What Do Christian Women Have To Say About Making Money? — #MAGMasterclass

Last week I attended my first #MAGMasterclass with my good friends Yemi and Tolu. The event was held by MAGNIFY magazine in Central London. MAGNIFY was created by Ruth Yimika Awogbade, an incredibly inspiring young woman to say the least. Ruth has established a unique platform that creates discussions around the three F’s – faith, feminism and fashion through its print magazine, blog and events. MAGNIFY is designed to give women like myself the opportunity to explore the Christian faith and how it can impact being a woman in today’s world.

mag1
MAGNIFY Issue One Cover. Source: HelloMagnify.com

“These masterclasses take place on the first Monday of every month in London and are designed to help you master your skills, explore your passion and establish a healthy, balanced and successful working life. Each monthly session is led by two guest experts in their field offering valuable advice for any life stage.” – HelloMagnify.com

img_6514
Founder of MAGNIFY, Ruth Yimika Awogbade. Source: HelloMagnify.com
The topic of last Monday’s masterclass was money, money, money. A somewhat taboo subject within the Christian community but an important one to discuss nonetheless. Especially as 21st century women! Whether we like it or not, money has a role to play in our lives, so we can’t ignore it. MAGNIFY believes that as a generation of women, it’s important that we understand how to spend wisely, know how/where to invest and how to support things we care about with our financial resources.

The two guest experts for this masterclass Dah-Eun Chae (Wealth Manager at UBS advising entrepreneurs on how to invest their wealth) and Fope Adewolo (Vice President at a private equity investment firm with international experience), discussed money from the perspective of:

  1. How to grow your income
  2. Learn to invest
  3. Make a difference

Here’s a summary of the key points I took away from the masterclass…

Why should we as women be investing?

dctjyrnxcae74tq
“How To Grow Your Income, Learn To Invest & Make A Difference” #MAGMasterclass 19/6/2017. Source: Twitter @HelloMagnify
Why should women be investing? The simple answer is: because we can! Gone are the days when women were not able to own anything of their own without the permission or assistance of a dominating man. Now is the time to make your money work for you. A lot of assets in certain conditions “appreciate” (increase in value over time) such as houses, land, well preserved interesting objects and vintage toys to name a few.

Investment is a great way to lay the foundations for your future, gain financial independence, save for a “rainy day” and not miss out on 30-40+ years of potential wealth making.

How does your faith impact your view of money?

Dah-Eun Chae  has an interesting story – in a twist of events, her parents are missionaries (people sent to promote Christianity in a foreign country often as full-time work), yet she now advises millionaires on how to manage their money! She reminded us all that we came into the world with nothing and we will die with nothing, therefore we should detach ourselves from the value of money itself and not let it consume us.

I would personally add, obsession over money is not healthy and can lead to all sorts of problems. Whilst money can have a positive impact in our lives if used in accordance with God’s will, as Christians we should not allow ourselves to be ruled by a love of money. See Paul’s instructions to Timothy in the Bible:

Yet true godliness with contentment is itself great wealth. After all, we brought nothing with us when we came into the world, and we can’t take anything with us when we leave it. So if we have enough food and clothing, let us be content.

But people who long to be rich fall into temptation and are trapped by many foolish and harmful desires that plunge them into ruin and destruction. 10 For the love of money is the root of all kinds of evil. And some people, craving money, have wandered from the true faith and pierced themselves with many sorrows.

Paul’s Final Instructions

11 But you, Timothy, are a man of God; so run from all these evil things. Pursue righteousness and a godly life, along with faith, love, perseverance, and gentleness.

1 Timothy 6:6-11

money

Fope Adewolo spoke of how her faith has instilled the importance of being charitable within her. You can pick and choose to put your money in investments which have a social impact aspect, for example the TOMS shoes “One for One” scheme. Through your purchases, TOMS helps provide shoes, sight, water and safer birth services to people in need. There are many other investments that exist with a social impact aspect – do your research and use your money charitably. Fope also added that having the right relationship with and attitude to money is important as whatever she gets, she is a steward of. Therefore, she uses money to help and bless others – it’s not all about you! The pursuit of making more money is about impacting other people positively, she asks herself – what am I doing to impact someone else?

What are the common mistakes that young women make when it comes to money?

dsc3583
Source: HelloMagnify.com
  • Don’t be too conservative with your money or put all of your money into one bucket – diversify! (Ecclesiastes 11 talks about investing in many ventures).
  • No amount is too little to invest – start with whatever you can reasonably afford.
  • Set your emotions aside – e.g. if you see your investments at a loss one day, don’t “chicken out” and pull out immediately… have patience within your wisdom.
  • Don’t expect money without planning for it – decide how you’re going to portion your money before it actually comes, this is called forward thinking.
  • Don’t spend money on what you can get for free – avoid unnecessary debt.
  • Don’t rely on investments alone as your main source of income – investments can go up or down.

I want to start investing my money… but I don’t know where to start!

dcrawxdwaaac0ke
Source: Twitter @HelloMagnify
The simple answer is to do your research but the guest experts recommended a few places to help narrow down your Google search, which I have listed below:

  • Nutmeg – Online investment management service – the team will build you a high-quality, diversified investment portfolio so all your eggs aren’t in one basket. Click the link to learn more.
  • Hargreaves Lansdown – Investment service which aims to give you all the tools, information and support you need to venture into the world of investing. Click the link for a list of their services.
  • UBS Smartwealth – Online wealth management service by UBS. You start with answering a series of questions – how much you’d like to invest, your attitude towards risk and your financial objectives. This helps UBS build your financial profile. Click the UBS link for more info.
  • Seedrs – Online investing opportunities in the best new startup businesses via equity crowdfunding.
  • Private Equity – more risky but much higher returns. This involves investing in companies not listed on the stock exchange, the share price of the company (/information on how the company is performing) is not shown anywhere. Seek expert advice before going down this route!

My favourite quote of the night: 

mag
Source: Twitter @HelloMagnify

‘In the same way tithing is a discipline, so is investment. When your salary increases, it doesn’t mean your living expenses have to.’


This event was an eye-opener for me. It reinforced some of the things I already knew but haven’t taken very seriously yet. Whilst I don’t have a massive amount yet to invest (although no amount is too little, remember!)… I am now much more informed about my options. My future wealth can really make a difference. As I’m always saying, this life is so much bigger than just you and your desires… you’re a steward with a greater purpose than yourself. Therefore, you should make it a habit to ask yourself, in regards to money: what are you doing to 1. help others and 2. glorify the God you serve?

What is your view on money and specifically, investments? Are you currently saving towards something? If you would like to share any other useful resources and tips to encourage young people on this topic, please leave your suggestions in the comments down below!

*Special thanks to Tolu and Yemi for inviting me – the event was great!*

img_1671.jpg

The next #MAGMasterclass: How To (Actually!) Become A Great #Girlboss – Monday 17th July; 7:30-9:30pm; Location – The Century Club, 61-63 Shaftesbury Ave, Westminster, London W1D 6LQ. More details here.


God bless you!
Wunms.

Do not neglect to do good and to share what you have, for such sacrifices are pleasing to God. – Hebrews 13:16

 

Disclaimer: please remember that the value of investments, and any income from them, can fall as well as rise so you could get back less than you invest. 
If you are unsure of the suitability of your investment please seek expert advice.
Advertisements

Posted by

A 22-years-young Christian, Law graduate, trying to navigate life through Christ. This blog is partly a self-development project, but also I just want to inspire us all to do what we're supposed to be doing. I pray that you are blessed by this space! - Wunms.

16 thoughts on “What Do Christian Women Have To Say About Making Money? — #MAGMasterclass

  1. I loved this post! We really need to discuss this more as it is empowering for all women to achieve a sense of financial stability and ultimately financial freedom! Thank you for this!

    Liked by 1 person

  2. Love this post. It is important for women to be knowledable on money matters. I am just now learning to management my money in a proper way. I look forward to investing after paying off debt. I also love how you incorporate your faith into this post. We must not have a love of money and ask to be a steward of our money in Christ!

    Liked by 1 person

  3. Love this! Extremely informative, will definitely have to try and attend one of these masterclasses. Especially love the point about distancing emotions from money and financial decisions- certainly something I could benefit from that will save me from splashing out on shoes and makeup 😩

    Liked by 1 person

  4. Great article Wunmi, I believe it is important for everyone but especially women, given historical attitudes, to earn their own money and choose how they spend or invest it. I use friendly societies to invest in. Scottish Friendly has some good investment schemes including money builders where you can increase your investment each year on some schemes. I recently came across a charity which provides bikes for refugees, you donate your old bike rather than selling it. Did you know in Rwanda when you buy a new bicycle you donate your old one to someone and so cycling develops, that’s a different kind of investment I like.

    Liked by 1 person

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s