Financial Management, the key to a better life – says businesswoman

Mar 25, 2018 News

Conducting a ‘Smart Money Values’ workshop for kids

In much the same way children could inherit wealth from their parents, they could also inherit a ‘pay cheque to pay cheque’ lifestyle. However, changing such a way of life could be dependent on how much you are willing to commit and sacrifice.
This is according to Mrs. Athalyah Yisrael, Chief Executive Officer of Fun Park Rentals. Fun Park Rentals is a business with a focus on delivering memorable excitement to children at events such as birthday parties and other fun engagements.
Although she has been able to make a marked impression in the society through her business which was established in 2014, Yisrael confided that seeing any profit in the early days was a near impossible feat.
Recounting how she first ventured into business, Yisrael, now 29 years old, recalled working in the private sector for four years, but always had a desire to start up her own business. Her desire got the better of her, allowing for the realisation of Fun Park Rentals.
“Money was coming in but the thing about it, I would make money and spend it and not see the profit. When it came to the business I had no money and my husband would always bail me out,” Yisrael recounted.
However, it was her ever supportive husband who forced Yisrael to realise the importance of properly managing her money.
“One day I needed my husband to bail me out again, but he said to me ‘you will be the downfall of this family’ and that really hurt me. He said ‘if you don’t get it together you are on your own’,” Yisrael recalled.
At the time, Yisrael was some $400,000 in debt and hadn’t an inkling of the way forward.
“I don’t know if you have ever went through what I went through…borrowing money from people and you see them on the road and you are dodging them or can’t answer the phone because you owe people…,”Yisrael reflected.
Her husband’s words, compounded by the dilemma of being in debt caused an awakening in Yisrael.
“I got on my knees and started praying that the Almighty would show me the way and that is when I came up with an idea,” she shared. The idea was in fact a Piggy Bank concept which saw her realising the importance of compartmentalising the finances she earned.
This, she explained, translated to having a Piggy Bank with compartments for ‘Saving, Spending, Donating and Investing’. Yisrael said that she also included a fifth compartment for tithing. This latter compartment is particularly important to Yisrael, since it is her belief that, “whatever God gives to you, you have to be able to give back 10 percent. I started doing that and my financial situation has turned around.”
She has sought to extend her money management strategies to young children. This move was seen as tactical to Yisrael since she is convinced that had she been furnished with such wisdom as a young child, she would have long been making wise financial decisions.
She was, moreover, able to launch the ‘Money Savvy Piggy Bank’ for children last year June in collaboration with the Ministry of Education with the blessings of the Deputy Governor of the Bank of Guyana. Scores of children were able to take advantage of the programme.
But according to Yisrael, although the children were learning to be good financial managers, it was observed that there were far too many adults who lacked the understanding of the concept altogether.

Mrs. Athalyah Yisrael a CEO who has been able to master financial management

“We found that while the kids recognised that a home was more important than a car, many adults would rather buy a car and rent a house,” Yisrael observed. Furthermore, the programme was extended to entire families too.
By November last year, Yisrael was able to assess the programme and, according to her, “the result was phenomenal…people were actually getting it.”
But Yisrael has even more to offer through yet another programme she has launched – Outliers Zone.
Outliers Zone, according to her, is a unique and innovative start-up company which provides financial counselling and mentorship to enable women, couples and business owners to make informed money decisions in order to leave a legacy of wealth for their generation.
“Culturally, it’s a different and pioneering philosophy being introduced to Guyana. The company seeks to awaken the consciousness of Guyanese women [in particular] so that they can achieve more out of life if they learn to grow their money to benefit their generations,” Yisrael said.
In so doing, she said, “Sometimes you have to miss out on things if you want to focus on getting something like your own home. You should want to get some assets and leave a legacy. Some people, the most expensive thing they own is a smart phone… or they are renting an apartment and their car is parked on the street,” said Yisrael, as she stressed the need for persons to be awakened to the importance of financial management.
As her contribution to the celebration of women, Yisrael plans to host a Master Class aimed at empowering women to be in control of their finances. The event is slated for Wednesday [March 28] at ‘We Own Space’ situated at Lot 312 David Rose and Aubrey Barker Street, South Ruimveldt, Georgetown. Persons can secure their place at the Master Class session by contacting Yisrael on [592] 623-4386.