If money were an animal, what do you think it would be?
Let’s normalise having conversations about money because stories about money are stories about life.
What you need to know:
- The perspectives shared during the 'Stories about Money' session highlighted that money lessons can be learned at any age and stage of life.
- Speakers shared cautionary tales about poor financial decisions like reckless borrowing, spending beyond their means to "keep up appearances".
- Other speakers offered positive lessons like the importance of investing from a young age, thinking innovatively about monetising your skills and having resilience to start small.
I spent Saturday evening listening to six speakers share pivotal events in their lives that either shifted or clarified the relationships they have with money. The speakers ranged from the very young, aka an 18-year-old, to someone in their post retirement season who has reimagined her relationship with money.
Dubbed “Stories about Money” and set against the backdrop of the Financial Literacy Month, which is being championed by Prosper Path, the three-hour session consisted of a mix of stories – from the sad to the humorous, and to the disturbing. The stories had one end goal in mind: Help the audience look internally and examine what is driving their relationship with money. This neatly tied together with the theme for the evening: Inform, inspire, ignite. The Financial Literacy Month is marked annually every April, FYI.
When the MC asked the crowd what animal they think money would be and why, there was an initial silence – maybe guys were shy or were reflecting. My answer (which I didn’t say out loud) was a lion. Money gives me that king of the jungle vibe because it seems to run things. Soon, responses started flowing, fast and thick. “Eagle - it flies away so fast” “Squirrel - it's sneaky” “Serpent - it easily slips away from your hands. But it can also coil around you and take over your life. It can bite you” “Donkey - it’s a tool and obeys what we require of it” “Rabbit - very sly. You need wisdom to handle a sly object” “Amoeba - it is so small, it's hard to see it.
Money lessons
On the brighter side, if you know how to use it, it will multiply” … those are just some of the answers. I don’t know what answer you would have given if you were in that auditorium… but most importantly, what does your answer reveal about what you think of money?
Well, here are some money lessons I picked from the speakers.
The first speaker, the 18-year-old, reminded us that when you have money, you do not just keep it in the pocket or a bank account. You grow it (also called investing) so that it can serve you better. I don’t know if you have an 18-year-old sibling or daughter… what money lessons have you taught her?
The second speaker who is way into her retirement said thinking innovatively about the things that come easily to us can be the start of discovering new ways of making money. In her case, she is a natural at organising her community. What really helped her scale was keeping her eyes open for opportunities to diversify, and saving towards a goal.
The third speaker who got a grant of 15 million to run a project when he was barely in his 20s, was on the way to ruin because he had the ‘I have arrived mentality’. He made many financial decisions without the necessary information. His dad was, thankfully, a great guiding light during that period.
Digital money lending
“I also attended a finance workshop that taught me to think like an entrepreneur, and separate myself from the business,” he said.
The fourth speaker who left the audience in several fits of laughter told a story that was too close to home for many, going by the reaction from the audience, which included interludes of chattering to agree with the points he was making. He had a hunger to achieve so much within a short time, with his ‘small’ pay slip. This drove him down the rabbit hole of digital money lending – borrowing Paul to pay Peter. At the height of it all, his mental health was affected, work productivity reduced and he even contemplated suicide. However, when he shared his experiences with colleagues and friends who had been through similar situations, he became emboldened and continued with his reckless borrowing. It took a call from his grandma (who was among the contacts the money lenders had called to shame him into paying) to reset his brain. His key take away was that before borrowing, think through that decision: What are the terms and conditions? Do you have a clear process of paying back? Are there renegotiation options in case you are not able to pay?
The fifth speaker’s story was weaved around the desire to fit in with the expensive-looking crew. Insta Life, hello? He shared lessons on the resilience to start small, and how to deal with the financial uncertainties of life, which eventually shifted him from the tout mentality he had when managing finances to have a real-life budget to plan his money.
The final speaker reminded us to think about who our next of kin is – beyond the names we write down absentmindedly just to get through the form.
In closing, the founders of Prosper Path, Dolly Sagwe – Onyoni and Kendi Ntwiga shared some reflections. But because I am way past my word count, I will just say; “let’s normalise having conversations about money because stories about money are stories about life.”
The writer is the Research & Impact Editor, NMG
