In December, we hosted Rina Hicks for #AfterOfficeHours. She is the Director at Faida Investment Bank, an author of the book Money-Wise: Create, Grow and Preserve Wealth (2016), a Certified Professional Coach, and a member of the ICF.
From investments to creating wealth, Covid-19 and redefining success, here are a few take-aways from the session:
Rina advised that people should focus more on spreading their risk no matter the risk appetite, it would not make financial sense to have all your savings into one investment pool just because it promises a great return.
It goes without saying that most investments come with an element of risk and it is important to analyze that risk before investing your money.
She also advised that people should also invest some of their money in liquid, safe and secure options Some of those safe secure options include Treasury Bills, Fixed Deposit accounts, and money market funds from solid institutions.
“With an income of whatever amount, good management and time, you can grow wealth,” she added.
One can never be too prepared more so when it comes to matters that are out of our control like the shaky economic environment we are experiencing as a nation right now, however, Rina explained that as an entrepreneur the times didn’t come in as quite a shock as shock.
“Kenya has an economic downtime spanning five years, mostly propelled by the Election period. The year 2017/2018 had really prepared us in some way for the harsh economic season that we are experiencing now,” explained Rina. However, what her company was not ready for was the whole working from home concept.
The concept could not work well, they then opted to work in shifts and over the period Rina explains that they have since realized that physical connection is quite important for teams.
The season also gave her time to really understand her team and find better ways to engage with them.
With the election year just around the corner, Rina advises on people taking time to think more on the right ways to invest their monies and start as early as now.
During the session, Rina also alluded to the fact that one should never stop investing in themselves. Keep abreast of the latest trends in your industry and be at the top of your game by picking up new skills online that a potential employer or your business would appreciate. Stay fresh. Network, make and maintain important connections.
“Being able to develop yourself and gain rightful skills never goes to waste” she said. Always aim at learning a new skill occasionally especially now with the availability of an array of online courses that can always help you gain knowledge at a minimum fee.
Rina explained that over time one should learn to evolve with the times. Try out new things and do not get trapped into doing old things. If you are an entrepreneur adopt new ways and new technologies that will help you position yourself and business. Leverage on digital platforms to offer your services.
If to you success has always looked like progressing steadily in your field and then landing the corner office at the end of six to 10 years, you may need to widen your scope of what success means and at the same time still be proud of the strides you make – big or small.
This could mean being open to relocate or change your speciality or field as trends ebb and flow.
Flexibility over a rigid plan will win every time. In the words of W. Brett Wilson, author of Redefining Success, “Don’t fear the unknown; embrace the opportunity.”
To Rina having a goal in mind is important as well as well as having a focus and success definition that helps you know and focus on what you want to achieve over the years.
To her Success to me is the ability to know what I want to be and want to do and being able to exercise my gifting in helping others.”