On the latest episode of The Tony Steuer Podcast, I spoke with Benjamin Nathan Otchere, author of The Financial Chalice about the basics of financial literacy.
Benjamin Nathan Otchere is a thought leader in finance and investments, preacher, and author of The Finance Chalice series. Benjamin is currently a portfolio Analyst at SIC Financial Services Ltd, one of the top 5 fund managers ranked by The Securities and Exchange Commission (SEC-GHANA) in Accra-Ghana.
In this episode we discussed:
- His book ”Finance Chalice: Finance Articles for Beginners”
- The Rain Theory of Investment
- Financial issues seen across the globe
On the latest episode of The Tony Steuer Podcast, I spoke with Benjamin Nathan Otchere, author of The Financial Chalice about the basics of financial literacy.
Benjamin Nathan Otchere is a thought leader in finance and investments, preacher, and author of The Finance Chalice series. Benjamin is currently a portfolio Analyst at SIC Financial Services Ltd, one of the top 5 fund managers ranked by The Securities and Exchange Commission (SEC-GHANA) in Accra-Ghana.
In this episode we discussed:
- His book ”Finance Chalice: Finance Articles for Beginners”
- The Rain Theory of Investment
- Financial issues seen across the globe
You're listening to the Tony Steuer Podcast, where Tony interviews financial literacy advocates who are changing the conversation on money. So you can catch up on the latest trends and ideas in the world of financial literacy and education. Presented by Paperwork. Be prepared for life.
Tony:Welcome to the Tony Steuer Podcast presented by Paperwork. I'm pleased to be joined today by Benjamin Nathan Otchere. Benjamin is a financial literacy thought leader, speaker, author, and preacher. In this episode, we'll be discussing Benjamin's book The Finance Chalice: Finance Articles for Beginners, trends in financial literacy, and what are similar financial issues for people around the world. Benjamin, welcome to the Tony Steuer Podcast. Thank you for joining me today.
Benjamin:All right. Thank you, Tony. I'm glad to be here. I will say that is a great honor to be part of this podcast story and thank you. Thank you for, for, for inviting me.
Tony:Yeah, well, I I'm pleased to have you and just talk to you about what you have going on. You're doing some great work. So, you know, to get started, can you tell us a little bit about your origin story? Why are you passionate about financial literacy?
Benjamin:Okay, so Tony, thank you for this question. For every other person who has a sad story as a beginning. And so mine started when I lost my first job. And then I realized I had no money and even if I have money, I didn't know how to manage it. I didn't know how to keep it. I didn't know how to multiply it, even though I was in the financial services industry. So it kept me thinking, it kept me thinking, thinking, then I realized, I know I have to learn, you know, I have to learn about simple and basic money management skills. So I started reading around, I started reading around and it gave me that edge that people will have to know this and if they know it's gonna help them. And then upon the little experience that I had, I realized that people actually didn't know how to keep their money, how to make money and maybe how to multiply. So that is where I started, started writing articles about it, sharing my social media handles, telling people physically, sometimes the small meetings and all that. So that's how it all started.
Tony:Well, that that's great. And that's a similar story to what many people have is that, you know, they come to a spot in their life or something happens and then all of a sudden they have to pay attention to money where it hasn't been, an issue before. So that that's great. So you know, let's talk a little bit about your book, Finance Chalice: Finance Articles for Beginners. What inspired you to write your book?
Benjamin:Okay. So a little background about this book, is, is a book in series. I didn't want to write a one time thing. So I have Finance Chalice one and then I have Finance Chalice two. Okay. So, the inspiration came from having to reach more people with the news of basic money management skills, the basic things that we need to know about money, life, the basic things we need to know about financial life and then all that comes with it. So I decided to write on certain topics, we put them together. So within a year, at least I should have about 12 articles or more written, put them together as, as an ebook and then put it out there for people to also look at what insight they can get and improve their financial life.
Tony:Well, that's great. And, and I think that's a, a really effective way to do it is because people can relate to your personal story and to see themselves in your story. So that, that's a great way to do it. Yeah. So one of the things you talk about, which I thought was really interesting is the rain theory of investment. What is the rain theory of investment?
Benjamin:Okay, Tony, that's a good question. I remember a short story about that. I mean, it's, it's an interesting story. And after writing it, some people were telling me this there's not a real one. They cannot, I mean, it cannot be done. And I told them that fine. Maybe that's what you think, but I think that it can be done. I've I've done that before, it worked, but I mean, things happen, but it it's still a good principle. So the rain theory of investment, it just states that the little drops of money or the penny you drop in that piggy bank can someday give you a treasury, you know? So it, it just speak from how the rain starts falling. So it starts drizzling, one drops, one drop from the sky, one drop from the sky before you realize the gutter going into the river is kind of full. So it's from this small jobs, jobs, jobs that made it the river and it became full. So I was, I was talking about the rain theory of investment where people didn't actually agree with me and fortunately, my wife said, this is a great principle. Okay. So when somebody uses it, it's gonna work. So that's how I thought about. So that's small drops. They get down here. When you watch the gutter or even put down a chalice or a basin, it's gonna go up or it's gonna be full. So if you are able to put down some dollars, you're able to down some CDs or pennies, passwords down in your piggy box, or in a savings account, someday somehow it is gonna become a treasury and you can actually feed from that treasury. So that is the rain theory of investment.
Tony:I think that's great is for a couple reasons. One, I think it's something that people can understand, which is super important, but I think it's also something that's understandable and it reinforces our principle that, you know, it's one small step that you don't build a treasury overnight. You have to work at it and do small bites. So I, I, I think that's a fantastic theory. I'm with your wife on that one. So that's great. So you're involved in financial literacy education, what are some of the trends that you're seeing in financial literacy education? Are you seeing change?
Benjamin:Yeah, this, I think this is a good question. I'm seeing a lot of changes in the space. Number one, mainly I've seen this by tweeting, I'm seeing females in financial literacy where they really want to champion their advocacy in females. How to empower them, to take charge of their financial lives and then how to help them to also establish other streams of income. Another one I'm seeing right now is kids. I mean, trying to educate them on personal finance life, how the kid can see money, how it's supposed to be seen and how they can save and how probably they can invest. And, you know, these things are not taught in schools. There's nowhere in this world that I've seen, I, I, I get to read about some states in the US having to advocate for a policy on that, but I've not really seen the realization and implementation. So it's a good thing that is happening in this space. At least you get to teach your child how to keep money, not just to go to school and teach him about life and all that. But you get also teach him on how money works, you understand. And the last thing I'm seeing around is people have to do a lot of conferences, mainly on finances, mainly on finances, nothing more, nothing less. So we are talking about finances and it's finances all the way, all the resource people are gonna talk about finances from different angles all together. So these are the main trends I'm seeing in, in, in the financial literacy space at the moment.
Tony:Yeah. That I, I would agree. I'm seeing a lot of movement in, you know, people who traditionally the financial services industry has not talked to, I guess, for lack of a better word and, you know, women, children, sometimes other ethnicities in, in the states. So just spreading the word to everyone, but I think it's so important as, as you mentioned for kids to learn about money, kids are dealing with money, you know, that principle of like, Hey, I wanna buy a toy and helping them understand that. So that that's great. Have you done any work with kids yourself?
Benjamin:Well, no. No, not yet I haven't done any work with kids, but I keep, I keep learning on how you can train your kids when it comes to money. Because you know, I have a daughter and I'm wishing to start teaching her at this stage because I realize that money management skill is one important thing in life everyone should have. Because for us to even get on this podcast, you'll need some data OK. For us to even get on this portal, you have to have a smartphone or a laptop. You need to get your, you get all these things in place. And before you get them, you need money to exchange that service. So how do you make that money to exchange that service? You get it. So we need actually give this kind of treasured skill what is everlasting to our kids. So that at least when they grow up and then we cannot live. I mean, I think it's a legacy and an inheritance to give your kid, I mean, a money management skill. You get it. So I'm not yet, I've not yet started something like that, but maybe in the future, I'm gonna go into that.
Tony:Well, that's great. Yeah. It, it's not something I've gotten into myself, but you know, I, I, I do work with my son. I have a son. And so we go through some of those issues, but I, I agree with you. It is a gift that we give to our children because everything, you know, somewhat touches on money and, you know, money, money makes things happen fortunately, or unfortunately, but it is what it is. So you know, we, we're talking we're in different countries is what do you feel are some common financial issues for people all over the world?
Benjamin:Okay. That's a very tight question. Tony for, in Ghana here and probably is the case all over the world, I read more of articles and news for the states like CNBC and Business Insider and all those. So I realize that the, the problems there are virtually a reflect of what have here. So mainly the problem that I'm seeing, maybe lemme categorize them into three. Number one is how people can actually create a budget and stay with it. I mean, there's a whole conversation we can start on budget. I mean, how to understand it, what it means to have it, what it can do for you. The component of the budget, looking at the income side, the expenditure side, the[inaudible] side, even the analytical aspect of it, you get it. And then some adjustment and you can do on a budget. This is a whole curriculum altogether. And so this is one main thing that people are struggling with. Number two is how people can actually plan and save for their retirement. A lot of people keep asking me, so how much will I need for retirement? How much do you think is good to retire with? How much do I need to pay every month to, to create a retirement? What are some of the investment opportunities to invest my money when it comes to retirement? So retirement is another thing to do. And more importantly, how people can manage their expenditure. When somebody gets money's thinking about how I can spend this money. And of course it goes back to the budget. So you're able to manage or lemme say do well with your money management. That is where you have enough work to invest or to put aside. So these, I think are the three main challenges that we can see all over the world. It's in India it's in Africa, it'sin Ghana, it's in the states, Canada, and all over. So this is what I think. Yeah,
Tony:Yeah, no, I, I agree. I see those as common issues, as well as, you know, people all over the world, no matter who they are face, those same issues of budgeting. Spend less than you make and put some aside like, you know, I love your rain theory of investment, you know, it's just those little raindrops, let, let them build up. So what, what is unique about finances in Ghana? Is there something different that's happening over there?
Benjamin:Okay. So in Ghana we have a couple of guys working in the financial industry space. I will say that what is unique is actually how people see money and how they have this kind ownership over money. Cause you say, this is your money. You get to invest it or money the way you want it. But I can tell you for sure that if you have a personal finance advisor, I mean, you can do better. Okay. You can do better so that they, I mean, the only thing is that people see money in Ghana and the ownership of money is different here. We get it. So I think that is what is unique here in Ghana. And one thing is that we also don't have a lot of certified financial planners in Ghana. We don't have personal finance services companies in Ghana who are able to sit down and say, look, I'm consulting for these clients. I need to help them with their personal finances here and there and all that. So these are some of the unique things that money read started by financial literacy organization is trying to bring into the space. We're hoping to target institutions and then speak to them during workshops, seminar, and all that, and bring them together to understand what money and what they can do with their money.
Tony:That's great. And, and I think that's a really good point for people to recognize is that, you know, financial literacy, hasn't made it into all corners of the world. That, that, that we need to continue to spread the word to different communities, to different states, to different countries. Because there's still a lot of work to do and a lot of people to help. And that's, that's really interesting. So as we wrap up, what is your number one tip for people on being financially prepared?
Benjamin:Okay. So my number one thing is gonna be budget. You need to budget. That's all I I'll have to say. So if you budget, it'll bring you to how you can give how you can do your charity work. If you are a Christian, how you can pay your tithe, how you can prepare for vacations and retirement and how to manage your expenses. And that is what is going to bring you to the boulevard of financial independence. If you don't have that skill and you don't master the skill of budgeting your money, you are gonna be in shambles and mind you, all those listening, you should understand and realize that financial literacy is a critical and an important block in the foundation of every micro and macro economy. Maybe I should repeat that part again. Financial literacy is the critical and important block in the foundation of a micro and macro economy. What do we mean by this? It means that if you don't have it, if you build that house, it's gonna crumple down, so you need to have it. Yeah.
Tony:I, I, I think that's, that's great advice and that really sums it up is that the, the first thing is to start learning, to just start on that road is even before budgeting because you need to learn what a budget is. So that's right. That basic literacy. So that's, that's fantastic. So Benjamin, where can people learn more about you? How can they get in touch with you?
Benjamin:Okay. So I mean, because of social media we can get in touch and you can find me on Facebook. The name is Benjamin Nathan Otchere. Benjamin Nathan Otchere on Facebook, and you can find me on Instagram otchereb44.@otchereb44, and then maybe you can visit me on my website www. moneyread.wordpress. com www.moneyread.wordpress.com you can send me a message, you can PM me on Facebook, on Instagram, and also on LinkedIn. The name is Benjamin Nathan Otchere if you send message. I'm going to help you. I'm going to help you with all your money issues. And then, I mean, we can take it from there.
Tony:Well, fantastic. And of course, people can find your book on Amazon. So, you know, exactly,
Benjamin:Exactly. I, I almost forgot. I mean, there, there's more coming up. I'm hoping to release my book titled Smart Budgeting. So I mean, people can watch out for that. Yeah.
Tony:Well, that's great. Yeah. And for people who are listening or watching, of course, I'll post all those links in the show notes for you. So that's great, Benjamin. Thank you so much for joining me today. It's been a pleasure.
Benjamin:Thank you. Also, Tony, I'm very grateful for this invitation and hope to be back here again. Yeah,
Tony:That's great. Well, I, I appreciate it. And to everyone out there, thank you for tuning in to the Tony Steuer Podcast. Until next time