Thread by @mentorshipzim

Help us welcome Daniel our next curator. Daniel is an Entrepreneur, He Co-founded NDEIPI Clothing an Urban Wear Street wear Clothing Label. He works for First Mutual Health as an Account Administrator.

He is currently studying towards a CIS Diploma. He is the 2021 JCI Zimbabwe Treasurer. He is a retail trader on Zimbabwe Stock Exchange.
@DannyChax Daniel Chakacha

Thank you so much @mentorshipzim for this great opportunity, to share, learn and inspire. I believe that what I am going to share will make an impact to some .I express my gratitude and greeting to all .

our day is going to be broken as follows, a brief history of myself, where I come from, the present and the future where I am going. We will discuss more about Financial Literacy looking at my what I have leant and my own experience ,a little bit business and investments .

Soon after school I failed to go to Varsity due to circumstances beyond my control then I decided to go to Botswana and then South Africa where I manage to establish an Art and Craft business in Cape town. During that period I learnt a lot about business and I dont regret.

I decided to come back home so I could pursue my studies then I enrolled with Institute of Chartered Secretaries and Administrators, As I have always had a passion in Accounting, I am almost in completion of my Diploma. To learn more please go through icsaz.co.zw/career-opportu…

At the same time I managed to get employed by a local furniture manufacturer and retailer where I manage to get experience in Sales and Credit Control before moving to my current employer where I am an Account Administrator focusing more on Customer Management.

On to the future I see my self as a (CFA), Chartered Financial Analysts so I can pursue my great passion in Finances and Investments, check this our for more information cfainstitute.org/en/programs/cf…

During the same period I managed to Co found @ndeipi_clothing Housed under Ndeipi Designs .An urban wear and street fashion clothing company .I managed to do that through Salary Savings**.

Above all I am a very Active Citizen and a member of @jcizim where I currently hold the position of National Treasurer. I highly recommend Young professionals and young business people to Join the network of young Active Citizens as it gives you the soft skills to scale up.

Reason I shared the brief above is mainly to inspire someone that in life never give up, focus is key until you reach your Goals. Always remember life is never about competition because w have different destinations and we do reach our destinies at different times, so hold up.

Lets talk about financial Literacy, Financial literacy according to @Investopedia is the ability to understand and effectively use various financial skills, including personal management, budgeting and investing. The opposite is financial illiteracy.

The journey to financial freedom requires certain skills that you need to posses .And these skills include
-Discipline
-Determination
-Sacrifice
Without the above it can prove to be a mountain high to climb .

First of all you need to know where you stand financially thus you will need to know your financial networth which can be translated to all that you own (Assets) less All that you owe (Liabilities). This will help you to know where you stand and where you want to go financially.

From every income that you get the principle is to pay yourself first (Saving), depending on the income you can set aside 10% aside and this you will be able to invest for your future. Start from where you are, what is more important is that master the principle of saving ,

This is where you will need that sacrifice because money will never be enough. I have heard of stories people saying, 'with what they earn there is really nothing to save and yes its true I used to be that one person but remember we have to be guided by our goals. There is need

to have a clear financial plan which you can follow. Depending on an individual, choose what is compatible with you on the various ways of saving.

For you to master the concept of saving ,there is much need to use one of the important financial tools which is the budget. This refers to allocating the resources you have
efficiently. I believe the previous curator spoke much on this topic and however I will emphasize its

Importance in this journey. This has been the hardest thing for me to manage because most of the Expenses will always be above the income but bear in mind that once you put it down you will discover there are any number of things that you use money for and not necessary

Those are the ones you need to pluck off first so that you can have a balance. To make saving easy you need to put that 10% as the first item line .Remember to pay yourself first before everything else, Yes including your landlord .

If possible there is need to learn to live on 90% or less of your income ,this will also necessitate you to create an emergency fund where you can save for a rainy day. Having a healthy emergency gives you so much Peace of mind and this am talking from experience.

This does not count how much the money is, it just give you comfort. If you can afford find affordable insurance products which will assist not to withdraw your savings or investments in times of need.

Now that you have managed to grow your savings, there is need to find ways to accumulate capital in projects or Investments that will provide a safe and steady income for you (Passive Income) money has to work for you and you take advantage of compounding..

Interest or profits ,Always be on the lookout and keep working at various ways and means of increasing your income . I recommend if you haven't read 'The Richest Man in Babylon" , you need to and if you have read, start or keep practicing what it says on a repeat basis.

One thing that can take you back on the financial freedom journey is debt, On debt we have good and bad debt. Good debt is the one that you can use for investments or production where the returns must outweigh the interest on the debt and inflation.

Bad debt is money borrowed for consumption with no monetary returns and this must be avoided at all costs as it can sink you faster.

You must work on clearing your debt as fast as you can because this will give you savings from money that would have gone to pay interest. Borrowing can be addictive and one needs to be aware of that at all times .Don't stray away from your financial goals when borrowing.

There are a number of investments vehicles where you can safely place your capital to grow, remember the power is on the compound effect , get the returns and invest back in those vehicles to grow wealth.

Some of the investments options available we and not limited to
-Stocks /Shares
-Unit Trust
-ETFs
-Bonds
-Property
-Fixed deposit Account
-Money Markets .
There are many platforms where one can learn more about these vehicles, some have been shared by previous curators.

In closing let's all remember that focus is key and it can be done. The motto is Save, Save, invest ,do projects to increase income and capital then repeat.
Will see you at the top.We can always continue with the conversations on @DannyChax. Thank you all #itwillendinwealth.