I once asked my best friend, “How
do you make your money?” In one breathe, she fired back, “By spending it!” I
paused for a moment. “Really?” I thought to myself. I’ve never heard anyone put
it that way. Anyways, it sounded cool but also caused a stir within me until I later
discovered that my friend is actually not only a ‘big spender’ but also a ‘big
saver’. For her, savings was not only a culture, but a lifestyle. Afterall, you
can only spend what you have (saved). And as a matter of fact, I'm aware she doesn't earn big salary, her pay is just modest. So I was fully persuaded that she
must be doing something ‘extra’.
Having said that, you’ll agree with
me that the concept of saving and spending is as old as mankind. Despite this, many
a people still struggle with their ‘inability’ to start and sustain a savings
plan. And trust me, that ‘inability’ means different things to different
people. In the course of my work, yours sincerely has had the priviledge of
interacting with a diverse range of people from all walks of life. The avalanche
of excuses presented by prospects who find it hard to ‘save’ is mind-boggling. These ‘inabilities’ range from the superstitious to the mundane; from the commonsensical to the absurd. Nevertheless, I have chanced upon a number of
folks whose knowledge and attitude towards financial matters is remarkable. Whichever side of the fence you belong, the 3 triplets presented here
are up for adoption. And they’ll surely guarantee your transition to a safe and
secure financial future.
Triplet No. 1: Invest in yourself.
The best commodity you can spend
money on is your mind, for “an investment in knowledge,
pays the best interest”, says Benjamin Franklin. Your breakthrough from
financial struggles begins the moment you acknowledge your lack of and need for
financial education. As I stated in an earlier article, there is no substitute
for the acquisition of knowledge. Learning is a life-long adventure. No shortcuts. But if you are satisfied with your status quo then don’t bother sweating the small
stuff. If not, then the next question is: “How do I begin?” The answer is:
Start.
Begin by asking yourself and writing down 10 honest questions – about your life, attitude, spending habits, etc that you want to change and improve. Then seek help. Read financial materials, articles, journals, blogs and books. Hang out with people who can help you. Remember, two poor people cannot help each other. Stop asking people for money, rather ask them how they make and grow theirs. “Formal education will make you a living; self education will make you a fortune.”
Begin by asking yourself and writing down 10 honest questions – about your life, attitude, spending habits, etc that you want to change and improve. Then seek help. Read financial materials, articles, journals, blogs and books. Hang out with people who can help you. Remember, two poor people cannot help each other. Stop asking people for money, rather ask them how they make and grow theirs. “Formal education will make you a living; self education will make you a fortune.”
Triplet No. 2: Start a reliable restrictive
savings plan.
“How many millionaires do you know
who have become wealthy by investing in savings accounts? I rest my case,” declared
Robert G. Allen. I admit, that’s a harball. You and I know that everyone needs a
savings account as a reliable place for emergency fund. However, Robert G.
Allen’s point is this: a savings account will only give you minimal gains given
the extremely low interest rates. The alternative is a restrictive savings. And
this is not the same as the ‘cooperative’
savings, ‘esusu’, ‘ajo’ that obtains in most working environments today.
What then is a reliable restrictive savings plan? It is a
pay-yourself-scheme, designed for every working class to become adequately
conscious of the need to have for themselves a compulsory, regular and
protective savings out of their income. It is operated by a reputable financial
institution that is registered with the federal government. Such plans helps
you to cultivate regular savings culture during your working years, assists to
mop fund to set up personal business or investment in real estate, assists in
planning for a comfortable retirement, a legal means to reduce tax burden and
provides solid income protection for the family in the event of the unexpected.
For more details, please call or inbox the
author on 08034421195.
Triplet No. 3: Give back.
“Someone is sitting in the shade
today because someone planted a tree a long time ago.” It’s not how much you
make that matters, it’s how much you give.
Kindly share.
Sam Adel’
25BB383A
sammieadeleke@yahoo.com
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