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June 1 @ 5:30 pm – 9:00 pm
June 1, 2023, at 5:30 pm – 9:00 pm
Members Complimentary | Non-Members 850 ETB | Men 500 ETB
In the month of June, AWiB brings you Creating Wealth. The common misconception about wealth is that it is only about money; it’s not. Wealth consists of physical, emotional, and financial wealth. Many people expect to be financially wealthy with little effort. Surveys state that about 20% of adults under the age of 30 say being wealthy is a top priority. Additionally, about 25% said they are very confident they will be rich. However, when asked how, many admitted they aren’t taking steps to reach their goals.
Many don’t understand that wealth is a form of delayed gratification. True wealth and true financial freedom is having the financial security and peace of mind that enables us to focus on the things that matter most in our lives. So in order to have a fulfilling life, you need to take active steps to improve your level of financial fitness.
“Great wealth building focus on saving money and earning money” Todd Tresidder
Does the concept of wealth differ between developed and developing?
Some factors that affect wealth creation between developed and developing countries are access to resources, infrastructure, education, and technology. Developed countries often have well-established systems in place to support entrepreneurship and innovation, while developing countries may face greater barriers to entry and fewer opportunities for wealth creation. Additionally, developed countries also have better education, established industries and sectors that drive economic growth.
Creating Wealth in Ethiopia
Wealth is created through creation. However, due to Ethiopia’s banking system collateral system, it’s very difficult for an average person to get credit. Additionally, creating wealth is also about the nation’s exports over imports.
The challenges facing Ethiopians in building wealth creation are complex and multi-faceted. Some of these factors include:
Poverty: Ethiopia is one of the poorest countries in the world, with more than 20% of the population living below the poverty line. This means that many Ethiopians are struggling just to meet their basic needs.
Limited access to resources: Many Ethiopians lack access to basic resources such as education, healthcare, and financial services, making it difficult to acquire the skills and resources needed to create wealth.
Cultural beliefs: It’s very common in Ethiopia to glamorize poverty. Glamorizing poverty is romanticizing poverty creating a false sense of nostalgia for a lifestyle that is marked by hardship. Religion also plays a role with the belief that material wealth is not necessary for spiritual salvation, and that poverty can actually be virtuous.
Political instability: Due to Ethiopia’s history of political instability, there’s an uncertain business environment which makes it difficult for entrepreneurs to take risks and invest in their businesses.
Is Ethiopia becoming a consumerist nation?
Ethiopia, like many other developing countries, is experiencing a shift towards consumerism as its economy grows and urbanizes. Consumerism can make it difficult to save money and invest for the future, as individuals may prioritize immediate gratification over long-term financial planning.
Important Steps to Creating Wealth
Some people live from paycheck to paycheck and often blame that on not being able to get ahead financially. But as much as they say they want to be rich, their not making saving for their future a priority. and are spending their money to love in the moment instead.
It is our responsibility to take action for our lives. We must have a plan. many people without college education, ambitions, or experience make comfortable loving. it is a series of learned strategies and behaviors.
What are the steps to creating wealth?
a) Save smartly: Planning and monitoring spending will help you better achieve your goals. Save a certain amount of your salary and only manage your expenses with the remaining.
b) Start investing: Investing is a way to set aside money while you’re busy with life and have that money working for you so that you can fully reap the rewards of your labor in the future.
c) Invest in your education: Education is a lifelong currency and it will not depreciate or disappear. The more time you devote to self-development the more expensive your work is valued.
d) Apply and use leverage: Leverage allows you to build more wealth than you could ever achieve alone. The leverages you could apply include financial, time, systems & technological, marketing, network and knowledge leverage.
e) Treat your wealth like a business: The most common reason people don’t get want they want is because they don’t know what they want. It’s important to have a financial plan for yourself to set yourself up for financial success.
1. Why do Ethiopians focus on poverty?
2. What is the relation between good governance to creating wealth?
3. How does consumerism, inflation, and budgeting affect building wealth?
4. Are Ethiopian banks enabling or hindering wealth creation? And How can Ethiopia’s banking system assist in creating wealth?
5. How could we create wealth and become a middle-class nation?
6. What sectors does Ethiopia need to focus on to create wealth, and how can the government support these sectors?
7. How can Ethiopia encourage entrepreneurship, and what kind of incentives are needed to support entrepreneurs?
8. Why is access to credit still a major challenge for individuals and businesses in Ethiopia, and what needs to be done to address the high-interest rates and collateral requirements that hinder borrowing?
9. In what ways is Ethiopia’s education system failing to equip its citizens with the skills and knowledge needed to succeed in the modern economy, and how can the government improve the quality of education and skills development to support wealth creation?
Ermias Eshetu is the CEO of FSD Ethiopia since January 2022, leading the establishment of the FSD Ethiopia office and developing the strategic interventions needed to develop the financial sector in Ethiopia, working alongside the regulators, private sector, and key development partners.
Ermias has over 25 years of technical and leadership experience and has held various posts together with several Board Directorships including the Accounting Auditing Board of Ethiopia (AABE) and the American Chamber in Ethiopia as President.
Ermias is currently serving in several Non-Executive Board assignments including as the Chairman at Zemen Bank, Chairman of Ambassador Business Group, Board Member to Welayita University, and as Advisory Board Member of UNDP’s IFL (Innovative Finance Lab) in Addis Ababa.
Ermias was ranked in the 2016 and 2017 ‘Choiseul 100 Africa-Future Economic Leaders’ for being an active contributor to the economic development of Africa. In 2017, he was also recognized by the MIPAD 100 (Most Influential People of African Descent 100) for his various contributions.
Ermias is passionate about business and finance in Ethiopia and the African development narrative in general. To that end, he has spoken on many panels and investment conferences over the past 15 years including at the Milken Institute Global Conference – a major Think-Tank in the US.
Dr. Abush Ayalew is the CEO of Cellular Consultancy. He is a seasoned entrepreneur with over 15 years of experience in founding and leading successful ventures. He established the popular media brand “Medical,” which has now evolved into Medical Wisdom Africa, a health-focused NGO. He is also an active investor in the local real estate industry and different shares of local companies, as well as the stock market at NYSE and NASDAQ through the Robinhood electronic brokerage firm.
Dr. Abush is a prolific author with 29 bestselling books on a diverse range of topics, including health, psychology, business, and finance. His recent publication focuses on investment and the stock market in the local Amharic language. He has impacted the lives of millions of people through his popular psychology and business talk show programs, which he designed and streamed for six years at Ethiopian Broadcasting Corporation and Fana Broadcasting Corporate. He has revolutionized the concept of self-development and mind programming topics in Ethiopia, bringing about a significant impact to his audience.
Menna Selamu is the co-founder of Flipper International School, a K to 12 school accredited by the Ethiopian Ministry of Education and Cambridge International Education. Flipper International school is the first company to attract foreign direct investment in 2010 in Ethiopia. Over the last 24 years, the school has provided educational services to more than 10,000 students. In 2022 Menna has successfully transitioned from her management position, after engaging with strategic partners making Flipper International School part of an international school network.
Menna is also amongst the 22 people who started Eneho Fikir, a charity helping 370 school age children and families. Menna’s unwavering aspiration and lifelong dream revolve around enhancing the education system in Ethiopia. To her, education is not merely a one-way process but a two-directional exchange of knowledge, which she describes as “transferring knowledge.”
Menna’s demeanor radiates positivity and serves as an inspiration to others. She consistently keeps herself updated, driven by her deep love for software and all things digital, establishing herself as a formidable presence in our ever-advancing technological world. Her relentless pursuit of knowledge stems from her recognition of gaps in understanding, propelling her to become an expert in various fields
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