Ada and Obi

Background

Obi and Ada are a young couple with two children living in United Kingdom. Obi is 35 years old, Male, Data Product Manager – Investment Management, and financial literate but feels the need to be more financially applied. Ada is 30 years old, Female, Business Analyst – Financial Services, and desires financial success.

Problem

Obi and Ada desires to build a multiple generation wealth system. However, Obi and Ada doesn’t have the right skills, experiences and know-how to a multiple generation wealth system. In addition, Obi and Ada are currently experiencing financial stress, financial anxiety and financial worries.

Decision

Obi and Ada have agreed to partner with ITyDATA to design and develop a data-driven multi-generation wealth system in an agile and evolutionary. After our initial kick off session, we agreed Project 01 – Project Rotate – Strengthen our Bills Payment System

Project Rotate

Step 1 - Creating a Purpose Statement

The first task was creating a Purpose Statement for Project Rotate with Obi and Ada. Using the Purpose Statement Canvas, Obi and Ada created a unified and agreed purpose statement

The Purpose of Project Rotate is to strengthen and structure our bills payment system for our household in order to have a more balanced and financially freeing month end.

Step 02 - Deepening the Why

The second task was exploring Obi and Ada’s reasons for embarking on Project Rotate. Here are some additional Why:

1. Family finance is more aligned, shared and empathic (has empathy and love)

2. Ada experiences the concept of significant monthly bills payment that takes a significant part of monthly income

3. Obi experiences less financial stress from bills eating over 100% of salary

4. Obi and Ada are more financially aligned and co-participators in building wealth and financial systems

5. Obi starts building and rebuilding his financial systems

6. Ada starts building and rebuilding financial systems

7. Family financial and wealth system is more stable and robust

Step 03 – Understand the current bills payment system process

The third step was to understand how Obi and Ada bills payment system works. For confidentially reasons, the details has been summarised as follow:

1. Obi spends close greater than 90% of his monthly income on bills and expenses

2. Ada sends around 35% of her monthly income to Obi to support bills and expenses

3. Obi ensures that all monthly household bills and expenses are covered

Step 04 – Redesign bills payment system process

The fourth step was a redesign of Obi and Ada’s bills payment systems. The summarised details are:

1. Obi and Ada agree on new bills payment owners – each bill has an assigned owner

2. Ada is assigned bills ownership that matches her previous 35% monthly contribution

3. Obi and Ada collaboratively ensure all month household bills and expenses are covered

Outcome

Some key observable outcome from Project Rotate are:

1. Obi feels less financial burden and financial stress has a result of the Bill Payment Restructuring

2. Obi is excited about seeing more of his monthly salary

3. Ada feels more financial ownership and accountability as a result of more bills owners

4. Ada gained more inner working of how her family finances work

5. Obi and Ada are collaborating more as Bills Payment ownership is moved from sole ownership to shared ownership

6. Obi and Ada have a data-driven approach to managing family bills and expenses

Here is a statement from Obi and Ada