Geoffrey Odundo is the chief executive officer at the Nairobi Securities Exchange (NSE). He has been the CEO at the NSE since 2015.
Greatest financial milestone: My greatest milestone has been making a conscious decision to invest in East African Cables, a growth company that generated for me a return in excess of 2,000 per cent. I have never looked back since then. At the capital markets, you will always be rewarded if you invest in the medium to long term.
Biggest money mistake: I did not invest early in life in the capital markets. Looking back, I have come to learn that time is a limited resource especially in investments. In the same vein, contrary to what many young Kenyans may not know, the securities market is not a preserve of the rich, but a great fountain for those seeking to build wealth. Invest the little you have today and you will not regret in a few years to come.
Biggest loss: My biggest money mistake so far has been in exiting a stock on the back of misinformation. The company’s shares turned around and I suffered a great opportunity loss. As you invest, always seek expert advice on the stocks you are targeting, and never be too hasty to make key investment decisions.
Secret to building wealth: My secret to building wealth has been in finding challenges within the society and solving them. If you want to build wealth, you must learn to be a provider of solutions. In the same vein, I always find opportunities that will yield great returns by diversifying investments to minimize risks. Never put all your eggs in the same basket. My age and experience has also shown me that wealth is the output of the hard work you put in to something you’re passionate about, taking care of yourself and those closest to you.
Best way to make money between entrepreneurship and employment: To begin with, the economy cannot survive without these two working in tandem. Nonetheless, I believe entrepreneurship is a great and noble way to build wealth and create opportunities for others. However, employment remains a stable channel on which you can gain experience, exposure, and build networks that will help you succeed and go on to become a leader of a the company you’re employed at or even start your own.
Secret to making it financially: There are no shortcuts. It’s either you make a choice to save and invest your finances in order to achieve short, mid and long term aspirations, or you don’t. You must be willing to make choices that add value to your finances daily, make lots of sacrifices, be disciplined, and get smart.
Women and money: There’s a notion that women make wrong choices financially. This is a myth. In fact, women are better savers than men. However, they don’t invest as much as men do. I believe both must learn to invest early on and maintain this discipline over the years to maximize on the benefits that come with investments.