with Roland Kabanga

Hello lovely people, hope y’all doing well. We loved to share with you some of the Q/A’s session that we’ve had lately from our friend. “Learn everything you need to know about savings with Roland Kabanga”

We hopefully believe this will help one or two people here. Enjoy the reading❤️

-Interviewer: why is it important to save money? (includes the benefits of it with your personal experience)

Kabanga.R : Saving is a real matter these days. My entire life, this has been one of the best pieces of advice I got from one of the people I estimated, “YOU NEED MONEY TOMORROW MORE THAN YOU NEED IT TODAY’’. There is this slogan that’s been trending which says: Y.O.L.O(You Only Live One) and I believe it’s not a great word to stand about when you want to build strong and succeed in what you do. 

The benefits of Saving include:

Security in needy times (in the confinement, I was able to feed myself and my loved ones)

Ability to invest (I started multiple businesses in the past without the bank’s money)

The skill of Prioritization (I learned to say no to unimportant things in order to reach my goals) 

-Interviewer: what should we save for? 

Kabanga.R :Based on my opinion and own experience, there are three types of savings

1. Emergency Fund: At some point, you will see that life is hard and it always has amazing surprises and unexpected circumstances that occur and with that, you have to resolve them and for you to do that you’ll certainly need that money. That is the purpose of this emergency fund. Ex: In February 2019, I got sick unexpectedly in a country without my family near me and since I had my emergency fund, I pulled out some money and my finances were not shaken. 

2. Save to achieve a Goal: When you are working/studying, sometimes, you have to save money to buy essentials such as a house, a car, a wardrobe or a phone that you really need. For you to achieve that, the second part of your savings should be helping you with that.

3. Save to invest: for this last part, I guess everyone has an idea what it’s about, but taking the first step is never easy.

-Interviewer: How to do it? 

Kabanga.R : I will quote one of my mentors in self-development: “What is easy to do is also not easy to do”.Hear me out: Johnny and Ralph are working the same job and Johnny likes what he is doing but doesn’t aspire much. So every day, he goes to work, goes out with friends, dates and lives his best life as much as his salary allows him. Ralph, on the other hand, works but when it’s time to go home, he takes extra classes and starts to learn a new skill or level up his education (Masters degree, Certification, FBA, Copyrighting, Trading, Coding, etc).

Two years later, the company gets bankrupt and then life happens. Ralf has his business of FBA running and is earning money from it while searching for another opportunity. He has an entire group of friends who are entrepreneurs and they start their own company three years later. On the other hand, Johnny is unemployed and starts complaining about the system and ends up in another job and behaving the same way. 

Moral of the story: Investments can be in stocks, bonds, Crypto but the best investment to do is in yourself. There are plenty of ways to invest as you have seen with this story and the beauty is everyone can do that because the best asset we have is time. Invest it wisely. 

-Interviewer: What's the best advice you can give to someone who wants to start saving money? 

Kabanga.R:

If you have a Job:

Step 1. Give yourself a goal of saving 25% for a year

Step 2: Set a Goal to learn something new that you will invest in at the end of the year(sales, marketing, FBA, Trading, Stock investment etc) 

Step 3: Be consistent in saving and make sure you don’t touch that money before the end of the year and if you do have to touch it, split it into 3 and make sure to touch one third considering that it is the emergency fund.

Step 4: Grow your saving by 30% if you feel that it is possible 

Step 5: Search for how to increase your income by having another side hustle.

Step 6: Grow your savings and start investing in what you want

If you are still studying:

Step 1: Save 60% of all the pocket money you get from parents, relatives and gifts

Step 2: Set a Goal to learn a new skill that will help you when you graduate (your passion or something you think will help you such as sales, marketing, trading, etc)

Step 3: Be consistent in saving and make sure you don’t touch that money before the end of your graduation and if you do have to touch that money, split it in 3 and make sure to touch one third considering that it is the emergency fund.

Step 4: Get an internship in the same industry you want to do business in and learn how it is done on the expense of the company

Step 5: Open your business with the money you have saved and start your journey.

These are some of the few steps that will help you maintain a good saving pattern and make a step forward into setting your list of priorities. This will be a life changer if you decide to.

We would like to Thank Roland Kabanga for taking part in our Q/A’s session. 

With great great love,

Igicaniro