Money is a Seed with Potential to Grow into a Tree

How do you see those Naira/Dollar notes that flow through your fingers? It is more than just a paper you transact with. It more than just using it to acquire things.

How you view money will determine your attitude towards it. Your attitude towards money will in turn cause it to grow or disappear no matter how much passes through your hands.

While growing up we all don’t get to go to a school where we are taught how to manage money and make it grow. Like everyone else we learn the lessons along the way stumbling and making loads of costly mistakes.

Earning more or making more money is not the issue but how to manage and grow money is the thing. How do we grow our monies to become a tree that will sustain us at retirement? I am also talking about Money that will be a legacy for those who will come after us when we are gone. Now that is the kind of money I’d like to have!

More money can mean more frustration if you do not know how to keep planting some of it as seeds.

How to achieve successs at planting your money seed:

  • Don’t spend all you make or earn.
  • Save an amount daily no matter how small. A N100 or 1 dollar daily is a great way to start.
  • Don’t spend all you have in acquiring things, invest and be disciplined now so you can enjoy your tomorrow.
  • You don’t have to make a statement trying to be like everyone. Plan… Plan.. and spend less than you earn.
  • Have a target amount you intend to save.
  • Decide the time you want to have achieved this. For example, 1-5 year plan.
  • Have a purpose for saving. What do you want to do with the money you are saving.
  • When the money comes rolling in invest in the lives of others. Give back to the society.

These points are my personal Lessons drawn from reading chapter 1 of the book: Multiple Streams of Income by Robert G. Allen.

Adebisi Adetunji (C)

Woman to Woman Talk #6 – “Je ki Oko o De” – Empower yourself Financially

This week let’s talk about empowering ourselves as women. “Je ki Oko o de” literally means “A woman who waits and depends on her husband to buy or pay for everything she needs personally or to keep the home running”.

Some time ago I heard of a woman whose husband set her up in a business two or three different times. I will call her Titi(not real name).
Titi enjoys sitting at home and watching movies, shopping for new clothes, visiting and chatting with friends. When it comes to running her business she isn’t interested. And so everytime she starts a business she ruins it losing both capital and profit. Titi is comfortable with just living a flamboyant life and sitting at home. Lucky for  her she has a man who is rich. However the man soon got fed up of having to help her set up any business and losing all the money. This became an issue in their family.

Another category of “Je Oko o De women are young ladies who are not even properly educated or come from a humble background.  They marry a man struggling to make ends meet and simply refuse to work.  The man is expected to take care of her, their 7 children and the home. If she wants to buy salt, sugar, food and even her underwears she waits for her dear husband to pay for everything! (Ridiculous). Such a woman is at the mercy of the poor husband who has to pay for everything. Unfortunately some of these men spend their money on other things and not on these wives.

So woman, lady here is the thing, It is time you make something out of your life! You need to be financially empowered!

It is time you pay attention to minding your business or career.

Lady forget that gist that a man us solely meant to be the provider. Some of my friends will say do you want to kill him in this economic recession! 😀.

And seriously you need to be free and able to meet some of your own financial needs. It is unfair to yourself and your husband to depend on him for everything. It is frustrating in my own opinion.

Why you need to earn your own money:
1) It enables you to be financially free,
2) You get that rewarding feeling that you can contribute to the upkeep of your family.
3) You have a sense of dignity being able to make some money no matter how little.
4) You are able to give your aged parents money without hassling your man to do it.
5) It eases money tension in the home and saves you the embarrassment of not been able to handle even simple money needs of your children.
6) God forbid anything happening to the man...I mean people die so what happens to you and your children. Especially if the man’s extended family are the type that will come and take over the man’s property leaving his wife with nothing.
7) Say your man even loses his job or business what will you all fall back on?Your own earnings can save the family financial embarrassment before your man finds his feet again.

The virtuous in the book of proverbs was a hard working business woman who provided for her household and her husband was respected in the gates of the city. STOP Being Lazy!

Time to pursue your dreams, time to mind your business and career.

In another post we will take a look at ways to make money as a woman. Till then enjoy your everyday life and know that you are special, woman.

Adebisi Adetunji (C)

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)

Achieving Success at Saving is Possible

If you live in a place where you have to provide water for yourself by digging a well or borehole then you must seriously have containers to save water in.

And if you depend on electricity to pump water into your tank and you live where power supply can go off for days…. Hmmm save some water for a rainy day😀

The other day we had one of those days without electricity supply and pumping water was out of the question. Usually at such times we make use of water reserved in big containers. As I scoped water with a bowl into a bucket it suddenly dawned on me that the water will finish soon. We usually fill the big container with like 7 to eight large size buckets. I realized that it is only the amount of water that we reserved that we are getting back. So we would get to use only the amount of water saved earlier… Nothing more… Nothing less.

If nothing is saved there will be nothing to draw from

It suddenly hit me, saving for a rainy day is important. I better start taking it more seriously. Of course I am trying to save through my office cooperative group and as well put some money away I the bank but I haven’t been as committed as l should.

The rainy day always look far or our mind play a trick on us that it will never come. My advice to myself and you my reader start saving more.

There will never enough money to save from but you still have to save. 

A few tricks on how to save some money away

* Make up your mind to save something from your pay check no matter how little you are earning.

* Sign a document that allows your bank to deduct the amount you intend to save directly from your salary account into a savings account that you can not withdraw money from for a stipulated period of time.

* Have a target/project or something you are saving for in mind.  It could be the education of your children or even your self, house project, a business project.  This will help you to be focus.

* Don’t have an ATM card for your savings account or else you will be tempted to withdraw money when in  need.

* Have a monthly budget and work within it.

* Have a plan and take steps towards having multiple source of income. Take advantage of your skills and talents. Do something else apart from your monthly pay work. This relieve’s you of having to work with a very tight budget that can really prevent you from saving.

* Remember little drops make an ocean.

Enjoy your week.
Adebisi Adetunji (C)