This topic is one that practically everyone can relate to. As a businessperson, it’s even worse because you can have a million naira in your account one day and the next day, your account is in red. For salary earners, well, salary barely takes anyone home these days and it’s easy to understand why, if one pays attention to patterns, habits and lifestyle.
I had cause to counsel someone who works for me recently, when I observed a habit they had, that was beginning to affect my purse negatively.
Whenever she had an emergency, I was the first person she ran to for bail out. Today her child was sent out of school; tomorrow, her dad had an accident; and the next day, no food at home. I found myself always parting with money I had serious need of.
On this particular day, I pulled out a chair and asked her to sit down. Then I listed all my current challenges and asked which of them she could help me fix. My intention was to get her to see that everybody had their own issues, and she couldn’t continue to place hers above others. You’re earning money. What are you doing with it?
Are you just like this lady? Always running to people to fix problems you should have planned well to fix? Are you always looking for bailouts, handouts, or loans?
Does money come into your hands and fly out without you being able to account for how it was spent? Then settle down. This post is for you.
There’s one thing I always am able to boast of. I owe no one money, and this is possible because I try not to bite more than I can chew at any point, no matter how pressed I am.
When money comes into your hands in form of salary, wages, or profits, how do you manage it? You’re to spend on needs and then, save. The emphasis is on Saving. Saving is for the rainy day and to also be able to further invest and grow that little. Saving is important. It’s a lifesaver because the rainy day will always come.
Only a foolish man eats up everything, including his seed, with the assumption that money will always come.
There’s maturity in being able to deny yourself immediate gratification. I remember learning 2 different skills in one year and starting a business immediately with these skills. To grow these businesses, compounding was key so I kept putting back everything I got to the point that for 2 years, I couldn’t buy myself that much needed black shoes until it was ok to do so. No matter how little, ensure you set something aside. No less than a 10th of your earnings. Could be more, but a 10th is the baseline.
Learn to also say a big fat ‘No’ to certain money requests. “Oh, she’s my colleague at work, she needs the money.” Or “That’s my mother’s uncle’s sister’s grandchild.” In trying to help people, many have roped themselves into ugly, avoidable situations that could have been avoided if they had only said that simple word that is also a full sentence. No. Before a bank or any financial institution lends you money, you have to qualify for it. You must be able to pay it back. Many approach this issue without asking the relevant questions. Like how these people will pay back or whether they’re even credit worthy. If it’s not being sought for business, chances are that that money may never be paid back. And business must be already existing. Monies for emergencies, feeding, etc. should be considered charity. And if it’s not money you can’t bear to part with, kindly bow out.
This next one is probably the most important, but somehow, it’s not always given that priority. Increase your earnings. For people like me who find it difficult to make money requests, this is our go-to. Once a serious need arises, rather than look for who to request money from, I think of what I can do to earn money. What can I sell? What service can I render now that can pay me money? What need can I meet? This is where adding value to yourself comes in. To increase your earnings, you must be a high value person. Pay for courses. Learn skills. Sell things… etc These are ways you increase your earnings. Ask yourself what skills you have that can make you money. The next time you’re in need of money, these are the things that’ll bail you out. I have at least 6 ways I can earn money.
Lastly, protect what you’ve got. Say no to Ponzi businesses and any association/venture that could rob you of your hard-earned money. Invest wisely. Not all roads lead to the promised land. Be wise.
The day a woman looked me in the eye and told me, “I’m hardly ever broke” was the day I knew I wanted to be like that and so I immediately got to work.
