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:

What do you know about billionaires?

I read an article on MarketWatch (the Wall Street Journal) titled “10 things billionaires won’t tell you” and some things struck me again even though they are not entirely new to me. Find them below as we think through them together.

• There are more men billionaires than women. Why is that? As a woman I believe more women need to rise up to living for something. Most of the people who are billionaires never did it for money but alas they are billionaires today. All they set out to do was good and it paid them off. What’s your dream? What do you want to be remembered for? What is that thing taking all your time now? Remember success doesn’t come from that big break but taking time daily to work on that which matters.

• Many of the billionaires didn’t have any financial advantages while growing up. A number of them were school drop outs while some had to struggle when they were young. This didn’t deter them but rather it propelled them through life and now they are where they are. What’s background? Like someone says, “Don’t put your back on the ground because of your back ground”. You deserve the very best so dream again and begin to move in the direction of your dreams. Stop making excuses!

• Billionaires can be weird with their money. Many of them ensure they make a profit on every transaction and won’t let go of receipts or change. They ensure that they are accountable for every penny. They are not wasteful because they believe they have a lot. The principle, “He who is faithful with little will get more” stands true. That also doesn’t stop them from getting jets or some other very expensive things. I believe efficiency and accountability rule their decisions. What about you?

• Most of the billionaires didn’t make it from investing in stocks and shares. They did from building their own companies from the scratch and then preserved their wealth by investing in stocks and shares. That goes to say you need to be a business owner to make good money. What have you been doing about that?

• Very wealthy people avoid but don’t evade tax. They are able to pay smaller percentage of their income as taxes because most of their income is from investments and not wages and salary. That confirms again that they are on the right side of the cashflow quadrant where their money and systems they have put in place makes money for them.

• Most of the billionaires are givers. For them their legacy is more important than their money. In 2009, at least 30 billionaires chose to sign the “Giving Pledge,” an initiative started to encourage the ultrawealthy to give away half of their wealth. Warren Buffett pledged to give away 99% of his wealth. What are you about? Are all your goals self centered? Begin today to set goals that are above and beyond you today and be sure that you’ll get your reward as givers never lack. That is what life is about.

What is Money?

I’m sure the first reaction anyone will have about this topic is, “But we all know what money is?” Isn’t it? It’s, however, interesting to note that many people misunderstand the concept of money. To do justice to this topic, let’s start by defining money. According to Wikipedia, money is any object or record that is generally accepted as payment for goods and services and repayment of debts in a given socio-economic context or country. Thus money is a medium of exchange, a unit of account, a store of value and a standard of deferred payment. Any kind of object or secure verifiable record that fulfills these functions can be considered money. Money consists of currency (objects like banknotes and coins) and bank money (records like savings and current accounts). Although currency is what people reckon with, bank money is the largest part of money supply in developed countries. The fact that we are more familiar with currency is the reason why people think cash when they think about money. Even though cash is money; not all money is in the form of cash.

According to the definition we have, money only acts as a means of exchange for value. Money is an idea that can be exchanged for cash. It’s hidden in the ability to add value. It’s not just paper or a coin. If I can add value to other people I will make money irrespective of what kind of job I do or what I sell. People don’t have money just because they are educated. If you can’t add value to others you won’t make money. No wonder many people have many degrees with nothing to show for it while school drop-outs employ them.

Why then are people poor? It’s either because they don’t have ideas or don’t act on their ideas. Your attitude also affects how much money you are able to handle. “Money is not important”, “I can’t afford it” and “It takes money to make money” are examples of bad attitudes about money.

Money is important, that’s why the scriptures say money answers all things. If it’s not, why do you seek it so much?

You can afford anything you desire because thoughts become things. If you can think it, then you can have it.

It takes an idea and guts to make money. Goodwill is also important. That’s all the capital you require; not money.

I was at a conference last week and a story was told of a man who had plenty of cash at some time. Suddenly he became broke and had to start all over again. He was then given the opportunity by a friend to market a N600m apartment to a network of friends for a 3% agency fee. He was able to get a willing buyer for N500m and he was paid N15m as agency fee from nothing. He also negotiated a 5% fee with the customer and got paid another N25m. In total he got, N40m for engaging in that singular transaction. I can go on and on with many other examples. This goes to confirm that the quality of your idea is what informs the quality of money you can handle. There are billion dollar ideas and there are ideas that can fetch you just enough to get by. Which do you covet?

After you’ve gotten an idea and you decide to put it to work you also need to understand that money follows good management. You need to understand the art of earning, managing and investing money.

Earning money requires continually having ideas that will keep on reproducing. Ideas always give birth to new ones. Just the same way you can’t count the number of oranges in a seed, ideas rarely die.

Managing money has to do with living within a budget. It’s about being a good manager of your resources. It’s understanding that life is not all about you. It’s learning to give irrespective of your status because money is only a means to an end and not an end in itself. It aids us to achieve our goals. Managing money is about thinking of the future, getting educated, playing and meeting one’s needs within one’s means.

Investing money is about making your money work for you. Interesting to note that more than 90% of the world’s wealth belongs to investors and big business owners even though they’re less than 10% of world population. Why then do people get scared when they hear about investing? It’s because they’re afraid of losing.

I’ll conclude with a statement I read on http://www.charlesezeh.me “Money is simply an effect and not a cause, if you want more effect (Money) increase the cause (Value). What ideas do you have? What have you done about it? That’s money in your hands that’s waiting to be converted into cash. Like Sam Adeyemi puts it in “Wealth will always flow towards those who are productive, those who have the ability to multiply whatever is given to them through hard work and a good business sense”. Making money, therefore, is developing my ideas, improving on my skills and talents and selling the resulting products. Now get going because you already have all you need to make life what it should be. Indeed, the land is green! Let’s also not leave the children out on this. It’s been proven that most of the decisions we make now are based on what we learnt between the ages of 5 and 14. Let’s get them started early. Like I always say “The building of the next generation starts with raising a strong child. We can make it happen one child at a time. Let’s do it!”

Secrets of Wealth Creation 2

This is a continuation of Secrets of Wealth Creation 1. See link below.

9. Attend seminars

This is continuous learning and is different from reading and listening to CDs because it helps to get you in a room with like minded people. It gives you an experience that changes you.

10. Save 10% of whatever you earn

Successful people save. Don’t live within your means. To achieve wealth you need to live below your means. Pay yourself first and put the cash away in an investment account.

11. You need to get out of debt, if you have any

Reduce debt and eventually get out of it. This does not have to do with using credit to your advantage; it’s referring to crippling debt. Crippling debt is all debt incurred on expenses and that does not help to increase your income.

12. You need to have good priority management

You cannot manage time but you can manage your priorities. This reduces stress, confusion and anxiety and improves focus and helps you to get things done in less time.

13. Associate with winners

Successful people associate with like minded people. 5 years from now, your income will be the average of the income of your 5 best friends. If your friends are broke, then you need 5 new friends who are not broke. Energy helps achievement. Sit around successful people, play games with them, discuss with them, hang around them and be with them.

14. Understand work

What is work? You can work hard or work smart. Successful people know that their thought process is the work and is not work to them. Do what you love. That way you will do it for as long as possible without any worries and create spectacular results. You don’t have to pay any unpleasant price for success. If you are miserable doing whatever you do now, then you are on the wrong track.

15. Develop a pleasing personality

To succeed you need to become a likeable person. Learn how to do this by reading the book, ‘How to win friends and influence people’ by Dale Carnegie. Some great insight there.

16. Develop good communication skills

Successful people are good communicators of their thoughts and ideas. They are persuasive, negotiate well and have good sales skills. Be able to win people to your way of thinking. This is a good skill in business. Read books and attend seminars to learn this. Whatever your career or discipline, you will need it.

17. Improve your credit score

Increase your asset base thereby giving you a good opportunity to access credit facilities. This is one reason why savings and investments are very important in building wealth.

18. Reduce taxes

Wealthy people pay low taxes while people just starting up pay a lot. Reduce taxes to increase your cash flow. Take advantage of opportunities and investments that can help you do this.

19. Reduce the amount of insurance premiums you pay in case there are any excesses.

20. Use corporations and trusts for tax efficiency, protecting your assets and increase your ability to get credits. Rather have a limited liability company instead of a sole proprietorship.

21. Use Other People’s Money

If you want to be successful, you have to utilize other people’s money. Learn to utilize credit and other people’s money to increase wealth.

22. Increase your income

There are 2 basic elements to building wealth – Expenses and Income. Reduce or manage your expenses – taxes, debts, etc and then increase your income. You can increase your income by

– Investing in real estate

– Selling online

– Investing in the stock market

– Trading in stock

– Be involved in a multi level/network marketing company. It is one of the best opportunities in the world now. We have an opportunity in Avenues to Wealth and I am willing to support anyone who is ready to do this. Send me a message to let me know you are ready to start.

Together we can achieve whatever we decide to achieve. Remember, our thoughts become things! Decide today that you can make it in life and the situations to make it a reality comes to you so fast.

Related articles

• Secrets of Wealth Creation 1 (gbonjubolasanni.wordpress.com)

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.

Increase your financial IQ

Real estate, stocks, mutual funds, businesses, or money is not what makes a person rich. It is information, knowledge, wisdom, and know-how that makes one wealthy; that is what is referred to as financial intelligence. There are five things you need to work on to increase your financial IQ. They are as follows:

1. Make more money

You need to increase what you earn on a regular basis. To do this work is required. You can never make more money without working. Interestingly it is the process that helps you become rich and not the money. The more you make money the more money you can make. Each person goes through a different process so you can not compare yourself to another person. Your goals, dreams and ambitions are different. Just find your niche and determine how you want to get to your goals. Making more money has a lot to do with you being able to control your emotions. You need to learn to delay gratification. Never give up. It may seem tough but if you are positive you can solve problems. The more problems you solve the more money you make. Identify the problems preventing you from wealth, tackle them head-on, and the money will follow.

2. Protect your money

Once you’ve begun to make money, you need to keep it away it from “financial predators”. You can do this by ensuring the following:

– pay as little tax as possible legally

– protect your bank accounts against unnecessary bank fees

– buy only what you need and not what you want

– your spouse is as intelligent as you financially so you are on the same page when it comes to finances

– plan for your death so that your family is not stranded when you go

– protect yourself from legal difficulties

3. Budget your money

The ability to live well and still invest no matter your earnings can only happen with a high financial IQ. Financial IQ is a function of how much you have left and not how much you make. Decide on the budget you want to follow. Pay yourself first then spend what is left wisely. Spend more on information and education. Never live within your means rather increase your means. Remember that the way you treat time and money determines what your future will be like.

4. Leverage your money

How well is your surplus generating more money? Learn how to leverage to make more money. That is what the rich do. When you use leverage you only need to ensure that you have some form of control on what you are investing on. Do not gamble or speculate with money.

5. Improve the financial information you have

Whenever you want to make any investment decision always ensure you conduct extensive research. In doing that ensure you do the following:

– Separate fact from opinion. People are always giving their opinion of what is good or what makes sense. It is foolish to follow this. Ensure you work only with facts.

– Verify all information. Never trust just one source of information. Seek to corroborate from other parties as well.

– Know the rules. If you don’t understand how an investment works, don’t partake in it.

– Understand trends. Trends are historical facts. Always ensure you use trends to make informed decisions as trends are valuable sources of financial information.However, it’s important to note that trends do not project to future facts. It only gives you an opinion about possible futures.

When you do these things you have all the confidence required for you to invest.

On which side of the quadrant are you?

We have discussed a lot on financial intelligence in the last one month and I just thought to chip in this. Robert Kiyosaki’s Rich Dad Poor Dad, Cashflow quadrant and some other books in the series states that the business world is made up of largely 4 types of individuals. They are:

• Employee (E) – has a job
• Self-Employed (S) – owns a job
• Business Owner (B) – owns a business system
• Investor (I) – makes money work for them

E and S are on the left side of the quadrant while B and I are on the right side of the quadrant. Interestingly, only about 10% of the world’s population are on the right side of the quadrant and they control about 90% of the world’s wealth, while the remaining 90% handle only 10%. Applying the principles we have been learning in the last one month will help anyone move from the left side to the right and also bring up kids who will work towards same.

Like I always say the reason why so many people are not part of the 10% is because they never gave it a thought. What side of the quadrant are you? And what part of the quadrant will you rather be? Please note that you are still on the left side of the quadrant if you run your own business and you have less than 500 employees. You must have created a system that is independent of you before you can claim to be a Business Owner.

I am sure the next question that needs to be answered is “how can I move from the left side of the quadrant to the right?” Here are some tips:

1. You need to first of all decide whether you are interested in financial freedom. The fact remains that you can never really be truly “free” in the world we live in now unless you are financially free. The whole purpose of life is to generate and experience more life. Money allows you to “live” more life. Or what can you achieve without it? Even though money can not buy sleep it will buy you the bed to sleep on. Financial freedom is when you have enough cash-flow from your assets to allow you live more life on a sustainable basis. Changing from the left side of the quadrant to the right is a life-changing experience that will require a fundamental shift in your core values. It will require massive action and personal transformation from you. You will be required to step outside your comfort zone. Are you ready?

2. When that is done then you need financial intelligence. Achieving financial freedom requires a high level of financial intelligence. You need to be ready to move beyond job security (as evident in the ‘E’ quadrant) in order to begin your journey towards financial freedom. Be under no illusions! The road to financial freedom is rough and windy filled with risks that need to be constantly managed. It is NOT for you if you want a secure and normal life. However, if you are ready to take the leap, the gift at the end of this particular journey is financial freedom. A couple of friends and myself will be putting together some classes to help us get all the financial intelligence we require. These classes are free but will require pre-registration, put in your details here – http://goo.gl/6SLSN if you are interested. You will be contacted with further details of how the classes will run.

3. Constantly be reminded that there are risks involved. It is important to note that success is not guaranteed. For example, 80% of businesses start-ups never get to celebrate their 5th birthday. And of those that have become a successful, many successful businesses have lost their money through over-confidential attempts in the “I” quadrant. The road to financial freedom is littered with casualties and people who turn back on their goals out of fear. Don’t be of a frail mind, get guidance from those who have gone before you and make the most of the opportunity you have decided to grab.

4. Get the skills required to make it happen for you. Interestingly, many of the skills required to be successful as a Business Owner (B) or Investor (I) are not taught in school. In fact it’s significant that many of the successful businessmen (Steve Jobs, Bill Gates, Thomas Edison, etc) left school early but got their real education in the business world. Most successful business owners are innately curious, knowledge-thirsty and uncompromising in the pursuit of their goals. They chose to learn through Mentors; they read voraciously, and attend training courses and educational seminars converting this knowledge into action. The rules of the game are totally different in each quadrant. They are completely different worlds and require different mindsets, tools, skills and behavior. Continuous learning and education will be your constant associates in order to help you on this journey through each quadrant. I am a part of a company that has helped me develop a lot of skills with respect to moving from one side of the quadrant to the other and it has been amazing. If you are willing to get more education on how to move quadrants kindly put in your details here – http://goo.gl/Jhnmq. I will get in touch with you on how to avail yourself of the opportunity.

Cheers

Related articles

• Why is Financial Intelligence important? (gbonjubolasanni.wordpress.com)

Financial Freedom

This is a topic I am very passionate about. Are you wondering why? 🙂 Life is not supposed to be just for survival but to achieve a purpose for which one came by this way. A lot of us are caught up in the survival mode that we don’t even have the faintest idea of what our purpose is. Making a livelihood has become our life agenda. Interestingly, life makes a lot of meaning when purpose is what matters. It’s therefore very important that we get a hold of this part of our lives.

On a Survey list of 100 people at 25 on a career path till 65 in America, it was discovered that at 65 –
• 54% are dependent
• 16% are still working
• 24% are dead
• 5% are independent
• 1% is free

I’m sure the numbers are not any better in my part of the world.

I was in a class sometimes ago where we discussed financial freedom. My observation from that class and many others I’ve been in or facilitated is that people are very ignorant of why they need to be financially free or what it entails. They feel money is not guaranteed for everyone. They feel enemies are at work so what can they do anyway. As the handiwork of the Creator, you and I were made for a purpose. Make a decision today that you will not be a passerby. Decide to make a change in the sands of time and die empty. Don’t be one of those that enrich the grave. The fact is that when we are devoid of money problems, we are more open to do all we have to do to achieve our purpose.

Having said all these, the reality is that financial freedom is not a joke. We need to understand what it is all about so we can work towards it. Are you working towards financial freedom? Where are you on the path to financial freedom? Do you even know what it means? A well respected colleague of mine, Charles Ezeh did justice to the topic, Steps to Financial Freedom on his blog a few days ago. You can understand what Financial Freedom is, where you are and where you ought to be on http://wp.me/p3tXYw-2m.

Begin today to take the daily required steps towards financial freedom. And if you need guidance I will be delighted to be of help. Send me a personal message on gbonjute@yahoo.co.uk and we will take it on from there.