Iqaluit entrepreneur Ernest Lequimboh writes book for Nunavut youths and new investors on achieving long term financial security through sound decision making
Ernest Lequimboh came to Iqaluit to visit his brother for two weeks in 2019 and never left.
A Canadian citizen coming from Cameroon originally, Lequimboh was inspired by the opportunities that living in Nunavut presents after residing in both Nova Scotia and Toronto. He decided to invest in his life here in every sense of the word, and now wants to teach others how to do the same.
“It’s going to be an experience I am trying to convey,” says Lequimboh, who has written a book called ’10 Investments You Must Make Before 40: A Guide to Your Financial Freedom.’ Aside from the nuts and bolts of how young people can take the correct steps towards increasing long-term financial security, Lequimboh writes about the larger decisions that determine the course of a person’s life. Investment includes picking the right mentor, education choices, friendships, insurance, attitude, language, marriage and having children. These factors ultimately go into determining one’s economic outlook.
“I’m putting myself out there for the youths and new investors who are starting out so they have options. When I started [investing] in 2020, I knew very little… I would have invested [differently] if I have the knowledge I have now.”
Education is a passion for Lequimboh, who has an academic background in gender studies, law, and public policy. He works as a legislation analyst for the Government of Nunavut while regularly touring schools in the communities for consultation. However, he began his career in the territory as a substitute teacher.
“Based on these experiences, I’ve seen people struggle… invest in the wrong things and wrong mentors. A lot of youths don’t invest [at all]. That’s one of the things that touched my heart, especially when I have to travel for the Department of Education for schools and meet young people. Tomorrow never comes for some. You need to instill that from an early age.”
Lequimboh wants to weave his extensive financial knowledge learned through his own self-education journey since 2020, when he began investing in pre-construction, then diversified his portfolio with stocks in technology, pharmacy, REITs, and penny stocks.
“I started with wanting to get into real estate, and then I realized it’s a lot more. Home ownership is not a good investment for those starting out. These are things I’m able to add to the book.
“Nobody is going to tell you this. This is first-hand knowledge I am writing about… Everyone thinks [investment] is about buying assets. I’ve gone beyond that – REITs, stocks, mentorship as a long-term investment. There’s nothing you’re going to do that someone hasn’t already done. So this is going to save you a whole lot of cost through trial and error.”
The most important part of this process, says Lequimboh, is “having to identify what success looks like to you.” A key component of that is identifying and courting the right mentors, which “is a very challenging thing to do… What I want to get across is each of these investments needs to be guided by someone who has done it… in all areas of life.”
Investment, in its essence, is “believing in something that you’re doing. You put everything in it to be able to get what you want.
“The youths in Nunavut need to invest in themselves… the book is all about educating themselves. I want to see it in the libraries in these schools. What I’m writing is my story, but it is also giving the testimonies of what has worked for others.”
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