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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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Lagos to unveil transport policy in May – Sanwo-Olu

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The Governor of Lagos State, Mr Babajide Sanwo-Olu, says the Lagos State Transport Policy will be unveiled in May.
Sanwo-Olu said this at the unveiling of the Global Transport Policy Annual Transport Roundtable/Bilingual Magazine on Wednesday in Lagos.

The theme of the event was: “Transport Infrastructure and Strategic Policy Intervention: Building Blocks for economic Growth.”

Sanwo-Olu was represented at the event by the Commissioner for Transportation, Mr Oluwaseun Osiyemi.

The governor noted that the policy was put together to ensure a sustainable, efficient, and reliable transportation system that would attract investors and encourage public private partnership.

According to Sanwo-Olu, the policy document when fully operational will serve a number of functions.

“First, as a set of transport goals, objectives and strategies for the government and people of Lagos State. Second; as the basis for emerging regulations and legislations on transport and traffic development of the state.

“The Lagos State Transport Policy will address issues such as integration of all modes, inclusion of people with disability in the provision of transport infrastructure.

“Others are the encouragement of private participation in the provision of infrastructure and services, encouragement and inclusion of non-motorised transport infrastructure in on going road projects,” he said.

Sanwo-Olu, however, called for insightful discussions and exchange of ideas at the roundtable for economic growth and development.

“Everyone should seize this opportunity to harness collective wisdom, innovation, and collaboration to chart a course toward a more resilient, sustainable, and inclusive transport ecosystem.

“Together, let us strive to unlock the full potential of transport infrastructure and strategic policy intervention as the building blocks for economic growth, prosperity, and shared prosperity for all,” he said.

Also, Mr Segun Obayendo, President, Chartered Institute of Transport Administration (CIOTA), enjoined stakeholders in the sector to embrace professionalism.

“If the transport sector is professionalised, it will see to a new beacon and shape the future of the industry.

“We do not have a National Transport Policy and we can achieve this if we professionalise this sector and CIOTA is solidly behind the convener with their support,” he said.

Earlier, Dr Oluwasegun Musa, Chairman/Chief Consultant, GTP, said that development of robust transportation networks was not merely about connecting cities and regions.

Musa said that transportation networks must be built on sustainable economic growth, societal advancement, and global competitiveness.

He stressed the need for strategic policies designed to optimise transportation networks to ensure efficiency, sustainability, and inclusivity.

“Connectivity goes beyond geographical boundaries integrating different regions into cohesive economic units.
“Whether it be roads, pipeline, railways, airways, or maritime routes, the seamless interconnectivity of transport networks fosters trade, spurs investment, and promotes the exchange of knowledge and expertise.

“By investing in last-mile connectivity, we can ensure that the benefits of economic growth are shared by all segments of society.

“Therefore, our first building block is the establishment of a comprehensive, multimodal transport system that enhances connectivity within and beyond our borders, stretching to neighbouring countries to further amplify the benefits of the African Continental Free Trade Area (AfCFTA),” he said.

Musa called for the development of policies that reinforces the success of intermodal transport.
“The revitalisation of Nigeria’s transport infrastructure requires bold vision, decisive action, and unwavering commitment.

“By prioritising strategic policy intervention, we can lay the foundation for sustainable economic growth, job creation, and improved quality of life for all Nigerians,” he said.

He commended government’s commitment to infrastructure development, with the instituting of the National Integrated Infrastructure Master Plan, and the Presidential Infrastructure Development Fund for execution of critical infrastructure projects.

The highlight of the event was the unveiling of the Global Transport Policy magazine, a bilingual magazine, produced quarterly with authoritative trend-spotting and compelling cross-cutting analysis.

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Anambra Assembly passes bill to prohibit cult activities, killings

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The Anambra State House of Assembly has passed a bill to prohibit secret cult activities and killings in the state.

The Bill, entitled: Anambra State Secret Cult and Similar Activities Prohibition Bill 2024, was passed after the third reading on Wednesday.

The lawmakers, at the Committee of the Whole House, took turns to scrutinise the executive Bill before its passage.

The Speaker, Dr Somtochukwu Udeze, conducted a voice vote on each of the clauses of the bill before it was passed.

Udeze said the passage followed the consideration of the report presented by the joint committee on Education, Judiciary and Justice.

Subsequently, Udeze directed the acting Clerk, Mr Okechukwu Nwobi, to transmit a clean copy of the bill to Gov. Chukwuma Soludo for assent.

The bill states that any person who participates in a meeting or activity of a secret cult shall be presumed to be a member of the secret cult.

It says that any person who has in his possession or custody or under his control any of the insignia, documents or other properties belonging to a secret cult or wears such insignia shall be presumed to be a member of the secret cult.

“The law also empowers the police or any security agent to arrest a person who is in possession of an offensive weapon being kept in any house or building.

“Any person, who is a member of a secret cult, commits an offense whether or not in possession of offensive weapon and is liable on conviction to imprisonment for life or a minimum of 21 years imprisonment without an option of fine.

“Any member of a secret cult who voluntarily renounces his membership of the cult and submits any offensive weapon in his possession to the Police, shall be free from prosecution.

“A rehabilitation agency shall be created where persons who renounce their membership of secret cult or any proscribed society shall receive counseling,” it said.

Speaking to newsman at the end of plenary, Mr Ikenna Ofodeme, Majority Leader and member representing Ekwusigo Constituency, said the bill would go a long way in assisting government to curb crime and criminality in the state.

He said it would help save lives of residents and empower authorities to take decisive actions against perpetrators.

The House adjourned plenary till Thursday.

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FG to prioritise application of technology in education – Minister

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The Minister of State for Education, Dr Yusuf Sununu has said that the ministry would continue to prioritise the application of technology in education for informed decisions.
Sununu said this in Abuja on Wednesday, at the 2024 Information Technology Professionals’ Assembly.
The assembly withthe theme: ‘Artificial Intelligence: An Enabler for Economic Transformation and Sustainable Development’, was organised by the Computer Registration Council of Nigeria (CPN).
The Minister emphasised the importance of technology in providing students with access to online resources as well as encouraging researches.
“In the last few days, President Bola Tinubu has approved the project of the education which encapsulated the generation of overall data of all school in Nigeria right from kindergarten to our tertiary institutions.
“This will enable us to have the actual data and number of students, their performances, the number of schools and their current status, so that where we need to intervene and otherwise we can,” he said.
Sununu said the ministry is collaborating with other governmental agencies to ensure a comprehensive data of out-of-school children.
He recalled that one of the campaign promises of the Tinubu’s administration was
to move out-of-school children from street back to school.
“It is worrisome that Nigeria has first position in the number of out-of-school children globally.
“Over 20 million out-of-school children is unacceptable and that’s why we must find solution to it,” he said.
The Minister commended the efforts of the council at eliminating quackery in the profession, urging them to redouble their strategies at ridding quackery out of the system.
“Your efforts at eliminating quackery in the profession through the registration of individuals and corporate organisations that are practicing Information Technology have not been unnoticed.
“The Federal Ministry of Education is conscious of your efforts at enforcing the Act that established CPN by making it mandatory for all individuals and corporate organisations that are practicing IT in Nigeria to be duly registered with CPN.
“The global practice is for professionals to regulate their profession properly in order to exterminate quacks and undesirable elements from making incursions into the profession.
“Therefore, all individuals and corporate organisations that are into Information Technology practice should register with CPN to allow for effective regulation of computer education and practice in Nigeria,” he said.
The minister, therefore, urged the council to align with the vision of the administration in their programmes and activities so that it would not be a mirage.
The President and Chairman of CPN, Mr Kole Jagun, said the IT Professionals’ Assembly had continued to set the tenor and directions for IT policies for successive governments.
He said this was part of the various initiatives of the Council to ensure that Nigeria is positioned to take maximum advantage of the knowledged-based economy globally.
He noted that 400 new members would be inducted into the profession on Thursday.
“There is no doubt that our profession is a critical sector to the development of any nation in this modern world.
“In fact, no meaningful development can take place if the Information Technology sector is prostrate.
“That is why we have to be alive to our responsibility of moving with the dynamics and realities in the world.
The profession has evolved and should take the centre stage of national development,” he said.
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