adminMorris Mpala, MoB Capital Ltd
DURING one of our columns we debated about borrowing/lending a friend’s money. It brought in some insights, bad memories and a relook at some of our friendship bonds.
As an off shoot from there we decided to look within the family and see money issues that arise in our quest for financial freedom or financial independence.
It’s an emotional one because it involves the same blood. When we discuss intra bonds within and without the family inner circle it gets really interesting as it touches some nerves.
For those within family that are more blessed should they then take care of the entire family and forget their own needs or at their own expense .
I think there is a cultural issue among blacks that when one succeeds in the family the rest have a claim to their money. People will always go on about “ubani use UK/RSA kodwa ngakibobayalamba.” I think sometimes your money is yours to spend as you want.
I know people who have failed to secure themselves financially due to long lists of relatives they feel obliged to assist one way or another.
In particular people in the Diaspora, they will spend a lot to extend houses in Zimbabwe yet they rent in the UK/RSA. How about putting themselves first and secure themselves and their families out there before extending the benevolence?
Is it unAfrican for them to do that? But what is African and what isn’t? Do we define African such that it only suits us fine when we want to exploit that which comes with the so-called African culture?
When one financially secure individual passes on and the wealth is savagely redistributed due to our culture values isn’t that destroying a family unit that had safeguarded its future without including the whole clan?
What is it about our culture and the wealth of others? There is more sense of entitlement by virtue of blood, which is dangerous and has serious consequences on the financial well being of the respective well to do individual.
We know it used to take the whole village to raise a child but things have changed. Villages are looking aside when children are really in need. By the same token what our children have now it’s theirs to do as they see fit. It might look cruel and heartless but economics dictates that it is financially wise to take that route.
Is our culture our downfall when it comes to financial freedom? Is our support structure so weak that in any family we always have that one and only one to carry the whole family if not the entire clan? Is it so bad due to our cultural backgrounds that we can’t all pool resources for a good cause depending on how deep our pockets are?
Other cultures are individually independent that they form a pillar to lean on when one falters, that way the family/clan is always on top of their game even when there are adversaries.
Culturally let’s ask each other on whose responsibility it is to take care of family members. We know there are always one or two shortcomings due to differentials in blessings. We can’t all be blessed the same, its called natural selection.
How do family members develop an independent approach to sustaining their lives without draining those who are well to do?
Each member has to strive for excellence to the best of their ability and other family members chip in where they can. In times of need or adversity each member contributes towards a general pool in a manner consistent with their financial stability so that there is equal responsibility among members.
Only in extreme cases would we allow one member to cater for the needs of others if the situation is dire. This creates an excellent independent support system that can stand the change of tides.
Culturally we are born of many family members, which could be a blessing and curse at the same time.
The time has come to relook at some of cultural traits and see if they really make us achieve financial freedom to the best of our abilities.
The over reliance on one or two family members is a tricky fixture though playable.
There is too much concentration risk and when the inevitable happens things just fall apart. Ubuntu is a concept best delivered when each and everyone of us plays their part.
Money matters are a pain and very emotional but need to be discussed at length and detail for us to find solutions.
Families differ from one family to the next and there is no one size fits all but the concept behind building sustainable and happy family units is the same.
The more independent individuals are between themselves the more financial freedom the family enjoys. Even the quality of life in such scenarios is quite commendable.
We know it’s a very difficult concept to embrace but times have changed and cultural norms are dynamic and we have to borrow from some cultures for us to be financially relevant in this modern world.
If we don’t do that we will perish in numbers and the resistance to this new phenomenon is detrimental to the generational wealth approach to financial freedom. Like I have said before such scenarios make me loathe money/wealth and what it stands for. Mark my words if it was mangoes I would have given you a decisive solution to this dilemma.
Good luck in your quest for family financial freedom we need it now more than ever.
If you live in Bulawayo please conserve water. If you live in Zimbabwe please use electricity sparingly: SOS (switch off switches). If you live on planet earth please preserve the environment.
Morris Mpala is managing director MoB Capital (Pvt) Limited, a microfinance institution offering loans, micro-insurance and advisory services to small to medium enterprises as well as individuals.
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