What began as a blog sharing personal financial failures has blossomed into TKO Financial Wellness & Advisory, a financial wellness firm that now helps individuals take control of their finances. In our exclusive interview, the founder, Tokiso Tkay Nthebe shares how his own struggles with finances inspired him to create a business dedicated to financial literacy. His story is one of resilience and a commitment to helping others.
He shares with our reporter, Thoboloko Ntšonyane, his journey of transformation. In this wide-ranging conversation, he discusses leadership, the creative industry, and how young people can become financially savvy. He also says young people should seize opportunities and take charge of building their futures.
Below are excerpts of the interview.
Tell us about your journey into finances and coaching.
I studied Financial Management and Financial Planning (Postgraduate) at the university. My interest in finance stems from my love for numbers, people and business.
How did you venture into this career, what had inspired that move and how has the journey been so far?
My career began as a Graduate Trainee at Nedbank Lesotho many years ago. Working for financial services providers and being a finance graduate, the expectation is that I should be able to manage my finances. However, I made a lot of costly financial mistakes which included high levels of debt, having savings/investments, mismanaging my money and spending my retirement benefits. Ashamed and broke, I blogged about my financial mistakes and shared it publicly. It received a lot of attention, and I eventually created a business around financial wellness. Today I have founded TKO Financial Wellness & Advisory, a company that provides financial wellness programs, financial coaching services, training and development. Financial coaching came about as an additional service my company offers because some of my clients needed an accountability partner to help them transform their financial mistakes.
The journey has not been easy because financial literacy isn’t something that people talked about or were willing to pay for. People do not talk about money and have made it a taboo. Trying to encourage open and honest conversations about money made many uncomfortable because they are ashamed or embarrassed. But nine years later, we are still here, growing and building an industry that did not exist in Lesotho before.
Would you share any challenges associated with this profession?
Financial illiteracy is a big challenge, where people make uninformed financial decisions. They take loans that they cannot really afford or understand how debt works. This leaves many highly indebted, leading to financial distress and eventually mental health issues. The industry is still a very new industry, with a few players. Secondly, some people still do not see the value of paying for financial advice or booking a session (individual or corporate) for financial wellness sessions. As a professional in this industry, you need to continuously invest in yourself, skills and knowledge because the industry changes rapidly. The kind of advice you provide needs to be relevant, tailored to the client and suitable because it has far reaching consequences if not done well.
What have been some of the highlights of your career?
It has been an adventurous nine years since registering the business. I left my corporate job to pursue my dream and build my business. I have successfully built a reputable, trusted and professional brand, created opportunities for employment for other Basotho youth, launched my podcast My Money Adventures and helped many of my clients improve their financial situations and achieve their financial goals.
You have published a book, ‘Chelete ha se Parcel’ how was it received and what is the main theme that it explores?
Chelete Ha Se Parcel! Was published in October 2022, with the translated version expected to be published in October 2024. The reception was positive because it is an easy read, relatable and written from a Lesotho context. The book’s main theme is to encourage people to change the script and stop giving money names. People should work hard to have an intimate relationship with their money. How?
By working on their money mindset, planning their spending, understanding their income and expenses, building savings for rainy days, managing their debt investing as early as possible, planning for retirement and prioritising their retirement.
Why should young people save and invest and why is it important to do so?
Firstly, people should understand the difference between saving and investing. These are two different concepts. Saving is short term, and the goal is to have enough money to take care of unexpected expenses, pay for goals that are important. Investing on the other hand is where your money starts working for you by earning you incomes in the form of interest, dividends or capital appreciation. The sooner young people start investing, the sooner compounding interest is called the 8th wonder will work for them. This is where their money earns interest on interest, growing their money exponentially. Also they do not need a lot of money to start investing, but they need to start immediately.
And when is the appropriate time for them to learn to be savvy with their finances? Do you think financial literacy should be taught from a young age in schools, and why?
Personally, from as early as the age of five or six years when a child understands the world around them, money lessons can start being taught. Children learn by observing and doing so parents can start telling them money principles such as savings, spending less than they earn etc. This should continue throughout primary, secondary and tertiary school. Money management is a skill we can all learn and master.
With high unemployment, especially among the youth, what advice would you give them to make the most of their situation and avoid falling into financial problems?
Unemployment in my opinion is a pandemic and its consequences are far reaching. For example, the longer young people stay without an income, this delays their ability to save and invest for retirement. This creates more problems for families and the country. However, my advice to young people is to firstly work on their mental health. What you think, who you surround yourself with and what you talk about impacts you. Surround yourself with people who discuss ideas, implementation and development.
Secondly, find creative ways to earn an income – ask for paid internships with small, medium enterprises, volunteer your time, find something to sell, learn a new skill, join different programs that can help you network, get funding in the form of grants, or start a business. It requires you to get up and do something, so change your mindset and do not wait for someone to come save you.
Thirdly, do not numb your pain or issues with alcohol, drugs or substances, that will only lead to bigger programs. Speak up and do not suffer in silence. “It is okay, not to be okay, get help.”
You are an alumnus of the coveted youth leadership programme, the Mandela Washington Fellowship. How has it shaped your approach to leadership and personal development and why do you think it is important for many young Basotho to apply for it? How do you plan to apply the knowledge and skills you gained from the fellowship?
I am a 2019 alumnus and what a life changing experience the fellowship has been. During the program, I was based at Kellogg School of Management in Chicago where we taught by the Business School’s top lecturers covering topics such as finance, business strategy, personal development, leadership and so much more. The course content was practical, relevant and easy to incorporate into one’s business. How did the program help me?
Since then, I have restructured and grown my business by incorporating the learnings into the business. I have a network of over 50 young Africans from my cohort across the African continent and in Lesotho. I have collaborated with other Alumnus from different years both in Lesotho and across the continent. I have launched my online business and platforms – My Money Adventures podcast which becoming a trusted source for finance, well-being and wealth in Lesotho and beyond.
Through the program I have developed my leadership skills, built a strong personal brand and improved my networking skills. I have also received over four grants, funding different programs.
Young people should apply for the program not only because they want to go to the USA, but because they want to invest in themselves and contribute to their communities. It will challenge how you think, how you lead and help shape the type of leader you want to be.
You are also passionate about the creative industry. What is your outlook on the creative industry in Lesotho? What opportunities do you see for young creatives, and how can they exploit them? How do you think the creative sector in Lesotho can grow?
The creator economy is the one of the fastest growing industries where people are leveraging social media and technology to share their talent, creativity and skills. As a creative myself who started out as a blogger and now a full-time content creator working with different brands, I can see the potential the creative industry has.
In Lesotho however, many talented creatives do not see their craft, talent or creativity as a business. With the high unemployment rate, the creative industry can be a solution to tackle this if only we are serious and intentional. My goal is to help more creatives to change the script, be intentional, build businesses and monetise their craft.
It is against this background that we launched the Financial Planning & Personal Development Program sponsored by the U.S Embassy Maseru that started in February to September 2024. This capacity building program was a hybrid of in-person sessions in Maseru, Leribe covering sessions on design thinking, personal branding, digital marketing, content monetisation and financial management, legal perspectives, the business of social media etc. We also launched an online course on our learning portal where people can access it and learn for free.