Notes: Financial Independence & Surplus

Important Success Points: Hard work, smart work and Grace of God.

You should not go to bed any day unless you have earned money. This is because Immediately you wake up in the morning somebody is making money off you… Eg. Your toothbrush, transportation to work, the dress you wear, food etc. You pay something for all you buy and use.

Salary is a medicine for managing poverty
Job means… Just over broke
Only your business, innovation can cure poverty.

How to make money:

Active means of making money: Sell a product or an item

Passive means of making money: Sell your Intellectual property, have investment yielding money silently for you. Invest in bonds, the stock market, estate and so on.

Start thinking of how to make money on a daily basis.

What else you need to know and do:

  • Step by step gets you to the top: Take one step at a time
  • You don’t get anything in life if you don’t give anything.
  • You must take a risk… People who don’t take a risk don’t get to the top.
  • Investments enable you to become a millionaire.

Do your work and mind your business.
Have a 1st – 4th streams of income.

How to efficiently manage your finance:

  • If you are not making money reduce your expenses.
  • Buy in quantity
  • Grow your food
  • Buy only what you need
  • Avoid debt that you have no means of paying back
  • Do not only plan for long term goals think about your short term goal. It is no point using all your money to buy a land and there is nothing to feed on. Make allowances both goals.

Recession is an extended period of significant decline in economic growth.

  • Buy stock in companies with consumable goods eg close up, beverages, PZ


Notes from the lecture on Managing Finances in Recession by Mr. Bayo Olugbemi – MD/CEO First Registrar Ltd Lagos

Adebisi Adetunji (C)

9 thoughts on “Notes: Financial Independence & Surplus

  1. All very useful reminders

    I love your first point on reduction of spending if no income. My people need to learn this never to buy aso ebi on credit.
    Your last point on land purchase is incredibly important in our clime where majority have to build their home from scratch. It is quite hard for folks and of course one must find a balance. This is where I think government could help more with mortgage loan (that’s a dream).

    Liked by 2 people

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