This is my First Blog Post in 2021 on this new niche, and I’m going to be as vulnerable as a little child who longs for an embrace – “I have earned more than half a million naira from January till now, and to be honest, I barely have N5.00 in all my account and as I write this, I am in debt. You can call me Mike Tyson (Jr.)”.
Did I make some investment in another business? NO.
Did I loan some money to family or friends? NO.
Did I acquire another asset or liability? NO.
Are my village people on my matter? NO.
So, what happened to all these monies, you ask? I spent it all. As painful and sad as this sounds. From experience, this is the lot of many young people like me, who make this same mistake over and again for a very long time. As I write, I feel like a burden is being lifted off my shoulder.
If you are like me that earns so much (in Naira), but has little or nothing (in either savings or investments) at the end of the day, then this blog post is for you. Nevertheless, you can share this post to save a life.
What are these 5 Proven Ways?
- Say No to “Urgent 2K” – When you make up your mind and resolve within yourself that no one is coming to save you but YOU, then your freedom from this “Spend it all” habit just started.
It’s easier for you to call that friend, acquaintance, family to request for urgent 2K to be sent to you and that you’ll send it back to them. But hey! this won’t only add to your list of debts but also feed this bad habit.
- Save to Invest – I recently discovered that this is the BEST way to save. For example, I told myself that the next funds I receive, will be to acquire some vehicles to put on the road. (This is my idea but you can have this for Free).
Saving to Invest in Food, Clothing, Housing, Transportation to mention but a few, will always be a no-brainer and a catalyst to saving. Saving isn’t the key but investing is. It’s a numbers game. Mike Tyson, the Youngest Heavyweight Boxing Champion of the World blew his $685 million boxing fortune, became broke, and ran into lots of debts of millions of dollars.
- Spend Less than you Earn – One of my Financial mentors once told me, he said: “I grew wealthy by saving 50% of my income”. Is this possible to do, you ask? Yes, it is.
It’s as simple as; before any money comes into your hand, you have a sharing formula. I recommend this: (10%-Honor God or Parents, 10%-Pay yourself, 10%-Savings for Emergency, 50%-Savings for Investments, 20%-Spending.).
To stick to the formula above, you will have to give yourself sense, as nobody will do this for you. Have a mental picture of the last financial lack you experienced (I mean, when you spent everything and had to start calling every tom, dick and harry for “urgent 2K”. Was it pleasant? How anxious and low did this make you feel? What if you were in the middle of nowhere, phones stolen, wallet snatched and only your debit card was in sight and you needed to make a transfer of “urgent 2K” so that your abductors can buy food to eat, before you’ll be set free. Who will you call? I know it’s easy to say Jesus will save you, but do you realize he already saved you when he touched the heart of the abductors to request for money to feed).
I have been in situations where the only N30 I had as savings, was my saving grace (no pun intended).
- Strive to Increase your Earning Power – I know you are familiar with the term PURCHASING POWER. But in 2021, and if you are living in Nigeria, I think you should be concerned with earning more, than you spend. The 1-million-dollar question you should wake up to every morning is: “How do I earn more today in dollars and naira?” (include an affiliate link here).
- Get Financial Sense, you are no longer a child! – A wise man once said: “Only a fool makes the same mistake Twice” and the wise book also said: “Only a fool spends all that he has”.
You went through Financial Lack, therefore Get the right knowledge from books and online articles on how to enjoy Financial Freedom and Prosperity. God gives wisdom to some people and allow others go through Financial hardship, so you can learn. Ask Questions. Watch Youtube Videos of Failure and Success Stories. Apply all this knowledge and more, and you will be on your way out of the “urgent 2K” trap. Got it?