibilities for gaining wealth.
• Average Mentality: An average or mediocre spirit cannot control great wealth. There is no room for average plans here.

I believe if you can diligently apply all stated above your life will take a new turn.

 

Copied from Eight Hindrances to Becoming Wealthy (charlesezeh.me)

Charles Ezeh is a seasoned facilitator/trainer and a Financial and Business Intelligence coach. He is a thorough leader who has held various leadership positions at various levels in his career. His focus is to help people live a life of their dreams to attain and maintain the financial strength they desire. Thus, he has dedicated his efforts to helping people succeed in discovering and developing their talents with passion while also working towards achieving financial freedom.

You need a financial check-up!

For many people, going to the doctor for a medical check-up, is something they avoid unless something is terribly wrong. It is helpful to see the doctor to determine your present health condition in order to make the necessary changes before small problems become bigger issues. How often you do that is, however, a function of your age. Even though many people know this, they still don’t do so. The thought of discovering something unpleasant usually make people shy away from going for routine check-ups. Interestingly, what many people fail to understand is that early detection pays off especially for life threatening ailments. The earlier a diagnosis is made the easier and faster it is to be treated.

As it is with our health so it is with our finances. What is your financial status? When last did you do a financial check-up? Are you financially fit, sick, in coma or even dead? The only way you can get a prescription is when there has been a diagnosis of your current status. If you fall into any of the following category, then you need help financially and need to do a proper financial check-up:

1. You are a graduate and you don’t earn anything but spend money daily.

2. You spend more than you earn but believe that providence has been on your side sustaining you.

3. You are in business and don’t keep any records but just know that your needs and that of your business are being met somehow.

4. You don’t use a budget; rather you try to account for what you have spent after the money is gone and you are wondering how it all went.

5. You don’t have any cash reserves and if you are to lose your job today, you cannot survive for more than a month without needing help financially; or you are hopeful that you will get your financial entitlement even though you are uncertain if it will be tangible.

6. Whenever you want to invest you always look out for great opportunities that can yield 100% return or more on investment. You want to get rich quickly.

7. You have different investments but they do not yield anything. You just have phobia for losing money so you play safe.

8. You don’t have any financial goals (short term or long term) but you are hopeful that things will turn around for the good someday.

9. You are married and don’t contribute a dime to the purse of the family. All you do is spend and spend.

10. You are unmarried and hopeful that your financial status will change when you meet prince charming or that rich princess.

If any of the above is true for you then you need to wake up and smell the coffee. You are close to a financial trauma and need to perform a financial check-up quickly. Don’t wait till you need to be rescued before you take heed. Just as you need a medical doctor for health check-ups, it is appropriate that you get an experienced financial coach or mentor to help you, if you are in a financial mess. I will be delighted to be of help if you want help. You can contact me via this link – https://gbonjubolasanni.wordpress.com/contact-me/

I remain committed to your financial success!

Is it awkward?

As a child, I can not exactly remember my parents discussing money with me. I got to learn how to sell and make returns as I helped in my dad’s pharmacy store. I got whatever I needed whenever I needed it, of course when my parents could afford it but it wasn’t more than that. I remember discussions about God, manners and academic grades amongst others but I don’t think there were any open conversations about money.

It’s apparent things haven’t changed with parents nowadays too; they’re waiting to have these discussions with their kids when they are older. When you do this you tend to miss out on many opportunities during your child’s formative years. I know discussing money with your kids might be a bit difficult for a number of reasons, especially if you are concerned about your finances yourself. You, however, need to be able to do it as it will help your child learn about money and also become comfortable with finances before they’re expected to manage their own.

Some parents may be cautious about discussing family finances with kids because kids are not good at keeping secrets. I remember a day I planned with my first son to keep a secret from his younger brother. In less than 5 minutes, when his brother came around he told him “We have a secret we won’t share with you”. In my very eyes, in not more than 10 minutes, he led his brother to know what the secret was. You don’t need to provide detailed information about your income or net worth to your children, especially when they are much younger.

All kids need is enough information to help teach money management principles. You can also include them in meaningful family financial discussions, even at an early age. Help them to learn financial concepts like saving and budgeting, develop financial decision-making skills and form a healthy relationship with money through regular family discussions. You, however, should not give them the kind of detail that will stress them out about money. Don’t for any reason tell them a lie about money. They will sure find you out sooner than later and I’m sure you don’t want your kids to be disappointed that you told them a lie. Also don’t share too much financial information that may damage your child’s self esteem. Be open enough for their age and don’t allow them to stumble on or overhear what the real financial issues are in the family as that will cause more damage.

Albert Einstein says “If you can’t explain to a six year old, you don’t understand it yourself”. Improve your knowledge base in this area so you don’t fail your kids in these lessons. The more vast you are in financial knowledge the less awkward it will be for you to teach kids. The fact that you were not taught in school or by your own parents is no excuse.

Should allowances be in exchange for chores?

Allowances are a great tool that can help you teach your kids money management skills. A child that handles money tends to have a regular and hands-on opportunity to learn the basics of budgeting, saving, etc. Practice makes perfect they say. Giving an allowance in exchange for chores might be a bit challenging with respect to finding age-appropriate chores and ensuring that your child does them before you can ever get around to the money management lessons. If your child doesn’t get round to performing the chores like he or she should, there comes your number one obstacle in the way of teaching the relevant lessons. The other issue is that as a part of the family, each member should be responsible for something. For example, daddy and mummy ensure the bills are paid, mummy ensures the meals are fixed and daddy ensures that the car is in good shape. The kids should also be responsible for something. They shouldn’t be paid for their own contribution to the family. After all, daddy and mummy don’t get paid either.

On the other hand, it is a very important for a child to learn that there is a deep connection between the work they put in and the money they earn. If you don’t work, you don’t get money to spend in the real world. How then can we get our kids to understand that they need to work to make money? This is particularly relevant in this age as almost everyone wants to make a lot of money without doing much.

An idea is to fuse the two points above together. You can give your child a little weekly allowance that is not tied to anything. Then you can give them some opportunities for extra tasks that are really challenging for them, that will enable them earn a little more. That way they can connect hard work with earning money. This will be different from the regular things they have to do around the house at their age. Another point that is also very important is that you need to create time to teach your child about money as soon as you disburse it to them. Children are clean sheets and only become what they observe or learn from others in their surroundings. Don’t make the mistake of giving them allowances if you are not ready to follow it up with lessons and also do as you say yourself. Remember that kids will always do what you do and not what you say most of the time. Giving allowances without proper training will be of no value to them, rather it might destroy things further.

What’s your take on giving allowances in exchange for chores?  What have you tried and what works for you? Let’s hear you.

Communicating money messages to kids

It will be good if children can understand positive messages about money at a tender age. This can be achieved if couples will agree upfront on what they want their kids to learn about money. As couples we should agree on money messages for acquisition, use and management. These basic money messages serve as scripts you can use again and again in a consistent manner when dealing with money issues. Obviously, your messages should reflect the values you agree on as a family. 

With respect to acquisition, use and management of money, here is a sample that you can adapt:

Acquisition
Money is good and is a means to an end. Like we know money answers all things and it is good to have lots of it. Therefore, setting an ambitious financial goal is alright as long as you don’t become consumed, obsessed and thus become a slave to this goal. You should act this out and also let your children understand this. Do all you can ethically to earn a living, live a good life and also work towards financial freedom as soon as possible so you can do what you really want to do. Never be slothful or lazy. Also never go overboard by doing anything against the law or your faith just because you want to make money.

Use
Money is meant to be used to take care of our needs and wants, only of we can afford it. The motive behind all this should however be questioned at all times. Do not buy things to impress others or to establish your own worth. Your value is not a function of what you own or have per time. Let children realise this. The world system is set to make it look like this. People who have all the money know that life is more than money. Don’t frustrate yourself or your kids by making it seem like life is all about money or what it can achieve.

Management
Keeping track of finances is responsible behavior. Keeping track of them down to the last kobo or penny or spending hours record keeping every night or week may be boring but it needs to be done. 

Write down the messages you plan to communicate to your kids and agree in advance that you will not compromise even in the face of conflict. Remember that whatever you jointly create is going to affect the emotional well-being of your child. Also watch your body language too. It speaks volumes. Always ensure that you reach an agreement on money issues with your child’s best interests in mind. Your childhood values will still have a powerful influence on your behaviors as a couple and those might make conflicts inevitable. It is also recommended that you share financial responsibilities. Divide financial chores based on your talents and interests. Don’t say you must be in charge because you are a man or say you will do it because your mum did it. Sharing these responsibilities sends kids the message that money management is something both Mom and Dad – and more specifically, women and men – are equally capable of handling. You might not be able to think about every money decision but you can regularly evaluate whether your money words and deeds are consistent and clear. Specifically ask these questions from time to time. They will help to keep your standards about money straight.

• Is what my spouse and I saying and doing regarding allowances, gifts, etc communicating the same message or sending opposing messages?

• Am I avoiding major money battles, both in front of the children and in private?

• Am I talking to my spouse about money issues that arise and developing a plan to handle these issues in keeping with our agreed-upon values?

What are your money values? – 2

We started yesterday on money values that should be taught to kids. If you have not read that post, it will be good you start with it before you continue with this one. See the link below.

We continue with some more adages today.

Getting a parent’s estate is not a constitutional right

Many children, even grown ones, have the impression that as long as their parents are well to do, they will eventually get something willed to them. They feel they are entitled to it just because they are their children. I don’t know how this all started but it must have just been passed down from generation to generation. You need to ensure that your children are trained to know that they have to work to earn anything they desire. Even if an estate will be handed over to them, it will only be sustained if they have the requisite skill to uphold it and keep it going. Let them realize that they cannot and should not be satisfied with entitlements.

Self-worth isn’t (or shouldn’t be) measured in monetary terms

Money can bring security, power and comfort but it does not determine the value of an individual in anyway. People who do drugs and other people who make money illegitimately may have lots of it but they are definitely not honorable citizens of any country, especially if people are aware of what they do. Let your children know that they will be defined by what they do and how they act and not by how wealthy they are or ever become.

Money is good when you spread it around and use it to encourage growth

This will specifically help your children not to be miserly. There is no benefit in stacking up cash for yourself just for the fun of it. Money makes sense when one uses it to get education, start a business and donate to the less privileged and other worthwhile actions, etc. Let them begin to think about and learn why they need money. It will go a long way to help them treat it right when it finally comes.

Related articles

• What are your money values? – 1 (gbonjubolasanni.wordpress.com)

Why financial education should be in the school curriculum?

Since my book on financial intelligence for kids came out, I have witnessed various reactions with respect to teaching children about money. I have also met many children who are already having very skewed mindsets about money. This must have been as a result of what they have witnessed or heard their parents say. It’s not their fault. It is also because their parents are not financially intelligent. One 9 year old in a school I went to in February this year said she will rather have a loving family than money. I wondered where she got that from. How can love be shown without money in this world of ours. I asked her whether she will be glad if her parents told her they love her but cannot pay her school fees. Why can’t she have it all? Many of us have taught our kids to settle for less because we do not know better and also because of the limitations we have faced in life.

Financial intelligence is very vital for every individual, children inclusive. In addition to teaching it at home it is imperative that it is also introduced in the school curriculum. We all go to school because we want to make a living and we never get to learn about what takes us there. Isn’t that funny? Introducing financial education in the school curriculum will help in teaching our children right from the start. It is the best way to help them build their knowledge and understand how to manage their personal finances later in life. Whatever they learn in school in their early years will also provide a basis for future learning. One thing we need to understand as adults is that young people are encountering money earlier and earlier in life compared to us. A survey conducted in 2009 found that the average age at which children first have their own mobile phone is an incredible eight years old, while the average age that children borrow to purchase items online is just 10. It would be no surprise if the average ages have dropped even further since then.

In addition to these trends our increasingly cashless society, the development of new technology and recent use of smartphones and tablets by children are reasons why the case for financial education from an early age becomes incontestable.

As parents we need to begin to work with our children’s schools starting from primary schools to recommend that the curriculum be amended to ensure the children get financial education right. We need to ensure that our children can build up their money knowledge and skills as they progress through the education system. This process has started in UK and US and those of us in other parts of the world should not be left out.

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