Dennis Thumbi is the Family Bank’s Area Manager in charge of the Nairobi Central Business District area.
One of my biggest money mistakes starting out was not starting to save early and not keeping track of my spending. I had not clearly defined my needs and wants. This meant that I was living from pay check to pay check. I remember a time when I got a work transfer and I was expected to move to a different region. Then I realised that I had not set money aside that I could use to ease the move and help me settle down. That was a big wake up call for me to set up an emergency fund, to start budgeting and saving. I later realised that to get there I needed to first learn what I was spending my money on.
Given that I work with diverse teams and in a fast-paced environment, keeping the team inspired and motivated can prove to be a challenge. The work landscape and dynamics are changing now more than ever. Teams especially the younger generation are looking for purpose and as a leader, providing clarity and keeping them engaged is key. Starting out, this was challenging but I have over time learnt to always be ahead of my team in order to steer them in the right direction.
All through my career, I have worked in the banking sector dating back to 2004. I have grown through the ranks since to my current position and I am passionate about being in the financial sector. My experience has afforded me the opportunities to walk the journey with my customers, including those in the entrepreneurial space.
Choosing to come to Family Bank back in 2016 was a career highlight for me. I was yearning to redefine myself, re-establish my values and I needed a fast-paced environment to do so. I took the risk despite the fact that it was similar to the role I had. My yearning to grow pushed me. I am glad I made that decision because I have seen myself grow from a branch manager to now become a regional manager.
I would have definitely started saving earlier, set financial goals, created an emergency fund and challenged myself more. When you are younger, you have more risk appetite and sometimes, we limit ourselves to investment because we think the little we make may not be sufficient. However, looking back I would have taken more risks when it comes to investing.
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I pay myself first before I spend on any other expense. This helps me to put money into the financial goals I have set. With this I am able to diversify my investments into different classes. In addition, I am very keen on tracking my spending and this has helped to tame impulse spending, making me well aware of where my money goes.
Take care of the cents and the shillings will take care of themselves. If you take care of the little you have, you will achieve your financial goals. Now that I deal with a younger generation a lot, I would also advise them to avoid trading conveniences for an opportunity. These conveniences are those things that eat into the money you would have otherwise saved up for your future.
A version of this profile feature on Dennis Thumbi was also published in the Saturday Magazine. The Saturday Magazine is a publication of the Nation Media Group.