An expert guide to finances in a cash crunch economy

James Karundu, PassionBiz Academy CEO, works with startups, service providers and entrepreneurs as a business mentor and motivational coach. In five years PassionBiz has mentored hundreds of people. As we inch closer to 2021, the money guru shares tips on how to put your personal and business finances right for a smoother financial year.

This is the time for entrepreneurship. When we talk about personal finances, one must make up for any shortfall through entrepreneurship. You have to start thinking in terms of two or three side hustles – three income streams; that is how people survive in the West. We are at that stage. And there is nothing shameful about it. Organise your time well. If you’re employed, then you need two other income streams. Give your employer eight to five, and then you have five to eight; that is yours. A lot of people are not leveraging on technology; on their gifts and talents. Thereby, they lose opportunities for generating a second and a third income. I was a lecturer for years and I started with side hustles, including my Koumon business using the gifts and talents I have, which is to teach people mathematics. I knew mathematics is a pain point. So I used to give tuition in people’s homes until I found a smarter way, which was buying a franchise of Koumon. I would leave home in the morning and after classes at the Polytechnic, I’d drive to the YMCA Centre in South C where I’d teach twice a week. Twenty years later, I still do it.