18/03/2024
https://www.facebook.com/share/p/e8tBQibdMZCco5KM/?mibextid=xfxF2i
Why Native Fijians Should Become Entrepreneurs and Investors and one of the Best Options is Real Estate.
I have advertised a few of my flats and I noticed that whenever an Indo Fijian calls for a flat some of them will speak to me in Hindi then I would respond in English and they would realise that I am a Taukei and apologise. After sometime I realised that these Indo Fijians almost without hesitation had presumed that all landlords are Indo- Fijian. They are always pleasantly surprised that a Taukei has so many flats for rent.
And one day Kainoqu from Rewa called and I told him that I had 2 flats that were vacant and he said " ...Kai e nomu saraga na flat se o salesman.." Even a Taukei presumed that I was not a landlord.
I am always proud to say that some of us Taukei are now full blown entrepreneurs and investors.
This is the way forward for the Taukei. We must have the financial literacy and discipline to believe in ourselves. There is nothing strange about business and investment. There are just basic rules, you follow them and you are on your way to financial freedom:
1. Save first spend later....always save a portion of your income 10% at the minimum whatever the circumstances.
2. Invest your savings...you can do this in a bank with good interests or as I have done invested in the stock exchange
3. Invest in real estate...if you have space, start with one flat and go on from there. You will be surprised how motivated you are after receiving your first rent.
4. Delay your wants...many of us will always want try to keep up with our neighbours or workmates when we really cannot afford that lifesyle. When we see them buy a new 4x4 or a car we also buy one and borrow for it. We pay hefty monthly payments which includes interest and at same time the value of the vehicle will drop significantly with time. I have had friends with expensive Pajeros borrowing from me. I often tell them to get rid of the Pajero and have financial security rather than the monthly stress of trying to pay it off and having no money in the bank. After losing my job, I sold off my vehicles, took the bus, saved and invested and worked myself up again.
5. Buy assets not liabilities....I read an excellent book "Rich Dad Poor Dad" by Robert Kiyosaki on this. Many people think that buying a car or a house is an Asset. No its not. The basic difference between an Asset and Liability is as follows:
An asset brings in money.
A liability takes out money or reduces in value
So look around your home and list all the things that are bringing you money. You will be surprised how little the assets you have and how large your liabilities are.
The advice is to buy Assets first, things that will generate money and from that money buy your fridge, settee, TV car etc..I did not know this golden rule until I read the book by Kiyosaki. I then started with one flat and continued on from there. I have been without full time employment since I was ousted as an MP in the 2006 coup and my flats have paid for childrens university fees, my vehicle, my groceries etc and I have further reinvested in the stock exchange.
I have advised my children to buy a piece of land or house first before buying a car.
6. Invest in real estate, stock exchange, farm or business....as these are all assets that will bring you regular income and provide financial security.
7. Associate yourself with good advisers...establishing a good network of likeminded people will motivate you and furnish you with information you need to know to have financial security and freedom.
8. Take the risk...if you do not take risks you will not be successful. I have tried many businesses and have had many failures but have persevered. Mistakes and failures are just part of success they are just two sides of the same coin. You learn more from your mistakes than your success.In other words without failures you cannot have success.
9. Be patient...business and investment take time. Many Taukei I feel just do not have the patience and perseverance to wait. Investment and business is like farming, you plant, look after it, and wait for it to mature.
Start saving and invest, we now have the stock exchange and Fijian Holdings Ltd is only open for the Taukei so we should take advantage of it. I can help you in investing in the stock exchange.
10. Start small....many of us think of big ventures. Try and start with something you are comfortable with. This way you are taking small risks but the important thing is you are learning the basic rules of business and investment before you venture into bigger things.
I have posted this as I want to share my experience especially with the Taukei as we are often portrayed as failures in business and investment. And to encourage us that its not a racial thing the Taukei can succeed by following the basic rules.
I wish I had known this as a young man, so young people out there start saving and investing. It requires discipline so start with small savings and make it a habit. Its the habit thats crucial. Once you have the habit you will enjoy it and opportunities will come your way.
In my next post I will share how I started an investment with my grog club and how we are doing extremely well.
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