Hello and thank you for being here. I am honored by the gift of your attention.
My name is Dr. Stan Wangenye, Entrepreneur, Minister, Author, Philanthropist and Direct Marketing Leader, coming to you out of London, England. Today, I will be discussing what the Covid-19 pandemic has taught me about money.
In January 2020, I vaguely remember hearing about a virus discovered in China. At that time, I was preparing to travel to Houston, Texas for an International Business Event (in which I’m a founder, independent partner) the following month. Life was busy and I didn’t particularly pay too much attention to it. I thought it’s only a virus and “they” would deal with it. It was while in the US that the seriousness of the Covid-19 situation hit me. When the US began closing its boarder from international travel, I realized the seriousness of what was unfolding on a global scale! This was in early March, 2020. By this time I was in Boston, Massachusetts, on Ministerial engagements. When I began to see the world shutting down in real time, with US travel bans being imposed on China, then Europe, then United Kingdom and Ireland, I thought wow! This is huge and very serious! First things first. It was time to do a quick exit out of the US back to London.
I firmly believe that what you don’t know can really hurt you because ignorance is not bliss. I quickly realized that I had to get the right information about what was going on if I was going to make the right decisions that would form the basis of not only safeguarding my finances, but increasing and enhancing my income flows. I am aware that every crisis comes with a corresponding positive opportunity, I needed to do what I had to quickly in order to recognize those opportunities. So, as soon as I got back to London in mid-March, I took some days off to really focus and study the impact that the pandemic was having on the global financial and market situations. I read financial journals of well-established authorities in these fields. I watched as brick and mortar global brands began to lay off employees in their tens of thousands. I watched as the airline industry began to fold and close shop. I watched British Airways lay off over 10,000 employees in one day! I took a drive through London's financial district located at the "Square Mile" or the "City," the long standing business hub of London, with the other major financial district in Canary Wharf area, about four kilometers east of the City. Completely deserted, it was! The ‘brick and mortar’ businesses in Oxford street, Regent street, New Bond Street which is now the third most expensive shopping street in the world and every business as far my eyes could see…all shut!
The next thing I did was to reach out to my mentors to see how they were responding to this pandemic. I associate with trusted and proven leaders who are multi-millionaires and who I have associated with for the last decade. I knew that the right information and right counsel is fundamental to my; not only surviving this crisis, but thriving in it.
Getting this right information equipped me with the right tools to make great business decisions to stay ahead of the game. I didn’t panic or fear because I knew I had information that would enable me to counteract the negative consequences of the pandemic. Contrary to what many people say, information alone is not power unless acted upon. I like to say it this way. Right information acted on releases the power thereof. Information is a tool. Used correctly, it will achieve amazing results. If you wanted to drive a nail into a plank of wood and build something, right information would be for you to get a hammer, not a folk! Once you have the hammer, apply its use correctly. Do not hold the hammer head and try to drive the nail using it’s handle! That won’t work very well.
Possibly the single most important financial adjustment I made was to exponentially increase my investments. I looked for every idle £, $, € and Ksh that I could find in my accounts, wallets and cards and immediately turned them all into investments. To be honest, I was shocked at how much ‘idle’ cash I had loitering around. Next thing I did was to pay off the mortgage on one of my properties in Nairobi. What that did was free me from any pressure on my disposable revenue, whether the rental income from that particular property was coming in or not. This, in turn, translated into more investment capital that I could direct towards emerging income opportunities. Now, did I downscale my lifestyle as a result of this pandemic? Not one bit! And I am humbled and thankful.
What I have done to insulate my ability to create wealth in a pandemic such this one is to remain teachable, flexible, decisive in decision making, committing investment and remaining consistent in continuity until returns begin to manifest. I am not only a starter but a finisher of every enterprise I venture into. No matter what it takes or how long it takes. If I start it, I will finish it. End of discussion.
My biggest financial takeaway through the COVID-19 pandemic is that there are incredible opportunities to make money if one does not panic or fear. I have choices available to me if I shut out the negative narrative of the media and tune in to income opportunities, some already existing, others are emerging, while paying attention to those who are succeeding in the current environment. In the words of Jim Rohn, “Success leaves clues.” So I am firmly following the clues my mentors who are literally ‘killing it’ financially and taking consistent action accordingly.
Thank you so much for taking the time to read my thoughts and experiences. Please feel free to drop me a comment. I also invite you to share the blog with your friends and family who might get some value from it. I look forward to welcoming you back on my next blog. God bless and remember, you were created to live life beyond limits!
Dr. Stan Wangenye