The Cimifly Money Series — Alfred Akibo-Betts
Let’s Get Real About Money.
This week, we’re talking to Alfred Akibo-Betts about saving, budgeting and family.
Alfred is the Founder and Chief Executive Officer of The Betts Firm. As a
Chartered Accountant, he also holds an Honours Bachelor’s Degree in
Accounting and Finance from Fourah Bay College, University of Sierra Leone,
and
a Master’s Degree in Taxation from the University of Pretoria in South
Africa. He is also an alumnus of Harvard University, holding a
Certificate in Comparative Tax Policy and Administration and a Public
Leadership Credential.
1. Your name and what you do?
Alfred Akibo-Betts, CEO of The Betts Firm — a tax and accounting consultancy firm in Sierra Leone. For my other roles, I do consultancy work for the United National Capital Development Fund in Sierra Leone and Liberia on innovative financing, particularly for Water, Sanitation and Agriculture. As a tax expert, I act as the principal liaison between the African Tax Administration Forum and the African Union Commission on tax administration and tax policy issues that support Domestic Resource Mobilisation for African countries.
2. Do you have a budget? What tools do you use for budgeting?
Personally, I do not usually budget my household and other personal expenditure. However, at The Betts Firm we prepare a yearly budget, which is monitored quarterly. We use Microsoft Excel to prepare our budget.
3. What’s the best savings advice you have received and would give? What’s one tool you use for savings? Do you believe in saving your money in the bank or would you rather invest it?
Although I haven’t followed it, but the advice [I received] was to budget your personal expenditure and track your expenses regularly to ensure you are within budget. I’ll give the same advice and add that the best way to save money is to invest in a less risky way, such as government treasury bonds, which has a steady rate of return. I would rather invest it than save it in the bank.
4. What type of investments do you have in your portfolio? And what’s your advice for folks on investments? Also, can you provide one hot investing tip?
I prefer real estate and shares in companies and government treasury stocks, mainly because there are less investment opportunities in Sierra Leone. Diversify your investments. Watch out for trends in the market by listening to business podcasts, watching business news, and do your research.
5. What’s your advice on retirement? What should we be doing now that can prepare us for it?
Similar to what I will advise a professional, is to always think about tomorrow. Think about how you position yourself for new and challenging circumstances and opportunities. Particularly for retirement, you must invest your money rationally and do not take unnecessary risks for short term gains. It is always better to invest in something that will give you a steady flow of funds. Also, do not live a lavish lifestyle when you are earning lots of money while working.
6. We all have one thing in common, we have a passion for money and are ahead of the curve or more disciplined than others. However, we are all human and have a vice. What’s your vice, what do you like to spend your money on? Do you plan for it or not?
I do not really have a vice and don’t want to call this one. I will spend any amount on my family without thinking twice.
7. What’s your definition of financial freedom?
Financial freedom is the ability to be able to provide all the basic needs for oneself and the people you deeply care about.
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