Just Ivy Africa
@JustIvyAfrica
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Digital Creator | Financial Literacy | Thinkfluencer | Ms Money Monday 100 Most Impactful Voices Africa 2024 Founder @the_movers_society_ (IG) @fiscally_fit_ (IG)
Nairobi, Kenya
Joined February 2021
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The Office of the Auditor General is almost the only thing working in Kenya. Their work, though commendable, their findings are really quite sad.
They published their report on the FY 21/22, 22/23. Here is a THREAD of the 8 worst corruption findings of the reports:
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The Central Bank of Kenya recently conducted a survey on the job market in Kenya’s private sector, and a few things in their report caught my eye:
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For everyone earning a salary, you might want to read this as it is soon to heavily affect your paycheck. And that is not the worst part; its operation is very vulnerable to corruption.
Let’s discuss the Social Health Insurance Fund (SHIF):
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When you start reaching your mid-20s and beyond, adulthood can creep in real quick and trap us in a lifetime rat race with finances: living on your own, getting a job or starting a business, and maybe even beginning a family. Here are 6 very important money skills.
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1. The audit revealed that the Kenyan government cannot account for Sh1.1 trillion in borrowed funds between 2010 and 2021.
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2. The audit revealed that Nairobi City County irregularly transferred Sh9.3 billion through KRA bank accounts over 13 months, from September 15, 2022, to June 2023, without a valid agreement.
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3. The audit revealed that Sh9 billion was embezzled from the NHIF last year, with NHIF disbursing Sh9,968,332 for 1,009 fraudulent claims.
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NOTE: The Auditor General received only 9.8% 31M out of 175M allocated.
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According to Psychologists, there are four types of Intelligence:
1. Intelligence Quotient (IQ)
2. Emotional Quotient (EQ)
3. Social Quotient (SQ)
4. Adversity Quotient (AQ)
A THREAD
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8. The audit revealed that over Sh14 billion of taxpayers' money is unaccounted for in Kenyan public universities.
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4. The audit revealed that Kenyan oil marketers overcharged customers by Sh5.4 billion in unjustified delay fees between April 2021 and June 2022, with Sh3.2 billion added to pump prices and Sh2.2 billion for "administrative costs".
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7. The audit revealed that the office of the President and the Deputy President withheld information on the companies and individuals awarded tenders.
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5. The audit revealed that 564 tonnes of fertiliser donated by Russia to Kenya last year vanished in transit. (Estimated to worth: 44 Million KES)
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6. The audit revealed that as of June 30, 2023, a supplier delivered 4M smart cards and received payments totaling Sh1.1B. However, only 1.4M cards were printed over the past six years, leaving 2.6M cards unused in NTSA’s possession, valued at Sh788M.
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1. 22% of CEOs implemented job cuts in the first quarter of 2024.
2. Another 20% of CEOs anticipate even more job cuts in the second quarter of 2024.
3. 34% of CEOs also witnessed their sales drop in the first quarter of 2024 compared to the last quarter of 2023.
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If you want to make the most of your income, FRUGALITY has to be a part of you. A frugal person is basically someone that knows the value of their time, happiness and overall well-being and prioritizes their spending accordingly. FRUGALITY is not being CHEAP, let me explain. 🧵
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These figures are not just numbers but they represent real people and livelihoods. It is a reminder of how volatile the Kenyan job market can be, with some economists voicing concerns that we are heading towards a challenging period for the Kenyan economy.
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Now more than ever, it's time for employees to upskill to make themselves more valuable to their current or future employers. In a landscape where job security can no longer be taken for granted, enhancing one’s skill set can provide a much-needed edge.
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I recently came across a success tip by Sam Altman, CEO OpenAI (ChatGPT)called "Cultivated Delusion." The idea is simple:
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Why Does the Gov't Sell Bonds to the Public When They Can Just Print Money?
As simple as this question sounds, it's surprising that not many can answer factually. Let me try to break down; the relationship between gov't/T-bonds, interest rates, money printing, and inflation.
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Embarrassment is the cost of entry.
If you are not willing to look like a foolish beginner, you’ll never become a graceful master.
- Ed Latimore
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4. The manufacturing sector was the hardest hit, with 46% of the sector recording lower sales/orders in Q1 2024 compared to Q4 2023.
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The
@FordFoundation
was recently chosen by the Kenyan gov’t to bear blame as they refused to believe/admit their incompetencies ‘sponsored’ protests.
I researched the Ford Foundation and what I found was a very interesting philanthropic institution that I’d like to talk about:
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WHEN – and not IF – we fix Kenya, we need to look into domestic debt as the solution to the debt problem. When we collectively develop the habit of saving through the financial institutions in the country, we will be steering us to prosperity as Japan did:🧵
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"Why is my MMF giving 11% returns when most are at 15% and up, and gov't bonds are offering interest rates of between 16 - 18%?"
"Should I shift MMFs?"
I've received such questions a lot, and I finally have an answer. The short answer is market adaptability. But let me explain:
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On
#MoneyMonday
yesterday, we discussed PAYSLIPS.
Here's a brief snippet of our discussion.
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I recently came across an intriguing concept called Hedonic Adaptation. What is HEDONIC ADAPTATION?🧵
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Meta (Instagram and Facebook) monetization is coming to Nigeria and Kenya in June 2024. Here's what you need to know if you're looking to benefit from it. 🧵
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You must gain control of your money or the lack of it will forever control you.
- Dave Ramsey
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When you approach 22+ and start earning money or have the potential to earn money, there are mindsets that you need to drop; otherwise, they will hold back your financial growth.
Here are 9 mindsets to get rid of:
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We pay more for similar services but it's wrong when digital creators do it🤷🏽♀️
Aki influencers si watatumaliza. $ 50 an hour???? Eish
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Murphy’s Law, which states that anything that can go wrong, will go wrong, is the reason why having a buffer in case of an emergency is not only good for peace of mind but also tends to keep those emergencies 'away'. I'd like to share some knowledge about Emergency Funds today.
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What do you think?
Would love to hear from those who followed their passion and those who are still searching.
Let's talk.
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But the issue is not just these large amounts; the issue is paying so much to actually receive nothing, as we have witnessed with NHIF. Recently, an audit on NHIF revealed a 368M variance between claims paid and hospital bills. When asked, NHIF attributed this to ‘typing errors.’
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1. Creating a basic budget.
This cliché tip is overlooked by so many, but a budget is very important to stop you from LIVING BEYOND YOUR MEANS, which is the single most common primary cause of financial insecurity.
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Lately, there has been a discussion around women's maternal health in Kenya. Did you know there's a bill in parliament that seeks to extend maternity leave by adding three more months?
Here's how maternity leave in different countries in the world looks like.🧵🧵🧵
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I listened to a video the other day that explained an interesting concept: The 4 Levels of Value. Turns out, the income you earn and the impact you make are based on the level of value you provide. These are the levels:
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Quote Of The Week
"The day you stop investing in yourself is the day your anxiety makes a comeback. Keep training, learning, challenging yourself with difficult goals: it's also the secret of peace of mind."
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Two weeks ago, the first edition of Fiscally Fit was launched by
@ChikiKuruka
and myself. The program aims to create opportunities for women to elevate their finances, fitness, and wellness, as well as network with other brilliant women. 1/3
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We've previously discussed compounding in terms of finances, but today I want to focus on compounding in terms of habits. A SHORT THREAD.
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People judge you based on where you are at currently, not what you could become eventually. Don't let commentsstop you from trying. Focus on getting better. Someone else's analysis of your current position doesn't tell you anything about your current potential.
- James Clear
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"Spend less than you earn and build wealth. Spend more than you earn, and you become poor."
Mastering the skill of sticking to your budget is essential to achieving financial security. Today, we'll move beyond theory and dive into practical tips for budgeting.
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Building an emergency fund, such as one offered by
@Kuza_Asset
’s MMF, is also very important as a fall back in this unpredictable Kenyan job market.
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I've spent the past week going through the Finance Bill 2024, and the Motor Vehicle Tax, while concerning, seems to be a mere distraction compared to other deeper issues.
Here are 10 concerning but less known tax proposals in the Finance Bill 2024🧵
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I can get distracted really easily while at work. One minute i’m writing a script, the next I’m shooting content and the script gets done at the end of the day 🤦🏽♀ In my research to try and find ways to help my situation, I encountered the ‘Ivy Lee Method.' A THREAD.
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If you want to be rich, then be kind.
It’s hard to create wealth unless you work well with others, and it's hard to work well with others if you are unlikable.
Even if you can build wealth without kindness, rich jerks end up poor in friendship.
~ James Clear
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In his book, "Psychology of Money," Morgan Housel talks about a concept that he believes anyone trying to be happy in life should understand. He calls it the "Man in The Car Paradox." For those not familiar with it, let me explain. A SHORT THREAD.
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Since SHIF is now an Act, the options for it to be scrapped or at least reviewed lie with our courts. In my opinion, the solution to the corruption and ineffectiveness of NHIF is not a new fund; the government needs to fix NHIF.
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QUOTE OF THE WEEK
No one can accurately predict the future, but we all think we can. People’s advice is based on their fears, experiences, prejudices, and at the end of the day, their advice is just that: it’s theirs, not yours. YOU and NOW are a unique occurrence.
~Mark Manson
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GIVEAWAY ALERT✨
'The Psychology of Money' is a must-read for anyone looking to improve their financial literacy and well-being. The following are my key lessons from the book.🧵
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Pink Tax is the phenomenon where products marketed towards women are priced higher than similar products marketed towards men. It refers to the discriminatory pricing that inflates the cost of goods targeted at women, affecting their buying power and financial well-being.
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2. Calculating your savings rate.
Once you have a budget and an understanding of your income and expenses, you can calculate your potential savings rate: subtract expenses from the total monthly income to understand the maximum you could save.
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QUOTE OF THE WEEK
When you've worked hard, and done well, and walked through that doorway of opportunity, you do not slam it shut behind you. You reach back and you give other folks the same chances that helped you succeed.
- Michelle Obama
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Kenya is ranked third most sustainable economy in Africa by UNEP, which is impressive. However, we can all work towards making it even better by ensuring that Kenya's economy continues to thrive in a sustainable manner. Here are a few ways that you, can contribute to this effort.
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4. Understanding the basics of frugality.
Frugality means prioritizing money on what is important to you and cutting spending on things that are not.
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“You need to hate the country enough to change it, but love it enough to consider it worth changing”
Activism is the offspring of dark pessimism and frenzied optimism, working in tandem.
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Meta announced a change of IG algorithm to favour small creators with original content that can go viral. It is about to be what TikTok was in 2020, and it’s perfect for upcoming influencers. Here’s what we learnt from TikTok that will help you take advantage of new IG algorithm:
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And that’s not all. There are also limitations on what SHIF can cover. For example, with SHIF, cesarean pregnancies are allocated only 32K! This is not even close to what they actually cost.
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The big concern with SHIF is that Health Insurance Claims have been allowed to be managed by third parties. This is essentially the government handing public funds to private companies, and we all know how corruption thrives in Kenya within such tenders and contracts.
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Money mindsets are like the water that surrounds a fish; they are impossible to see unless you look from the outside. Most of us grew up in a culture ingrained with hundreds of such mindsets, which we'll dissect today.
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“People don’t decide their futures, they decide their habits and their habits decide their futures.”
- F.M. Alexander
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Always check the following 14 things when choosing a Money Market Fund in Kenya. 🧵
(Bookmark This For Later)
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QUOTE OF THE WEEK
Anyone can work hard when they feel motivated. It is the ability to keep going when the work isn't exciting that makes the difference.
- James Clear
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I’ve recently been learning about Emotional Intelligence (EQ) - the perceived key to personal and professional success, fulfilling relationships, and overall well-being. I thought I’d share my takeaways.
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We can only hope for a better report at the end of quarter two, as most of these issues facing businesses and employers are government policy-based.
Anyway, have YOU felt these statistics, and if yes, what are you doing to adapt?
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“Everyone must choose one of two pains: The pain of discipline or the pain of regret”
- Jim Rohn
Choose wisely!
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"Your fate is not defined by where you were born, or whether your parents were rich, educated, well connected.
It is defined by who you believe you could be, where you believe you could end up, and the subsequent efforts and sacrifices you are ready to make to get there."
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'Good debt is a powerful tool but bad debt can kill you' - Robert Kiyosaki. Is it good debt because I took it to start a business? NO. Is it bad debt because I used it to buy a luxury? NO. Good V Bad Debt. Let's break it down. A THREAD.
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3. Paying yourself first.
Most people work for a paycheck, pay all their necessities and bills and then try to save for a better future. This concept flips this by putting money into your savings, an emergency fund, or your investments automatically before paying bills.
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It is really unfair to most when similar amounts of SHIF premiums could get someone very comprehensive health insurance elsewhere.
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We all know how important NETWORKING is for career progression. But most of us view it wrongly. 🧵
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Morgan Housel said that the fact that there's a lot of effort put on one side of the financial equation (growing your incomes) and so little put on the other side (frugality and efficiency) is an opportunity for those who realize.
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Equity is … giving an ‘influencer’ a seat at a table with various heads of department from
@AbsaKenya
for A Womens Day Discussion.
Thank you to my fellow panellists for teaching me so much, and thank you
@AbsaKenya
for believing in me and giving me a chance to do this.
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5. Investment assets.
One of the most important money skills to master is the power of investing. You'll need to understand and engage in various investment assets and diversification options you have, such as stocks, bonds, index funds, ETFs, real estate, etc.
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QUOTE OF THE WEEK
Someone told me that growth and comfort do not coexist. And I think that's a very important thing to remember
- Ginni Rometty
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The government recently spent 5B on the ICT system of the SHIF, which will have Kenyans pay 2.75% of their salaries to the Fund. Unlike the NHIF, which had a 1700 KES cap, SHIF's 2.75% is consistent. Let us look at this % in terms of your hard-earned money.
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Drafters of the bill said they have removed contentious issues from THEIR🤦♀️ Finance Bill 2024 (some of which I mentioned in the quoted post )
But as much as they've conceded to removing quite a number of them, there are still some remaining🧵
I've spent the past week going through the Finance Bill 2024, and the Motor Vehicle Tax, while concerning, seems to be a mere distraction compared to other deeper issues.
Here are 10 concerning but less known tax proposals in the Finance Bill 2024🧵
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Happy New Month! What better way to celebrate than investing in these sweet Government Bonds.
.
1/6
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This past weekend, I stumbled upon something powerful shared by
@JanetMbugua
, where she discussed the concept of "choosing your hard." 🧵
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QUOTE OF THE WEEK
Everything that irritates us about others can lead us to an understanding of ourselves.
- Carl Jung
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6. Side hustling.
There are numerous ways to make money on the side by leveraging your skills and hobbies. It helps not to put all your eggs in one basket, and if you are lucky, it can become a solid income you ENJOY making.
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"If you are not part of the African Tech Scene you will surely have yourself to blame in the next few years" these are not my words but are the words of Twitter Founder and Billionaire, Jack Dorsey while in Kenya a few days ago🧵.
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Capitalism is a word we hear thrown around a lot. There is even a quote that says,
"Capitalism, with all its flaws, remains the greatest driver of prosperity and quality of life in human history."
But what do we know about this economic system? Today, we'll discuss CAPITALISM.
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Quote of the Week
People with half your talent are making serious waves while you’re waiting to be ready.
- Unknown
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Telling an entrepreneur to never give up can be terrible advice. If something is not working smart people don’t repeat it endlessly.
The question is: how do you know when to give up or stick with it? I recently learnt about the ‘3 stages of failure’ that can help answer this.🧵
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FIRE just like YOLO is gaining a lot of popularity among Millennials and GenZs. But what is FIRE exactly? A THREAD🧵.
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‘I didn’t hire for skill, I hired for attitude because skill can always be taught’ ~
@gina_din
#womeninbusiness
#inspiremeconference2022
@AbsaKenya
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I recently learned that there are four developers in Kenya who have been raking in billions from Netflix, Shell, and Apple for their Carbon Credits. It seems Voluntary Carbon Markets is an emerging venture in Kenya, yet few understand how it works. Let me try to break it down:
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The habit of saving is itself an education; it fosters every virtue, teaches self-denial, cultivates the sense of order, trains to forethought, and so broadens the mind.
- T.T. Munger
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QUOTE OF THE WEEK
Nobody is always happy. Nobody is always sad. Nobody is always winning, or losing. Life unfolds in phases.
Remember this when times get hard, and it becomes enjoyable to push through. Because you know that better times are on the horizon.
- Dan Koe
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I came across this excerpt on the internet and I think YOU should read it:
“There is no penalty for asking. You can apply the same thing 10 times and no one’s gonna get mad at you..."🧵
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With SHIF deductions (which are MANDATORY for ALL) set to start in October, what are your thoughts?
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Over the weekend, I had the privilege of attending a Workshop to talk to young, upcoming content creators on Making Money in the Industry.
I had a great time engaging with a room full of such Brilliant, Young and Hungry minds.
Thank you
@AzziadNasenya
for the opportunity.
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If you found this helpful, and would like to get practical in getting your financials in order, reach out to Movers’ Society (moversociety
@justivyafrica
) for a budgeting tool, saving and investment options.
#justivyafrica
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Robert Kiyosaki, author of "Rich Dad Poor Dad," stated that the goal is not to be rich but to gain financial security. Riches can fluctuate in an instant, while financial security is a mindset that persists over time and can be achieved with proper management of any income level.
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