Waceke, the master of personal finance

Waceke Nduati Omanga’s office desk is odd—aesthetically odd. It is shaped like a piece of broken sea coral.

But it’s from that wooden oddity on the fifth floor of Victoria Court building in Westlands that the turbines of Centonomy turn, a company she set up seven years ago to help people achieve personal financial freedom.

Over 1,500 participants pass through Centonomy programme every year.

“I have long held the belief that everybody can create wealth and live out of their aspirations and over the time my vision has grown to include providing entrepreneur and career training.” She says.

She has been talking money for the last 10 years and has gathered experienced in stock market, portfolio management, unit trust management, investment research, property finance and accounting.

She has a Master’s degree in banking and finance and professional accounting. She sits on the very ledge of 39 years and admits to be at a sound point in her life.
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Is there any particular story about your office desk?

(Laughs) I wish there was. The guy who made it came to the office to check out the space and made this. I don’t think it has any particular tale.

Is money overrated?

No and yes. I think you cannot underscore the importance of money. We need money. It’s important, but it is overrated when it becomes our identity: ‘‘I am a better person because I have more money’’. ‘‘You are lesser than me because you have less money.’’

If I buy this car that makes me look very important., it’s not so much about the attention that I get from people, it’s about feeling better. That should be the guiding principle because at that point it becomes a financial logical thing to say.

Based on your lengthy interactions with people and money, what do you think is the biggest mistake people make about money?

It’s thinking that when people see me looking good, driving the right car, living in the right neighbourhood, wearing the right type of shoes, going to the right joints, people will think that I am doing well.

To me that is the biggest mistake —when we glorify and aspire for the wrong things. The media, for instance, while interviewing people don’t ask about the journey to attain money but rather on the end result, people standing next to their luxury cars or posh homes. That is the wrong focus.

What’s your own personal mindset around money?

It’s continuing to develop. It’s work in progress. I am not perfect but I think if I look back where I was and where I am, I am very aware how I interact with money.

It’s about balance and understanding what you think is important in life.

Money is actually a tool for the life you want, but it cannot be the life. I think where I have come with money is actually defining what is of value to me. For example, I like to travel, but for me I would rather continue driving my 12-year-old car, but I get to travel to wherever I want to go. I have made that choice because travel is more valuable to me.

What has been your worst money decision ever?

(Long pause) I have been conned out of land before...that was a bad decision. (Chuckle). Also when I was in university doing my Master’s, I had like three credit cards and I maxed them all and when I came back with the credit debt to Kenya I spent three years paying for the debt from my salary here. Imagine converting Kenya shillings to dollars and paying all that debt. That was bad.

Kenyans are obsessed with buying land, the “ka-plot” culture. What’s your two cents on this in terms of investment?

(Laughs) Kenyans don’t have a strategy in land buying. You see a lot of people just buying land because everybody is. Let’s say that at retirement you have 40 plots of land, eighth of an acre in 40 counties. What do you do with that because the land is not producing anything? Land acquisition is great, but with a plan. We need to move away from thinking that land is the only thing that we can invest in.

Who makes money decisions in your house?

Me and my husband.

What industry is he in?

He’s also in finance, but speaking generally it’s easy to imagine that since we are both in finance we are versed in finance. A surgeon doesn’t operate on himself, does he? (Laughs). So, even if you are a finance professional you have to go out of your way to look for information and advice.

Money is one of the biggest things couples fight about in marriages, what is your remedy on that?

It is imperative to understand where the other person is coming from because people come into a relationship with different experiences and beliefs about money. So, I can attack all your beliefs, spending or money behaviour until I turn blue in the face but it’s important to understand how you got to relating to money based on past experiences.

Once you understand how you both relate with money and why, you can then challenge yourself and your partner. Ultimately, in a relationship there are things that need to be decided; what is mine, what is yours, what is ours.

I believe that you cannot completely take away independence from people and so you have to decide: you do you, I will do me, but this is what we are going to do together.

Look, quite often the man’s money is the family money but the man never quite knows where the wife’s money is going. What would you advise a guy like that?

(Laughs) It is well when you are earning Sh300,000 as the man but I’m earning Sh30,000...most couples I have worked with start from this point where the man earns more. That’s okay, but three years later, shock, she is now on Sh500,000 and he is on Sh350,000.

How does that work? It’s well and good when the man is making more because men have been conditioned to be the providers, but there will be a problem when the man now starts to feel the weight when they have all these fresh responsibilities. That structure will not work anymore.

So, the structure should be set up right from the beginning on how to manage finances in the long-term because she will not always be at Sh30,000. Have a discussion about money at the very beginning, talk about responsibilities before things get complicated.

Should couples have a joint bank account?

You should have them. For couples there are those things that you have agreed to do together even if you have said that you will work independently. I don’t think it’s going to work because if you do everything separately you are going to start competing against each other. So, there are those things that you have said that for whatever reason we are going to invest together in and it could be because of your kids or retirement plan or it could be because we can go for holiday at the end of the year.

It’s as simple as that. There are projects that couples have to handle together, but they can’t handle them by running own accounts.

How old are you?

I’m 39, about to hit 40. (Laughs)

What set of a mind do you think you are in as you approach 40?

As far as I’m concerned, I am still 20. (Laughs). It’s interesting that I still feel 20 years even though I wouldn’t want to be 20. I don’t feel 40 at all, 40 was just some faraway age that I would never reach and even now it’s still surreal. But I understand who I am now more than I did at any age. Most importantly, I understand the value of time, which is the biggest thing for me right now.

What do you do to unwind?

I run thrice a week, anything from three kilometres to 10 kilometres, depending on when I last ran (Laughs). Oh, I did the Lewa marathon, 21 kilometres. I hang out with friends, I read books. I don’t work Mondays so I spend time alone when the kids and the husband are away and it’s just me in the house. I could do nothing but just stare at walls. Gosh! That might sound wrong in print (Laughs). I’m an introvert, people don’t get that.

Doing anything major for your 40th?

Oh, I don’t know if I can say this on the record…

Of course you can…

I will go to Las Vegas for my 40th which is on January 1.

Why Las Vegas?

Because it’s been on my Bucket List so I figured, why not? I have planned it for a year now.

And of course what happens in Vegas will stay there…

(Laughs) Of course.