Sam Githungo is a Governance Officer at VisionFund International which is a subsidiary of World Vision International. He’s tasked to offer governance advice and support to microfinance institutions owned by World Vision across Africa, Asia and Middle East and Eastern Europe regions. He’s also a mentor at YALI Regional Leadership Centre East Africa Mentorship Program that was started in 2014 by ex US President Barack Obama.
Biggest money mistake: Putting all my eggs in one basket is my biggest money error so. At one point, I invested over half a million in one venture which wasn’t successful. It was so painful since some of the money I invested was borrowed and I had to repay with nothing to show for it. Always consult widely before investing and research about the investment(s) well before putting your money. Don’t trust people too fast. When my partner shared the business idea, I was overly excited and in a hurry to make money that I ignored some of the processes like carrying out due diligence on the partner and the idea. It was only after the deal had gone sour that I realized how much I’d overlooked.
If I were to start all over again: I would consult more from successful people who have been there before so that I don’t make the same mistakes they made. There some friendships and relationships that I would cut off. This is because there are people who rather than support you, discourage and drag you back.
Saving method: I use a variety; I am a member of a Sacco, fixed deposit in a bank and chamas. The Sacco is my most effective because it’s harder to withdraw money. Previously when I just used a fixed deposit account in a bank, I would withdraw it when am broke with a promise to return but it never worked as there was always a pressing need that required money.
Climbing the corporate ladder: You must be humble, have a teachable spirit, be dependable and be willing to go the extra mile. The majority of people who excel in the corporate world don’t do so because of skills, as important as they are, but because of their attitude. You can’t start a career as manager! Instead you must climb the tree from the bottom.
How I got where I am: My career has been a product of prayer, knowing what you want and aggressive going for it. I never knew anything about corporate governance at all when I was in college but an eye opener for me was my internship at Kenya Airways in the accounting department. It helped me realize that even though I was a CPA-K, I wasn’t cut out to be an accountant at all. So when I joined World Vision as an intern, my first supervisor introduced me to the field. She mentored me and here I am today.
Entrepreneurship versus employment: I believe you can make wealth in both. I nonetheless believe that it is important to be employed for a short period even if you still have your business going on, or before you start. There are certain aspects of employment that harden you off. There is a level of professionalism and discipline that is instilled in you, team work and time management get engraved in you, and with such experience, you can make a very good manager.
Building career and wealth: First, Know what you want in life and don’t be afraid to fail. Don’t define success in comparison to what other people have achieved. Remember the quail story? There are people who even took loans to invest in the business. Secondly, figure out where your passion is and go for it. It’s not just about the paycheck at the end of the month but the satisfaction you get from what you are doing. Always ask yourself; “Can you do your current job without a pay even for a month? If the answer is NO, then please figure out what your passion is and move there.