Edmond loved the good life but was never patient with process. He didn’t like to be reminded about things like savings, investments and stuff like that. His motto whenever issues with his finances were pointed out was: “God will provide or Isn’t it God that has been seeing us to this point?” His records were terrible. Bank balance was always pitiful but guess what, Edmond dressed really nice, drove a nice car, spoke very convincingly and painted a picture of an upwardly mobile entrepreneur and sometimes business coach. He never had any mentees, though. No training modules, no books written, nothing to portray this personal image.
Only the discerning eye would see through the smokescreen. Always his male folks and he knew this. So he tried as much as possible to avoid them while focusing his energy on charming women. Likely gullible women. But the thing about being gullible is that after a while, the scales eventually fall off and they distance themselves from him.
What this meant was that after a while Edmond started to really struggle especially as he wasn’t able to sustain old relationships and building new, credible ones as he aged wasn’t so easy.
The thing about over packaging yourself and talking big and smart is, people will begin to really scrutinise you and your words and start looking around you for visible results you are projecting. Another bad thing is, this kind of lifestyle only attracts the wrong kind of people. Leeches, fake people and fellow hustlers looking for oxygen like you. Because the good ones don’t hang around for long.
He was also never able to get a bank loan for his business because his records weren’t good. His bank statement always showed how he wasn’t able to meet up their requirements of minimum balance over a period of time. It always showed how money just couldn’t stay in his account. Money was always coming in but it was always leaving faster.
Still, Edmond won’t stop to look inward and fix what needed fixing. Are you like Edmond? Do you also have bad money habits? How would you know you have bad money habits?
1. Whenever you make good money, you spend them on cars, phones, wardrobe upgrade and stuff like that.
2. You have no budget. Whenever the question of weekly or monthly expenditure arises, you never have any idea. This way you never can account for what you spend your money on before it finishes.
3. You closed several good deals over the years, you made really good money but still have nothing to show for it today. This should tell you one thing, money changes nobody. It’s putting the right systems/habits in place that do.
4. Money doesn’t last with you. It vanishes as quickly as it comes.
5. You’re never able to separate your profit from capital and so even your profits are wasted.
6. You hate to look at your bank balance. The sound of debits annoys you. This one is funny but it is an issue.
First thing to do is to stop trying to look rich. Stop spending to feel rich. Create a realistic budget. Start a savings program. Practive compounding. That is start reinvesting your profits back into your business to grow it. Start tracking your income on a weekly basis. And most importantly, start acting like the person you want to become.
Joy Mfon Essien is an entrepreneur and the CEO of Discover Essence Media, Millionaire Woman Soapworks, and Delicioso Foods. She is also a writer, TV presenter and producer, wellness coach, and mom of two.
