This particular day, I got the usual e-mail course tips from Stephanie Obi of Step-B School and the topic was "How Arese Sold out her book in few days". So I was curious, I though it was A'rese Emokpae that won the recent 'The Voice Nigeria'. So I read through and before I knew it I was researching on Arese Ugwu.
Arese Ugwu is the founder of Smart Money Africa a personal finance platform for the African millennial (generation Y). She is a contributor to the Guardian newspaper, the host on Guardian TV’s new personal finance show “Your Life Your Money”, and a co-host for “Analyse This” on Ndani TV. She has helped shape the new narrative on personal finance in the media. She serves on several boards including House of Tara and the Nigeria Higher Education Foundation as a non-executive director, and is also an associate member of WIMBIZ, serving on its planning committee since 2015.
Powerful woman, ba? Lol! I was so impressed especially after going through her blog on personal finances. Before I knew it, I found my self buying her "The Smart Money Woman". Immediately I got the book, I could not put it down. I marked every section that 'oohed' or 'aahed' me with my pink marker...Lol! Even was husband was intrigued by the way I carried and read the book everywhere I went. I kept saying to myself "Kia! My financial status must change,o!" And I kept singing "We making money, we making money, we making money this year"...LOL! My dear, we NEED to,o! This recession is a WAKE UP CALL for us Nigerians!
I had just finished reading and digesting the book when I found out on her Instagram page that she had a book tour in Victoria Island, Lagos. So I registered and headed there with my copy of the 'Smart Money Woman'. Got her to autograph my book and of course took a picture with her.
With Arese Ugwu - Smart Money Woman
Picture Credit: Arese's IG
I learnt the following lessons from her book and from her book tour:
* There is nothing as good as having financial freedom
* Life happens, so start planning how to save and invest your money wisely
* Learn to track your expenses
* Have money goals and try and put them in portfolios
* Know your net worth. Your assets, not your bank account, determine your net worth.
* Develop a sustainable budget by having a Spending Plan (SP) e.g. Learn to divide your income into three sections: Long term financial goal (LTF), Short term financial goal (SFG) and Living Expense (LE) + include an Emergency Fund (EF). I shall not explain them..go, buy and read her book *sticks out tongue*
* Learn to grow your network. Your network is your net worth!
* Invest...Invest...Invest!!!! It is not enough to save ya money...Go put am somewhere were you fit make money on top of am! *speaking pidgin English for those who don't understand...lol!* Invest in stocks, real estate, money market (Treasury bills, bonds, mutual funds, e.t.c)
* Pick and work with an investment firm that would guide you with your investment needs. She highly advised you work with an investment firm that has a long and good tracking records. Also she advised that you do your own research on what investment options are available to you in Nigeria. Go check the Nigerian stock exchange website.
* The Cardinal Rule: DO NOT Invest in things you DON'T UNDERSTAND,o!!!!
* Discover your purpose and apply it to MAKE money, KEEP money and GROW money.
* The one that HIT me is that building wealth is more about creating more options that would create long term investments for you...multiple streams of income!!!
* Entrepreneurship is not really for everyone. Find your niche where you work and build on it. Though she encourages the entrepreneurship way, she advises that we learn to build our careers to the point that when we decide we want to become an entrepreneur, you are full kitted with tremendous skills to stand on your own.
What I loved most about the book was the story line that focused on Zuri, the main character, who was on her journey to financial freedom. I liked the way she gave 'Smart Money Lessons' at the end of each chapter relating it to the chapter's story line. That was awesome.
You can buy the book from her website here.
You can get it on Amazon here.
For procedures on how and where to buy, click here.