Mistakes were made...
Interview with Anonymous for the Bi-monthly Jamii Finance Newsletter
Hi Jamii Finance Reader,
Thank you for the overwhelming feedback on our last issue. We decided to keep this month’s newsletter short and sweet. We will also be changing the format of our newsletter. Instead of having a single monthly newsletter, we will spread out our content between 2 issues in a month; the first will be a long form article and the second will include money management resources. Be on the lookout for the resources issue mid this month.
Isn’t this interviewee all of us? It’s definitely me! Happy reading!
1. Tell us a bit about yourself, what do you do? We want to understand why you’re interested in personal finance (why did you agree to be interviewed?)
I am a programmer by day, independent data-systems researcher by night, which is still around the programmer ballpark region. Why am I interested in personal finance? Basically, I just want to achieve some semblance of financial freedom so that I can be a full-time 'researcher' and put all my focus into it. Why did I agree to be interviewed, I don't know.
2. Haha. I appreciate the honesty. I sent out this request with the sole purpose of identifying young entrepreneurs who are intentionally managing their finances to build wealth. You were the only one to respond and claim that you are bad at managing your finances. What habits do you count as detrimental to your money management?
I am not 100% bad per se, I just don't pay attention to my finances in any form of way. I have this thing in me where I feel things are always going to work out and somehow they always do. Bad habits: I have yet to stabilize my finances and get into a set tempo, I go months without spending anything, then spend all that in weeks. Probably the only good financial act I've done to cap my monthly spend is place a standing order to a different account.
3. Isn’t that all of us!! As a cofounder of a fintech startup, I’m interested in consumers’ money management habits. Why would you say you don’t manage your money well? Would you attribute it to limited information, limited finances, disinterest?
Why don't I manage my money well? If I’m being honest, I didn't expect to earn this much as a first job straight out of college and being jobless for a couple of months 😂, so I just find it overwhelming. And my response is either not to spend at all, or to spend a lot at once. Oh, you're a cofounder, I didn’t know this.👊👊, what's your startup?
4. That’s right, we’re a Y-Combinator finalist startup. We’re building fintech apps in East Africa. What is the best and worst advice you have received regarding personal finances?
Best advice, based on current spending patterns, save for 10-12 months (though i'm sure everyone knows this). Second, for long-term dating or marriage, be with someone in a different industry for instance in my case, someone not in the tech industry), and whose income can also sustain the household in the event that I lose mine. I don't follow it currently, and I’m not sure it’s too practical given how romantic relationships tend to pan out.
The worst advice I got was from a close family member - don't have bank accounts in other foreign countries. I can't risk that, given how volatile things are, and are going to be, in Kenya in election years - I need to have a bank account in another country to reduce risk. And yes, definitely, I need to change behaviour.
That’s interesting. Do you mind elaborating a bit more on this point? You would not date someone in your industry?
It’s definitely impractical. I see the reason why we get this advice - it’s a form of reducing risk especially with the lessons learned from the pandemic. Imagine if both couples were working in hospitality or a similar industry and they both lost their jobs. For me it’s important that my partner is financially independent so if we both worked in tech then we’d almost be assured of high income.
Subscribing to our newsletter, following our twitter posts and keeping up with the Jamii podcast will help you figure out best money management practices :)