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Declare your assets

The President of the Republic of Namibia and the First Lady in the interest of transparency and public interest decided to declare all their assets. This follows a promise the President made in his maiden State of the Nation address.

Declare your assets

Declare your assets

This act alone has generated quite a buzz on social media and within the general populace at large. This is because as Africans this is not something we get to see our leaders doing quite often. The issue of assets and how much money our leaders are making or have is usually a guarded secret. Here in Namibia, reports are abound that members of parliament have not declared their assets as required by law for many years now.

There has been some funny reactions as expected on social media (#HageAssets)

Capture2 Capture3 Capture4This then got me thinking. The President has a net worth of about N$51 million. How much money or assets does the general populace have in general? Do we have a saving culture in Africa? Do you foresee yourself getting a large amount of money and or assets as the president in your lifetime?

The sad reality to some of these question is that we will never see this money in our lifetimes. The reason is simple, we do not have a strong saving and investing culture. Not many people have money saved up somewhere for a rainy day. Most people survive from payday to payday and do not have extra to save. Some are incapable of saving because of irresponsible spending habits. Some, well, lets just say they have misplaced priorities and questionable financial habits. But each to his own.

The route to financial freedom starts with a change in mindset. With a changed mindset, what was once a priority can be downgraded to a nice to have and use those funds for saving. Saving does not require anything special, all you need to save is follow this simple advice:

Learn to live on no more than 80% of what you make. The rest goes to savings and investments

If you can reduce that percentage even lower then you can start planning your retirement and what you will do with your millions later in your life.

If you asked to declare your assets today (see picture above), what will be your response?

 

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