Firedom: Financial Independence Stories of African Immigrants

By Olumide Ogunsanwo and Achani Samon Biaou

Are you an underdog, outsider, expat, nomad, minority, or immigrant looking to achieve financial independence?

In FIREDOM, Olumide Ogunsanwo and Achani Samon Biaou share their life stories as African immigrants moving to America and Europe to gain financial independence in their 20s and 30s. 

 

FIREDOM goes beyond investing and managing money, and offers insights into childhood psychology, environmental influences and nurturing principles such as self-belief, curiosity, and goal-setting. Olumide and Samon share their personal experiences and strategies to help you take control of your financial future and live a more intentional life.

 

Whether you're just starting out on your journey to financial independence or looking for new ways to build wealth and personal freedom, Firedom is a must-read for anyone who wants to achieve independence and success on their own terms.

• Language: English
• Publisher: Olumide Ogunsanwo and Achani Samon Biaou
• Release date: Mar 20, 2023
• ISBN: 9798201155476

Olumide Ogunsanwo

Olumide Ogunsanwo is an Investor, Podcaster and Author. He is the Founder of Adamantium Fund, an African early-stage investment fund focused on education, health, transportation, agriculture, and finance.  Olumide is also the host of the Afrobility podcast, one of the most downloaded Africa Tech podcasts in the world, where he shares stories and analyzes African tech companies. As a financial consultant, Olumide supports clients on their journey to financial independence. He has a diverse range of interests, including technology, personal finance, personal development, books, science, math, podcasts, history, M&A, company stories, health, and travel reward programs.  In his free time, he enjoys reading, dancing, and exploring new cultures.

Book preview

1: Introduction

Olumide Ogunsanwo: I would like to kick off by welcoming everyone who purchased this book. We are grateful and we hope the book will help you on your journey of self-discovery, personal development, independence, and freedom.

In this introductory chapter, we will cover five topics: who we are, how we met, why we decided to create this book together, why it might not be a good idea to create this book and what we want readers to get out of this book.

Samon, I'd like to start by learning more about you and your background.

Achani Samon Biaou: My name is Samon Biaou. I was born in Benin, West Africa and I have lived in over 20 countries around the world and visited about a hundred. I speak 8 languages. I have had several lives: I started as an engineer, moved into management consulting, and now focus on entrepreneurship and investing. My main interests are understanding cultures, seeing different places, and solving problems.

Olumide Ogunsanwo: Which three languages do you speak the most?

Achani Samon Biaou: I speak English most frequently, followed by French and Yoruba.

Olumide Ogunsanwo: Hold on. I'm Yoruba, and I hardly speak Yoruba. Why do you practice Yoruba so much? Is it because of your parents or family?

Achani Samon Biaou: Indeed, I speak Yoruba with my mom and my family members. Here's a brief background for our readers: Yoruba is not only an ethnic group but also a language spoken in West Africa. Yoruba people can also be found in other countries, including Brazil and Cuba.

I'd like to share two disclaimers for our readers. First, I love good cheer because I grew up around it. Everything revolved around happiness and good neighborly relations in my childhood in Benin. I love being surrounded by good cheer!

Olumide Ogunsanwo: [Laughter]

Achani Samon Biaou: Second, I often use interlanguage, which means that when I speak, I mix syntax from some of the other seven languages that I know. Sometimes I start thinking in one language and finish in another. Therefore, if you hear a strange way of phrasing sentences, it is probably due to a mix of Arabic, French, English, and Yoruba.

Olumide Ogunsanwo: Awesome! I can improve my French if you throw in some French words. Even the way you phrased that earlier sentence about liking good cheer is different from how I (a native English speaker) would phrase it. I can learn a lot from this process. I'm looking forward to improving my French.

Achani Samon Biaou: You need to let me know which type of French you want to learn: French French, Ivorian French, or Beninese French? They are almost completely different languages [Laughter].

Olumide Ogunsanwo: [Smile] What are your interests?

Achani Samon Biaou: My overarching interest is a deeper understanding of the human experience, which includes understanding why people behave in certain ways and what motivates them. This interest in understanding the human condition is what drives my passion for exploring different cultures through travel.

As for how this interest developed, I attribute it to my upbringing in Yoruba culture, where elders communicated using proverbs. My parents or uncles could have entire conversations just by exchanging proverbs. This taught me to pay close attention not only to the words people use, but also to their nonverbal cues and behavior.

Olumide, after sharing a bit about myself, I am interested in learning more about you. Who are you?

Olumide Ogunsanwo: Who am I? That sounds like a deep philosophical question. My name is Olumide Ogunsanwo.

My general values are relationships, health, autonomy/freedom, learning, execution (getting shit done), adventure, and financial excellence.

These values inspire my specific interests, which include technology, personal finance, personal development, books, science, math, podcasts, history, mergers and acquisitions (M&A), company histories, nutrition, travel, dancing, and travel rewards programs.

Interestingly, we share at least two common interests: travel and personal finance.

Achani Samon Biaou: Yes. I couldn't help but feel a bit overwhelmed as you were talking. With so many interests, how do you find enough hours in the day to pursue them all? Do you focus on these values at different times in your life, or do you pursue them all at once?

Olumide Ogunsanwo: I live my life in alignment with my values, which are ingrained in me. I don't actively pursue them, they guide me in making decisions and help me prioritize my time when I have multiple opportunities and competing options available.

My interests often overlap, and because I find them interesting and fun, I prioritize them in a way that allows me to make time for all of them.

Achani Samon Biaou: How do you develop new interests?

Olumide Ogunsanwo: I'm big on experimentation, and many of my interests have emerged from past experiments. Every month I try a new experiment, some stick while others don't. Additionally, living in multicultural cities such as Lagos, Chicago, London, Boston, and Miami has exposed me to a wide variety of people with different lifestyles and perspectives.

Putting it all together, I do three different things. I'm an investor, podcaster, and advisor (and an author after we publish this book):

1. Investor: I invest in African startups through Adamantium Fund.

2. Podcaster: I'm the co-host and co-founder of the Afrobility podcast. If you like this book, you might like the podcast. It features stories and analyses of African tech companies.

3. Advisor: I advise startups. I also have a financial independence consulting business; I advise people on how to become financially independent (similar to the theme of this book).

This book mostly explores my interests in personal finance and financial independence, but I have a wider variety of interests that will probably come up as we go through our stories.

Achani Samon Biaou: Where in the world are you?

Olumide Ogunsanwo: I divide my time between different cities based on my geostrategy, which is as follows:

Achani Samon Biaou: I'll be remiss not to mention that the consultant in you keeps coming through with everything well structured. Great to chat with another fellow consultant and to recognize structure.

Olumide Ogunsanwo: [Smile]. That is a little bit about me. How did we meet?

Achani Samon Biaou: My partner told me about Olumide in August 2022, saying that we would enjoy talking to each other. At the time, I didn't think much of it. Fast forward to October 2022, I was visiting Miami and Olumide's name came up again, as he lives in the city. Then my partner mentioned that Olumide was into financial independence, and she immediately had my attention. We went to Olumide's house, I went for a financial independence conversation and stayed for the human authenticity and genuineness.

Olumide Ogunsanwo: [Smile] Oh, that is so sweet.

Achani Samon Biaou: We have a lot of things in common. You are genuine and authentic. That is my kind of person to hang out with. We spent an inordinate amount of time, talking about our experiences, like two high school kids. We had fun!

Olumide Ogunsanwo: Yes! That's how it felt. It was one of those times in life when you instantly connect with a person. We had this common interest in financial independence, and we just kept going deeper and deeper.

We even jumped right into spreadsheets and budgets. It was fun! That trip was the genesis of working together on this project because I thought you were a potentially interesting person to get to know better.

Why do you want to write this book?

Achani Samon Biaou: Firstly, to preserve the memories of our conversations and the pleasure of speaking with a friend.

Olumide Ogunsanwo: In 2030 and beyond, I can reflect on this book and remember the wonderful connection I made with Samon. We created something special to share our life stories, and it's a joy to know that this experience will be forever preserved within its pages. There is something wonderful about codifying that experience forever with this book.

Achani Samon Biaou: Secondly, I see it as an opportunity for us to learn and grow through our conversations.

Olumide Ogunsanwo: I believe I can learn a lot from your approach to financial independence since you took a different path. This book is a great opportunity for both of us to learn from each other's experiences.

Achani Samon Biaou: I loved our connection and how open we were with each other from the start. Being in an environment where I can let my guard down, and the instincts of survival by competition are not needed, is really powerful for me. A great friendship is an environment where I'm not worried, anxious, ashamed of who I am and what I have done. That is more powerful than any amount of money.

My third reason for writing this book is to share our stories with others. However, I have mixed feelings about it because I don't want people to draw the wrong conclusions from our experiences. Making good decisions is complex, and it's risky to simply copy what others have done without understanding the underlying principles they used. Instead, it's better to learn from those principles and apply them in a way that works for your own situation and do something different than what we did.

Olumide Ogunsanwo: I agree. It is the thought process behind the decisions, not the decisions themselves.

I considered the options available at each stage of my life, what aligned with my personality and interests, and made the best lemonade from the lemons I had. I definitely did not follow someone else's plan.

As you read our stories, we encourage you to think about how you can make choices for your life instead of simply copying what we did. The key takeaway from this book is to live intentionally and with purpose.

Achani Samon Biaou: Those were my reasons. What are your reasons for writing this book?

Olumide Ogunsanwo: The first reason is that I want to have fun and experience something new. Although I have recorded over 100 hours of the Afrobility podcast, I have never written a book before, so it will be an interesting opportunity to learn something different.

Samon and I had a discussion about how to position the book and present ourselves. I shared that authenticity is the most important thing, as I prefer spending time with people who are genuine and allow me to be myself. On the contrary, if one has to hide parts of themselves, life becomes less enjoyable. My hope is that by creating this book, we can speak freely, relax, and enjoy the journey.

Another reason for writing this book is the human aspect of storytelling. Stories are how people pass on knowledge from one generation to another.

In this book, Samon will ask me some questions about my journey to financial independence, and I will do the same and ask him questions about his journey. This conversational format should be fun, and I hope that readers can glean some valuable nuggets from our stories.

Achani Samon Biaou: Why should we not create this book?

Olumide Ogunsanwo: Three reasons:

1. Fear of the unknown: When I try new things, I often worry about how they'll be received and how I'll portray myself. This book is going to be out there for sale and open to criticism. Although I'm less concerned now because I've already started a podcast and a VC fund, the fear of criticism still lurks somewhere in my subconscious.

2. Wide availability of personal finance information: There's already a wealth of personal finance information available in various formats such as blogs, podcasts, and books, but I'm not overly worried about that since this book takes a different approach. Our book focuses on our personal stories and experiences and caters to underdogs and outsiders. While we share our financial journeys as African immigrants, the principles of financial independence are universally applicable, regardless of one's race or background.

3. Level of disclosure and privacy: The nature of the book involves sharing our personal financial journeys, which may raise concerns about privacy and details shared. Nevertheless, we will strive to make the book actionable and relatable to readers by offering overarching principles and strategies that are almost always useful. We will also include specific information whenever it is necessary to help readers understand the implementation of strategies and trade-off considerations.

Those are some of the reservations I have going in, but I'm going to proceed anyway. It is precisely at the moment I feel a bit afraid that I know I must keep pushing forward.

Achani Samon Biaou: I'm torn, as well. On the one hand, I want us to make the book as tangible as possible for people. On the other hand, it could lead to too much focus on net worth and other privacy issues.

Olumide Ogunsanwo: What do we want readers to get out of this book?

Achani Samon Biaou: I want readers to feel like they can tell their story. Their story is important to share and can potentially inspire others.

Olumide Ogunsanwo: My philosophy on that is simple: Just do it! like the Nike motto. You may sometimes feel that gatekeepers are keeping you from doing what you want, or that you are not qualified or ready to do something. But most of these barriers are in our heads. The reality is that human beings are supremely powerful and we can accomplish anything you want. You just have to have the courage to do it. Most things are easier than they seem, especially after you embrace failure as a natural consequence of trying new things. Developing comfort with repeated experimentation and potential failure is a muscle you can build.

You might be reading this book and thinking, Samon and Olumide spent seven months planning, had a publisher, and an editor. They had to get a rights deal. In reality, I met Samon, decided I fucking love this guy and we should write a book about financial independence. We came up with a plan and very quickly started to execute and the finished product is what you have in your hands.

The biggest obstacle to achieving our goals is often our own fears and doubts. We create visions of all the things that could go wrong and never take the first step. They need to Just do it Nike style.

Human beings are not the best starting machines, but we are excellent finishing machines. Once you start a task, you are much more likely to finish it. Allow yourself to grow and explore. Cultivate an explorer and experimenter mindset to get things done.

I'm grateful that Samon and I came together to write this book, and I hope it inspires readers to make positive changes in their lives and create things. Whether it's a product, a book, a podcast, a newsletter, or something else entirely, do something that YOU want, not what society says you should. There's someone out there who wants to hear your story. People are also special and different. Everyone has a unique story. There's usually someone out there who appreciates everything you've been through. That was my little speech and remember: Just do it!

Achani Samon Biaou: This is one of the reasons why I love talking to Olumide. I'm already getting so many positive vibes. So much of what you said resonates with me. My life is littered with so many things that I wanted to do. I have ~10 articles that I wanted to publish but I kept wondering if anyone would be interested in them.

Sometimes I go online and see articles that don’t seem interesting, and I think why did this person even bother to write this. Then I see the comments where some people find the articles inspiring. You realize that the world is not crazy, and maybe you are crazy for thinking that there is global uniformity. The world is amazingly diverse. A product that's interesting to one person may not be interesting to another.

Olumide Ogunsanwo: Correct. If you're an outsider, minority, or immigrant, you may have grown up feeling like you needed permission from parents, teachers, or managers to do things. Over time, this feeling becomes ingrained in your subconscious, and you continue to look for gatekeepers even in areas where there aren't any. But you don't need gatekeepers. You can do it. The internet is full of powerful resources, and all you need is a little bit of risk appetite and an understanding that the potential downside risk is usually minimal.

Take this book as an example. What's the worst-case scenario? Maybe no one reads it, but that's okay because we didn't write it to make money. I would still have had an amazing time recording and swapping stories with Samon.

A lot of people overestimate the downside risks, but it's better to properly understand and quantify them so you can manage them instead of just imagining them. So, I encourage you to try, push it, and go out there and do it. You don't need permission from anyone. You are special in your own way and should do what you want in life. So go ahead and do it!

Achani Samon Biaou: Olumide, every time you speak, I feel like you're speaking directly to my soul. I want to add two perspectives to what you've said.

First, I completely agree that a lot of the obstacles we face are mental. We create barriers for ourselves that don't really exist.

Second, while it's true that many obstacles are in our heads, sometimes there are real gatekeepers who try to keep us from achieving our goals. Every time I've managed to break through a gate, it wasn't because I focused on the gatekeepers. Instead, it was because I didn't even know they were there, or I saw them and thought, Fuck it. I'm doing this anyway.

If you want to do something, just go ahead and do it. You'll learn the potentially complex parts as you go. One of the things I love about the US is that more people here are willing to take risks and try new things. In contrast, in some other countries I've lived in, there can be a sense that someone is always watching you and judging you.

When I was an undergraduate, I used to worry a lot about whether I was allowed to do certain things or if they were against the law or considered weird. But now I realize that those worries were holding me back. So, my advice to anyone who wants to try something new is to ignore the gatekeepers and the naysayers, and just go for it!

Olumide Ogunsanwo: The process of personal development and unlearning some early experiences is especially important. One of the best ways to expand your horizons is by exposing yourself to new ideas, cultures and experiences. If you don't challenge yourself and seek out new knowledge, it can be difficult to grow and develop.

Achani Samon Biaou: I believe two parts coexist in each of us. Asking for permission versus just doing things directly.

I'd like to share an experience I had in Miami with Olumide to give an example. One day, he suggested we relax and sit by the water, as he lives by the water. We walked a short distance along a winding walkway in front of his building until we found a spot to sit and enjoy the view. As we chatted, people walked by us, and I started to feel uneasy, wondering if we were in the way or if it was even allowed to sit there.

I looked at Olumide for some reassurance, but he seemed oblivious to it all, just relaxing and enjoying the moment without a care in the world. At first, I began to doubt him and his relaxed attitude, thinking who sits on the sidewalk like this? I was uncomfortable for the first few minutes.

However, I soon realized that I was the one causing the discomfort with my inner monologue. Olumide had the right idea of simply enjoying the moment without worrying about what others thought or the rules around us. It made me question my own mindset and how often I let my own thoughts and perceptions limit my enjoyment of life.

Olumide Ogunsanwo: Haha! That’s funny. I was relaxed.

Achani Samon Biaou: I've realized that sometimes I hold myself back because I have certain inhibitions and ideas about what's proper and allowed. While it's good to be considerate, pushing boundaries is what drives the evolution of the human race.

That's one of the things I love about America. It encourages people to be imaginative, try new things, and push the boundaries. Who knows, someone might do something unusual, and a new business or idea is born.

Being free of inhibitions is a powerful thing, and achieving financial independence can be a useful tool to get there. It's not the only tool, and some would say it's not even the main one. But having financial independence can give you the freedom to do your own thing in life and explore new possibilities.

Olumide Ogunsanwo: It is lifestyle design. Design a life that works for you. You don't have to follow the traditional path. You can choose any path, but it requires intention, purpose and planning. You don't just wake up to the life you want. If you follow the status quo, you will end up with a status quo life, which may not be what you want.

Achani Samon Biaou: You said it much better than I could articulate it. This book is for anyone who is curious about pursuing something different in life than what they're supposed to do. Our hope is that readers will take away the meta insight from this book: that there are other paths to follow beyond the status quo.

The book tries to give you a sense of new possibilities. You don't have to follow the conventional path. I hope readers understand that this story has actually very little to do with money.

Olumide Ogunsanwo: The book is definitely not about money. Financial independence means having enough financial resources to last for the rest of your life, but this book is about more than that.

Achani Samon Biaou: Financial independence has been a big enabler for us. This book will discuss how we got started on this path and how it has empowered us to pursue our dreams.

Olumide Ogunsanwo: The tagline of our book is Financial Independence Stories of African Immigrants. The book is structured chronologically, as we look back and reflect on the decisions we made that led to our financial independence in our mid-thirties.

In addition to sharing our personal stories, we also discuss core principles that were critical to our journeys. These principles include both broad strategies and specific actions that readers can take to achieve financial independence. We believe that cultivating these principles as part of your lifestyle is essential to achieving long-term financial success.

To help readers practice and incorporate these principles into their lives, we also include book recommendations that align with each principle. Our hope is that by sharing our stories and principles, we can inspire and empower others to take control of their financial futures.

Achani Samon Biaou: Olumide, what do you want readers to take away from this book?

Olumide Ogunsanwo: My goal for this book is to inspire readers to live their best lives, be comfortable being their authentic selves, and not feel like they have to conform to society's expectations. I hope readers will take what is useful from the book and ignore what isn't relevant to them.

Above all, I want to encourage readers to find ways to be free. This doesn't just mean financial freedom, although that is an important topic in this book. It also means social freedom, time freedom, and geographic freedom. I want readers to feel empowered to take risks and make choices that will help them become freer in every aspect of their lives.

Achani Samon Biaou: Where do you think financial freedom ranks among all the other freedoms?

Olumide Ogunsanwo: The two most important aspects of life are likely the freedoms related to relationships and health. Some people may argue that good health is the most important because it's difficult to achieve anything without it, while others may say that strong relationships with family and friends are the key to a fulfilling life.

After these two, financial freedom is likely the third or fourth most important aspect. While it is important, it doesn't hold the same weight as relationships and health. If someone were to argue that financial freedom is the most important thing, I would advise them to consider their health and relationships first.

Achani Samon Biaou: I see financial freedom as an enabler of other freedoms. For example, a stressful job will affect your health. But if you are in a position to choose what you do or not to work at all, then financial freedom may help your health.

Olumide Ogunsanwo: Financial freedom allows you to focus on the important things in life, such as your relationships (whether that's with a romantic partner, family, or friends) and your health. When you are financially free, you can also pursue your entrepreneurial dreams and spend as much time as you want tinkering with different ideas. And if you value experiences and adventures, financial independence gives you the flexibility to spend as much time as you want on those pursuits.

Essentially, financial independence is an enabler that supports the two big aspects (relationships & health) and also anything else you might be interested in because doing or enjoying those things often require money.

Samon, my friend, my brother. What do we want readers to take away from this book?

Achani Samon Biaou: Consider this book a guide to living life on your own terms and reaching your fullest potential. In today's society, there are countless examples of success and role models all around us. As a business consultant, I've been in many rooms where I realized that most of these role models are just regular, average people. They may be great at certain things, but they're also a work-in-progress in other areas. I believe that more people can feel empowered to find their own answers and chart their own paths to success.

Olumide Ogunsanwo: Absolutely! Looking for role models might not be the best way to approach things. Every person has unique values, strengths, and preferences. Instead of searching for someone to model yourself after, it's important to figure out your own authentic self and what you truly want in life. While you may be able to potentially learn from others, the journey to discovering your authentic self always starts from within.

Role modeling has the downside of focusing too much on someone else's life. The only person to look at is yourself.

Achani Samon Biaou: Very poignant. The world is moving in parallel tracks. The first track is that individuals are told to be themselves. But you may not be enough as you are today. Everyone has to constantly evolve.

Olumide Ogunsanwo: Wow. Your comments are vicious [Smile].

Achani Samon Biaou: The second track