Chachanomics Money Talks

Importance of Financial Literacy 1. What is financial literacy? Financial literacy refers to the ability to understand basic financial concepts  and exercise right judgement in making wise financial decisions. The basic concepts we need to understand and put into practice include: financial planning, budgeting,  saving, managing debts, calculating net worth, investing and estate management. 2. Why do we need financial literacy? Lack of personal financial mastery is an offshoot of financial illiteracy and is the number one cause of stress in Africa. Financial illiteracy contributes to many cases of family conflicts, marital breakdown, mismanagement of both personal and institutional/religious/gov't funds,  borrowing for consumption, engaging in misguided investments  etc.  Financial literacy is crucial in planning one's finances by budgeting and keeping track of one's money, knowing what percentage of the total income to save, using power of leverage to make more...

 My Presentation at Egesa FM Kanyeka Talkshow on Monday 12th Oct. 2020 at 9.30pm Host: Sorobi Moturi Erastus  Guest: Chacha Nyaigoti Bichang'a, Personal Financial Coach & Author of "Mastering Your Money" Topic: Wise Ways of Protecting Our Assets Key areas of focus 1. Meaning of the term "asset" and "asset protection" 2. Examples of assets  3. Why we need to protect assets 4. 5 main ways of protecting assets 5. Parting shot/conclusion Meaning of an asset An asset is anything you own that has monetary value and can generate income.  * Examples: livestock,  crops, trees, chicken,  handcart/mkokoteni,  motor cycle, business of any kind, rental house or building (not residential one),  land (leasing or farming, not an idle land), stocks,  unit trusts,  govt securities, savings in bank accounts (earning interest) etc.  Asset protection means the process of safeguarding our assets from wastage or any unforeseen loss due to theft, death...

  Saturday Nation Magazine Question and Answer Session with   Personal Finance Columnist Kinuthia Mburu on 3rd October, 2020   1). What is your name, where do you work and what position do you occupy there? What's the business all about? What does it deal in? What makes your business unique? My name is Chacha Nyaigoti Bichang’a , a Lecturer, Trade Unionist and a Personal Financial Coach. I am the Founding CEO of Chachanomics Limited, a Consulting Company that offers mentorship and coaching programmes. Our mentorship and coaching programmes are unique because we not only focus on personal financial management, but also mental and relationship wellness to ensure that our clients undergo a wholistic transformation. We offer one-on-one coaching sessions, 3 – 6 months’ personal financial and life skills training, corporate and institutional talks. 2). What has been your greatest milestone and how did you come to achieve it? (Please be detailed with a personal exampl...

How Can You Improve the Way You Relate with Money?  Most people have a love-hate relationship with money. This unhealthy relationship with money is largely caused by our past experiences about money when we were young and growing up that formed our financial beliefs.  Our beliefs in turn created our thoughts which ultimately influence our actions and behaviour patterns.  For instance,  if you were told "Money is scarce and evil", you grew up believing "Money is not enough and is a bad thing". This in turn will influence your thinking, "I cannot make more money." Eventually, you will end up spending recklessly without a budget, buying liabilities and being heavily trapped in a vicious of bad debts.  Three critical question to reflect on: 1. If money were to describe you, what will it say about how you handle it? 2. Is your relationship with money healthy or unhealthy? 3. How can you improve the way in which you relate with money? If money were asked to desc...

Understanding the Nature and Purpose of Money Many people journey through the school of life wondering, ‘What is money really about?’ More importantly, some ask themselves, ‘How can I overcome my financial probl0ems? Moreover, Has  your ATM ever rejected you because of unwithdrawable account balance? Do you usually spend money without a budget? Have you ever spent windfall cash in your account without first finding out the source and budgeting for it? These questions sound simple and commonplace but challenging when it comes to writing down the answers. They have a direct connection with the mind. That is, your attitudes, perceptions, beliefs and feelings which are determined by your sub-conscious mind. The subject of money is very controversial, emotive and tabooed or hardly spoken about in many African societies. Despite its numerous benefits as a store of value and an enabler, money is the most nicknamed concept in all human languages. Some call it a flower, blesser, the ...