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Increase Your Financial IQ

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Author:           Robert Kiyosaki

Publisher:        Business Plus

Reviewer:         Goke Ilesanmi

Financial intelligence is one of the fundamentals of financial success. Indeed, many people cannot achieve financial success because they lack this intelligence. It is therefore laudable that Robert Kiyosaki has decided to come to the aid of such people with his book entitled “Increase Your Financial IQ”. Kiyosaki is an investor, entrepreneur and educator whose perspectives on money and investing align with conventional wisdom.

On the question of whether money makes one rich, this author says it is not so. He explains that money alone does not make one rich, adding that we all know people who go to work every day, work for money, make more money, but fail to become richer. Kiyosaki says many of us know of individuals who have lost money investing in the stock market.

According to him, this text is about increasing your financial intelligence, your financial IQ. It is about getting richer by getting smarter and the five basic forms of financial intelligence required to grow richer, reveals this author.

Structurally, this text is segmented into ten chapters. Chapter one is interrogatively entitled “What is financial intelligence?” In this author’s words here, “Money alone does not solve your money problems. That is why giving poor people money does not solve their money problems. In many cases, it only prolongs the problem and creates more poor people.” Kiyosaki says hardwork also does not solve money problems, stressing that the world is filled with hardworking people who earn money, yet grow deeper in debt.

According to Kiyosaki, it is only financial intelligence that solves all money problems. In his words, “In simple words, financial intelligence is that part of our total intelligence we use to solve financial problems… Financial intelligence solves these and other money problems. Unfortunately, if our financial intelligence is not developed enough to solve our problems, the problems persist…”

Chapter two is based on the subject matter of the five financial intelligence quotients (IQs). Kiyosaki educates that the five basic financial IQs are: Making more money (Financial IQ No 1); protecting your money (Financial IQ No2); budgeting your money (Financial IQ No3); leveraging your money (Financial IQ No4) and improving your financial information (Financial IQ No5).

As regards difference between financial intelligence and financial IQ, he says, “Most of us know that a person with a mental IQ of 130 is supposedly smarter than a person with an IQ of 95. The same parallels can be drawn with financial IQ. You can be the equivalent of a moron when it comes to financial intelligence… Financial intelligence is that part of our mental intelligence we use to solve our financial problems. Financial IQ is the measurement of that intelligence. It is how we quantify our financial intelligence. For example, if I earn $100,000 and pay 20 per cent in taxes, I have a higher financial IQ than someone who earns $100,000 and pays 50 per cent.” Kiyosaki explains that both of them have financial intelligence, but the one that keeps more money has a higher financial IQ.

In chapters three to seven, the five financial IQs already discussed in chapter two, are elaborately examined respectively.

Chapter eight is christened “The integrity of money”. According to Kiyosaki here, “‘Integrity’ is an interesting word. I have heard it used in many different ways and in different contexts. I believe it is one of the more misused, confused, and abused words in the English language. Many times I have heard someone say, ‘He has no integrity’, or ‘If they had any integrity, they would be more successful’. Someone else might say, ‘That house has integrity of design’.” This author says before discussing the integrity of money, it is necessary to define Integrity. Kiyosaki says “Integrity”, according to Webster, can be defined as “Soundness” (an unimpaired condition); “Incorruptibility” (firm adherence to a code of especially moral or artistic values) and “Completeness” (the quality or state of being complete or undivided).

This expert educates that just as health can break down from a literal lack of integrity, so can wealth be compromised by lack of integrity. “Instead of disease or death, which comes from a breakdown in the body’s integrity, symptoms of a lack of financial integrity are low income, crippling taxes, high expenses, excessive debt, bankruptcy…,” expatiates this author. He says the integrity of all the five financial IQs is needed to grow rich, stay rich and pass wealth on to generations after you.

In this author’s words, “When a person is struggling financially, one or more of these financial intelligences is out of whack, financial integrity is not sound, and the person is not complete. For example, I have a friend who earns a lot of money as a manager of a small business. Her problem is she has no protection against taxes, plus she does not budget wells, spends impulsively to buy clothes and goes up in price.”

In chapters nine and ten, this author beams his intellectual searchlight on the concepts of developing your financial genius and developing your financial IQ.

As regards style, this text is a prototype for stylistic excellence. For instance, most of the illustrations are based on the financial experiences of the author himself, thus lending credibility to the text. The language is simple and the presentation very didactic. Kiyosaki generously employs graphical embroidery to achieve visual reinforcement of readers’ understanding and make the layout of the text eye-friendly.

However, conceptual repetition is noticed in chapters three to seven where the five financial IQs already discussed in chapter two are further examined. Also, the word “Intelligence” whose grammatical behaviour in the dictionary shows that it is an uncountable noun as indicated by the symbol “U” against it, is still used in this text in a countable way on pages 150 and 151 where we have “Intelligences”.

In spite of the few errors, this text is fantastic. It is a must-read for those who want to accomplish financial freedom and abundance through concrete financial education.

GOKE ILESANMI (FIIM, FIMC, CMC), CEO of Gokmar Communication Consulting, is an International Platinum Columnist, Professional Public Speaker, Career Mgt Coach and Certified Mgt Consultant. He is also a Book Reviewer, Biographer and Editorial Consultant.

Tel: 08056030424; 08055068773; 08187499425

Email: [email protected]

Website: www.gokeilesanmi.com.ng

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LASG connects over 688,000 poor households with stakeholders for poverty reduction

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…Certifies 603 pre-payment certificates for projects across 20 LGAs

By Sodiq Adelakun

The Lagos State Government has taken a significant step towards reducing poverty in the state by connecting 688,759 poor and vulnerable households on the register with SFMDAs, development partners, corporate organizations and other relevant stakeholders.

This was announced by the Honourable Commissioner for Economic Planning and Budget, Mr. Ope George, at the 2024 Ministerial Briefing held on Thursday at the Bagauda Kaltho Press Centre, Alausa, Ikeja.

According to the Commissioner, the Ministry has successfully registered 688,759 heads of poor and vulnerable households, comprising 2,681,507 members, as validated by the National Social Safety-Nets Coordinating Office (NASSCO), Abuja.

He revealed the registration has enabled the state government to provide a holistic approach to poverty reduction, improving the livelihoods of households through connections with Social Fund for Millennium Development (SFMDAs), development partners, corporate organisations, and other stakeholders.

According to him, “As a Social Protection Nexus and the custodian of the Lagos State Single Social Register (LASSR),

“The Ministry has been able to register 688,759 Heads of Poor & Vulnerable Households and 2,681,507 Members of Households as validated by the National Social Safety-Nets Coordinating Office (NASSCO), Abuja. The LASSR is hosted on the State’s website.

“These efforts aligned with Mr. Babajide Olushola Sanwo-Olu’s T.H.E.M.E.S+ agenda.

“Deepening the Mining Process, the Ministry is currently mining data for various stakeholders, including Socio-Functional Ministries, Departments, and Agencies, Development Partners, Civil Society Organizations and Philanthropists to facilitate access to Social Intervention programmes aimed at uplifting the Poor and Vulnerable Households.

“A total of 592,602 Poor and Vulnerable Heads of Households (PVHHs) have benefited from various social interventions Statewide.”

Also, while speaking the commissioner announced the certification of 603 Pre-Payment Certificates (PCs) for projects executed across all 20 Local Government Areas (LGAs) in the state.

He said the certified projects were carried out collaboratively by 46 Ministries, Departments, and Agencies (MDAs) in partnership with 410 contractors, covering both direct labor and outsourced services.

The projects span across nine sectors, including Economic Affairs, Education, Environmental Protection, General Public Services, Health, Housing and Communities Amenities, Public Order and Safety, and Social Protection.

According to the breakdown of Pre-Payment Certificates PCs, it was gathered that across nine critical sectors reveals a concentrated effort towards economic advancement, education, environmental protection, public services, health, housing, and public safety.

With 256 PCs allocated to the Economic Affairs Sector, 77 to Education, 75 to Environmental Protection, 62 to General Public Services, 47 to Health, 77 to Housing & Communities Amenities, and 9 to Public Order and Safety, the Ministry underscores its commitment to holistic development and sectoral progress.

Also, the Ministry has made significant strides in its efforts to promote economic growth and development in the state.

“The State through this Ministry has led another milestone delivery, as the first State to publish a State specific economic update tagged ‘Lagos Economic Development Update’ (LEDU) Report.

“The report summarises the State’s macroeconomic outlook, economic journey and prospects; projects the economic landscape and gives insight into the sector’s productivity for ease of access to economic growth and development,” He reiterated.

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Oyo Govt unveils free technology skill training for 1,000 students

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As part of its effort to    ensure quality and  sustainable development in the education sector in line with the Omituntun 2.0 Agenda of the state governor, ‘Seyi Makinde, the Office of the Human Capital Development has revealed its readiness to train 1,000 senior secondary schools students on free coding and non-code technology skills.

The Executive Assistant to the Oyo State Governor on Administration, Revd. Idowu Ogedengbe, stated this on Friday, during a Press Briefing held at the Governor’s Office, Secretariat, Agodi, Ibadan.

Ogedengbe noted that the initiative, which is aimed at launching a groundbreaking technology programme to empower senior secondary school students across the 33 Local Government Areas of Oyo State, with technology skills, will be implemented in partnership with some private investors in the technology sector.

He maintained that the training, which will be held between July 15th and July 19th at the International Conference Centre, University of Ibadan, will begin with selected schools in all the eleven (11) local governments in Ibadan Main and Less Cities, while other beneficiaries from the remaining local governments will be trained at a subsequent date.

He said, “This pilot programme will witness an unprecedented event where 1,000 senior secondary school students from the 11 local governments of Ibadan will receive specialised training in coding and non-code tech skills.”

“The next phases of the initiative would see us taking the training to the remaining LGAs with a view to ensuring that the impact is widespread and even across all the constituencies in Oyo State.

“This initiative marks a significant milestone in our commitment to providing quality education and preparing our youth for the challenges and opportunities of the 21st century.

“CodeGarage Africa has been at the forefront of promoting digital literacy across Africa, and we are delighted to partner with them in this endeavour with the support of Zeeh Africa and 386Konsult. We aim to equip our students with the tech skills and knowledge necessary to thrive in the increasingly digital world.

“The importance of coding or non-code tech skills cannot be overstated in today’s society, from driving innovation to solving complex problems, tech skills are a fundamental skill that opens doors to countless opportunities.

“Introducing coding education to our senior secondary school students will allow us to lay the foundation for a future where they can excel in technology-driven fields and contribute meaningfully to the development of our state and beyond.”

Ogedengbe added that the programme is in tandem with the vision of Governor Makinde on education, as his government’s policy is not only to invest in the future of the youths but to also position Oyo State as a hub for innovation and technological advancement.

He, therefore, encouraged stakeholders, including parents, educators, and the private sector, to support and participate in the laudable programme to unlock the full potentials of the young stars to become leaders in the digital age.

In their remarks, the partnering private investors, CodeGarage Africa, Miss Dolapo Ayeni and her counterpart, Zeeh Africa, Mr David Adeleke, said training the students from the grassroots level is very useful to the ecosystem.

They added that it is another way of catching them young and also exposing them to entrepreneurship, even as they called for more partners to collaborate with the Oyo State government.

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We registered below 3,000 data controllers, processors despite identifying 500,000 — NDPC Commissioner

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By Matthew Denis, Abuja

The National Commissioner and Chief Executive Officer of Nigeria Data Protection Commission (NDPC), Dr. Vincent  Olatunji has disclosed that the level of compliance for the registration by data controllers and processors given by the commission is still low.

He revealed that they have only registered below 3000 Data controllers, processors despite identifying 500,000 in the country.

The Commissioner made the disclosure during an exclusive interview with Nigerian NewsDirect at his office in Abuja on Thursday.

Recall that the agency has notified all entities, including businesses, educational institutions, healthcare providers, and other organisations that collect personal data of individuals, that registration is mandatory in accordance with Section 5(d) of the Nigeria Data Protection Act, 2023.

The Commission had commenced registration on January 30th, 2024 to conclude on June 30th, 2024 and added that entities that fail to register within this time frame will be subject to penalties.

Dr. Olatunji while speaking to NewsDirect said, “the ecosystem  is just revolving and a lot of people don’t really understand what we’re talking about regarding Data controllers, Data processors. That’s why we’re going loud to create awareness.”

 The Commissioner stressed that they’re done with the first phase and very soon they will commence with the second phase the need for them to register which speaks on the reputation  of their organization, compliance and credibility and one thing that this will create is trust and confidence in your data processing activities  as an organization.

“We have up to the end of June, 2024 for all of them to register and we’re starting another massive campaign for them to register in the next two weeks.”

According to him in terms of compliance for registration with the commission the situation is still low.

He said, “When we started in 2022 we had about 1,777 data controllers and processors and last year it rose to over 2,000 but it’s very low when compared to the number of data controllers and processors we have identified in the country.

“We have identified about 500,000 and today we’re doing less than 3000 that means we have not even started at all, that is why we’re speaking to stakeholders and bringing everybody onboard.

“We have released the guidelines strategy telling you who qualifies as a Data controllers and processors and their categories in the country.”

The Commissioner emphasised that it’s their expectation that Nigerians will embrace the programme and key into it for the safety of the country with accurate data collection and protection.

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