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Emotional intelligence key to financial health

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Experts say money and emotions are inter-connected therefore it is important to master the skill of bringing a balance between the two. Calvin Investment Founder and Financial Expert, Calvin Phokontsi says that if one can control their emotions, they can control their money. “Fail to control your emotions, fail to control your money. Mind your emotions, mind your money,” he says. The financial expert who runs a financial advisory firm says generally three percent of an individual’s life comprises of academics, 90 percent – emotions and seven percent natural or motivational influences.

He advises everyone to have a healthy Financial Intelligence Quotient or financial IQ, which is the ability to obtain and manage one’s wealth by understanding how money works. Phokontsi strongly believes that for one to manage and build wealth and a healthy financial lifestyle, it all begins with behavioural change. It is also critical to develop one’s personality before one thinks of investing or saving money because one’s thoughts affect action, action affects habits and habits affect character, which ultimately affects personality and the behaviour of a person.

In his experience as a financial advisor, Phokontsi has realised that many people desire to save money, for example, but only fail because they have not developed discipline and self-control. “All successful people have personal guiding principles,” he said in an interview. Phokontsi says money is only a tool that one can use for wealth creation. “Money is like a mirror; it reflects who you truly are. If you can learn how to handle it, you are halfway through to success,” he said. He has also realised that money and success don’t change people, but merely amplify what already existed. Phokontsi says it is better to start early to develop a healthy relationship with money in order to build wealth in the future.

He advises that during the ages of 21 to 55, people need to be focused on working and building a career, building a home, investments and businesses so that when they reach retirement age, they can enjoy the fruits of their labour and investments.

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‘Manufacturing holds key to economic growth’

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Barclays bank’s economist Naledi Madala has urged the country to consider manufacturing, as a key tailwind to drive the economy and reduce inequality.

She was speaking at a gathering organised by the bank which focused on economic outlook for 2019. “We should not make a mistake of leapfrogging without manufacturing,” said Madala, lamenting that the country’s diversification remains a pipeline dream, as the diamond is still the economy’s mainstay. She bemoaned that mining activities in the country could not spring forward diversification, though non-mining GDP has been steady over the years.

“Extractive industries are not good stepping stones for diversification, the sector does not prepare us for the next step,” said Madala at the Barclays’ Economic Outlook Forum Review 2019. The economist further noted that government should confront head-on challenges of productivity and competitiveness to attract the much needed Foreign Direct Investment (FDI). Though diversification efforts continue to hit a brick wall, Madala said the country should expect increased activities in the mining sector hinged to ramp up in coal production in the year ahead.

She also implored government to consider a welcoming attitude towards foreign investors and generous tax incentives to businesses that set up in the country. Madala is also upbeat that the use of public private partnership model could also help diversify the economy coupled with privitisation. “Privitisation will offer opportunities for growth, through the renewed optimism from government, as business confidence has improved,” said Madala.

She implored the government and the business community to access what is going to drive and hinder growth highlighting that key headwinds to growth are income inequality, diversification challenge and productivity, among others. “The pace of poverty reduction has slowed down, while income inequality goes up,” said Madala

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MINISTER BEWAILS BAD REPAYMENT BY YOUTH

Keikantse Lesemela

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Minister of Youth Empowerment, Sports and Culture Development, Tshekedi Khama has told parliament his ministry continues to face challenges on the repayment of Youth Development Fund (YDF) loans.

Recently presenting the budget to Parliament, Khama said this financial year the ministry has received a total of 2582 YDF applications and approved 983of them to the value of P98 million. He said the programme attracts a high level of interest from youth but the ministry is only limited to funding a maximum of 1200 youth projects annually due to budget limitations.

“However the greatest challenge for the Fund is the repayment of the loan component by the majority of the youth businesses. The youth have advanced number of challenges for this including high rentals for operating spaces, low market access owing to tight competition and limited production capacities,” said Tshekedi, adding that they continue to pursue beneficiaries to repay the loans.

Out of the 919 businesses funded 1058 jobs have been created. The minister highlighted that disbursements of funds will continue to be undertaken until the end of the financial year. “The YDF is currently under review in line with the pronouncement made by the President, Dr Mokgweetsi Masisi in the State of the Nation Address, to improve beneficiaries through training, and encourage consortia and cooperatives,” said Tshekedi.

The ministry assists YDF beneficiaries in marketing their products and services through fairs and exhibitions. The ministry also runs entrepreneurship-training seminars for youth and in the past year 3692 young people were trained. Over 600 youth businesses attended fairs and exhibitions to market their products and services. Currently the ministry is collaborating with Local Enterprise Authority (LEA), First National Bank Botswana and Citizen Entrepreneurial Development Agency (CEDA) on training in entrepreneurship development and mentorship of YDF beneficiaries.

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