Tuesday, April 16, 2024

Anthony Irari: How 50, 30, 20 money rule has helped me build up wealth

Anthony Irari is the Team lead for East Africa at Opera News, a product of Opera Software and a news and video aggregator in Africa, spanning over 10 African countries.

I have managed to build a career out of digital media and digital news. A few years ago, role models were either TV and radio personalities or newspaper columnists. Very few people knew and appreciated digital media and digital news. Not anymore. I feel honoured that I have been at the centre stage of building some of the most successful digital newsrooms in the country completely from scratch. And these newsrooms have become household names in the news ecosystem. I have come to realize that a lot of career advice is based on people’s experiences and thus not necessarily very objective. It doesn’t mirror your reality as the person seeking counsel. Create your own path and direction if you have to, but don’t dumb down your ambitions because of people’s opinions.

You will be left struggling behind if you don’t muster the art of focusing on the next big thing. The world has become extremely dynamic. There is no room any more to settle and be comfortable. Every company in this decade that has attempted to do this has gone down the drain. I’m particularly inspired by the Netflix and Box Office story where the CEO of Netflix went and pitched the idea of his company (it was in the initial stages at the time) to the then CEO of Box Office. He laughed him off and called him stupid, insisting that he was okay and the only thing he needed was to acquire more stores where people could let out movies. Big mistake. He failed to see where the world was going. He was blinded by the money his company was making and assumed the status quo would always suffice. It didn’t take long before Box Office died, to be forgotten completely. It is paramount to always seek new solutions and better ways of doing things whether you’re a manager or an employee. Companies always reward people who are keen on sailing new frontiers and setting the company on the next trajectory of success.

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I used to save money but I would never invest. I was not open to the idea of investing my savings. I am turning 30 this year , and I can now see all the investment opportunities I missed. I particularly remember with nostalgia when my friend, one of the co-founders of Pesa Bazaar, mentioned to me the idea of Cryptocurrencies a few years back. He had just come from the UK where he had been working in the financial sector. He explained to me how he had some money in Bitcoin and why I should try to invest too. I downplayed it as it looked so far-fetched. Looking back, I would have ripped big with the recent upsurge of Bitcoin.

I follow the 50, 30, 20 rule when it comes to money. 50% of your income should be geared towards settling your bills, 30% should be for enjoyment and the things you love while 20% should be set aside for a rainy day. Financial experts advocate that you always have an emergency fund to keep you afloat for at least 6 months in case you lose your income. This is not very practical in Africa but the message is clear; always save something for a rainy day.

Never attempt to start a business if you’ve just lost a job. Focus on putting together your savings, cutting down your spending and looking for another job. When that happens and you are back on your feet, then you can start building your business on the side. Leave your job when there is beyond reasonable doubt that your side business is fully stable.

Always strive to be the person who shows up. That person who is reliable and can be counted on. This includes showing up for clients, networking events, and even showing up for your family and friends. The value in being reliable is immeasurable. You came into this world alone and you will leave alone. This is a phrase that should sink in all of us. Once it sinks and settles, you will begin to understand the value of always putting yourself first in everything!

 

This profile feature on Anthony Irari was first published in the Saturday Magazine. The Saturday Magazine is a publication of the Nation Media Group.

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