Nice one!

The TRUTH is: Most people buy THINGS they DON'T NEED with the MONEY they DON'T HAVE to IMPRESS people they DONT LIKE.

Just living for others unknowingly.

Meanwhile, having money and the wisdom to manage it hadly goes together. Some have money but lack the management skills. Others have the management skills but have limited opportunity of making money. Only few are favoured to have both (the rich). Finally, na God get power.

ideykwum:
Alphafrank, I think I can do better than that. Inbox me your email address and I'd see if I can send you some e-books in those areas.

If you like reading, I can send you a lot!

Wish you the best in your endeavours!

God bless you, sir. You've always be my brother. God bless Seun!

jaybee3:


I just need you to understand that ain't nobody chasing you from your village. Your indiscipline is your own worst nightmare...

Go over the original post again so you can pick positive steps you can use to improve your financial status

Stay blessed

I too know they worry u.........na oxford university u suppose dey teach.......

GOD bless the OP. This is one of the most brilliant and down -to -earth posts I've ever read on NL. Kudos to you. I particularly like the part where you wrote "Not involving your wife " - that is the mistake most men make, not knowing that women are naturally blessed with the unction to function excellently in financial matters (save for a few extravagant ones).

God bless you too! Without your thread, we wouldn't have highlighted this issue...Your contributions and leadership made the difference!

dearpreye:


God bless you, sir. You've always be my brother. God bless Seun!

Alphafrank:

PLZ Sir.....can u recommend some books for me on financial management and enterprenuership
ideykwum and dearpreye,help a broda out
am about to enter into the higher institution and d op confirmed the theory i have......that financial literacy and optimum money management is nt taught in classrooms,.......do help me help my self..,much respect to d op

I don't read a lot of books. I focus more on short articles. However, I recommend "Think and Grow Rich" by Napoleon hill, Laws of Success by the same author.

Richest man in Babylon by George Clason (I am reading this for the forth time, it inspires me. Highly recommended).
I just started Business Stripped Bare by Richard Branson

I hope this helps.

Good recommendations! I may have soft copies of them. Will check!

INDESTRUCTABLEX:


I don't read a lot of books. I focus more on short articles. However, I recommend "Think and Grow Rich" by Napoleon hill, Laws of Success by the same author.

Richest man in Babylon by George Clason (I am reading this for the forth time, it inspires me. Highly recommended).
I just started Business Stripped Bare by Richard Branson

I hope this helps.

Woreva:
GOD bless the OP. This is one of the most brilliant and down -to -earth posts I've ever read on NL. Kudos to you. I particularly like the part where you wrote "Not involving your wife " - that is the mistake most men make, not knowing that women are naturally blessed with the unction to function excellently in financial matters (save for a few extravagant ones).

Was there any financial mess I got us in that she didn't foresee and warn me against? No! My stupid and weak ego simply be clouded my judgment from receiving the FREE financial adviser staying next to me!

The worst is, I took the decision alone; WE bore the ugly consequences TOGETHER.

ideykwum:
God bless you too! Without your thread, we wouldn't have highlighted this issue...Your contributions and leadership made the difference!

With people like you by my side, I can risk failing!!!!

Thank you!

ideykwum:
Alphafrank, I think I can do better than that. Inbox me your email address and I'd see if I can send you some e-books in those areas.

If you like reading, I can send you a lot!

Wish you the best in your endeavours!

Thank you sire......i already sent u a mail dnt knw how long it would take to get delivered......let me howeva drop my email so u can take if from here.....plz quote me once u've taken the mail so i can modify it.....tnks a lot....
wisdomfrnk@gmail.com

@OP my your intellect and wisdom continue to increase exponentially as you grow old and wise. This is good advice.

I also have one more advise to give.. There is something called Herd-Mentality and it often prevents you from thinking creatively or out of the box. because many people live under the same environment, they are far more likely to make similar investment decisions regardless of what obtains outside that environment.

INDESTRUCTABLEX:


I don't read a lot of books. I focus more on short articles. However, I recommend "Think and Grow Rich" by Napoleon hill, Laws of Success by the same author.

Richest man in Babylon by George Clason (I am reading this for the forth time, it inspires me. Highly recommended).
I just started Business Stripped Bare by Richard Branson

I hope this helps.

I am with the richest man in babylon now,already read it wil stil read it,tnks

Alphafrank:

I am with the richest man in babylon now,already read it wil stil read it,tnks

It seems I have to study it once again. I've not read it in years. Thank you!

Thanks OP....This thread is actually for me.... I'm really going through a not too good time right now because I didn't say NO within the last two months though I had my doubts then. Some humans just have lack of understanding and are desperately wicked.

dBard:


Very nice points.
Just to add to it, the above requires a lotta sacrifice which many may not have. Best ways to ensure u save, esp salary wise, may be to join a cooperative (which ensures a particular amount gets saved every month) or one of the numerous assurance houses around with their savings plans.
That way, once you've taken care of feeding, basic needs n miscellaneous allowances, the remainder gets saved.

Also, the money saved should be used to 'secure' the future.. Land, personal house and other long-term projects.
Getting an alternative source of revenue, no matter how small, it helps.

My N100..

Exactly, cooperatives are a great way to save. In some companies, it is integrated into the accounts dept. such that the money is deducted once salary is paid. This way, there is no temptation of spending.

athorello:
Thanks OP....This thread is actually for me.... I'm really going through a not too good time right now because I didn't say NO within the last two months though I had my doubts then. Some humans just have lack of understanding and are desperately wicked.

It is well. You're not alone. I'm still bearing the consequences of that weakness TODAY. You're not alone.

You will soon get out of it. The most important thing is that we learn our lessons and improve our decision making process.

God will see you through! Shalom.

Thanks to the op and all the wise contributors.I read every comment and I am blessed and better from them all.

I have been guilty of all the financial sins in the last 6 years or so.From avoiding 'unshiny' earning opportunities in London to heavy spending on wants and pleasures:clubbing excessively during my law school days in Abuja,dinning in exotic places and rooms in the name of fun,being a father Christmas to some,and saving nothing.

Yes,I have lacked amid the plenty I got through the years and decided early last 2 years to prioritize financial education.Of course,I found love,realizing that our time here is shorter than we are conscious of,and wedded awhile back.I have since read autobiographies of the wealthy and great like Ted Turner's Call me Ted,Total Recall by Arnold Schwerzeneger,Boone PIckens First billion is the Hardest among others-started and completed Duncan Bannatyne's Anyone Can Do It last nite.

My point?I am wiser and doing far greater from seeking financial knowledge.I live on budget and priorities.Of course,like I shared with my wife 2 days ago while pondering the agonies of the years of waste,if I knew what I now know in 2009 when I stepped into the UK,I would have been a multi-millionaire in pounds today.

It is life;never too late to learn and always better to learn and live these lessons and principles.

God bless everyone who contributed;and all who read!

dearpreye:


Inadequate financial literacy: It took me over 3 years to even understand how money works. All I did was to get my salary, spend it and desperately waited till another comes and the cycle never ended. Most of us do not really understand how money works, and our educational system never even dared to give us a crash course on money. We were simply bombarded with Fourier Series, Calculus and other theorems that do not really matter in the real scheme of life. Life is totally different. Money has rules and till we actually understand them, we won't do well financially.

Can you throw more light here please? How does money work? What rules does money have?

Dearpreye, from your epistle I saw the handiwork of mizmycoli in your life.


Thanks for the eye opener, I'm adopting it ASAP.

2wks after salary person go don broke. Other people dey plan their lives on your salary

dearpreye:


It seems I have to study it once again. I've not read it in years. Thank you!

Get Arnold Schwarzenegger's Total Recall,Ted Turner's Call me Ted,Boone Picken's First Billion is the Hardest,and Duncan Bannatyne's Anyone can Do It.

All or anyone of these autobiographies will change your life and teach you wealth creation than anything else.

dearpreye:
A colleague and I were chatting this afternoon as we were having our break. And we discussed how far we have come, financially. We've not done too well. As we talked on, we all agreed we made certain financial Mistakes that are responsible for our present financial status. We didn't arrive there by error; certain errors are responsible, and it's these I intend to share with us. Maybe we can learn a thing or two.

Inadequate financial literacy: It took me over 3 years to even understand how money works. All I did was to get my salary, spend it and desperately waited till another comes and the cycle never ended. Most of us do not really understand how money works, and our educational system never even dared to give us a crash course on money. We were simply bombarded with Fourier Series, Calculus and other theorems that do not really matter in the real scheme of life. Life is totally different. Money has rules and till we actually understand them, we won't do well financially.

Impulse Spending: This one is a killer. Most people are aware of this medium of waste. Practise this act and you're damn sure of being in lack. This was one major weakness I HAD. Not anymore. I've bought countless things purely on impulse. I didn't think through; I just bought. And the consequences of impulsive spending is poverty or lack. Now, I buy things when it's absolutely necessary. Emotions are a major factor when it comes to money. And the poor are always emotional when it comes to money. The rich have mastered their emotions. They only spend money when they want to meet their NEEDS. Only the poor and thieving politicians throw away money.

Indiscipline: To be rich requires work. Hard work. And the poor are averse to hard work. It takes a lot of discipline to follow a budget. I hardly followed my budget then. It takes a lot of discipline to think on the appropriate means to make more money. The poor only likes spending. And spending doesn't involve much work. Just dole out the cash and it's gone. It takes discipline to keep money. I lacked it too.

Inability To say NO : This was one major financial flaw I had back then. I can't recall ever saying NO anyone's financial demands. That was a fatal character flaw. You can't be wealthy meeting all of people's needs. I've practically taken loans to meet people's needs. Their needs never end. Now I know better. I still give but I won't hesitate to say NO if I have to. I've got to be true to myself. To be rich is to be sincere and prudent with money.

Especially when it comes to relatives and even.loved ones, one can hardly say NO. I had to work on myself. In the past years, it's being others before I. Now, no more. We erroneously believe people will die if we don't always meet their needs. Nothing could be further from the truth. Last December, I sincerely asked my parents to bear with my inability to meet their demands. They're still live and kicking. Even if you're there, people will live on. That's life. I know our African culture requires we shoulder others problems but there's clearly a limit, and we must endeavour to strike a balance. Keep spending the cash on them, and you're tagged a GOOD MAN. You will remain poor as far as you wanna be a good man. Good men are almost always poor

Careless giving: There have been countless times I've given out money immediately I saw some people. I just thought they needed. It's very good to give, but it must be done with wisdom. Money shouldn't be spent anyhow. Giving must be meaningful and purposeful. Now, I know better.

Trying To Impress Others: Sometimes we do it even without knowing. I've done this a few times. It's a terrible habit. We need to live realistic lives. And we must live within our means. It's stupid to live an exaggerated life so as to impress some people. It's epic foolishness. Oftentimes those we intend to impress hard notice us. Why the bother? It another habit of the poor to try to give people a false sense of their financial status. Now, I don't give a hoot. I simply live MY life. Anyone can make their conclusions; it's their business.

Lack of Project: My first give years were indeed experimental. The errors are so depressing. Money must go somewhere. Nature abhors vacuum. Something must take your money. Since I didn't have my projects taking the money, others simply get me theirs. Wicked people. U go blame them? No. Blame me. Now, I've a lot of projects ongoing and I barely have enough for my self and loved ones, let alone OTHERS. No more vacuum.

Not Involving My Woman: Ego has hardly paid any man. It has caused more pain than it has given joys. I didn't actively involve my woman in my finances those years. Now I do. Women can be an oasis of wisdom. Mine is a bundle of financial wisdom. I've hardly listened to her. I used to just her the family upkeep and limited her foray. Now, she plays a crucial role in decision making and the results have been excellent.

If we don't make deliberate and conscious efforts at money, we won't be rich. If I understood these principles before now, I would have certainly being in a better position finally. This I know.

We need to start taking money seriously. When the chips are down, we're all left on our own. No one can eternally shoulder your problems. We need to be smart with our money. It hardly comes without effort. Why spend it without effort? Be disciplined. Enjoy with tomorrow in mind. It comes so fast. Without financial discipline, we will be stuck in the rat race forever. The rich are highly disciplined when it comes to money. They hardly give it away. That's why we hate them. We tag them as miserly and stingy. They simply understand how money works.

It's never too late to begin doing the right thing. Now, I hardly fall into these death traps. Take your financial future seriously. Work. Save. Invest. Give. Apply wisdom.

Please, avoid these financial Mistakes. Follow them, and lack is sure. It takes a lot of discipline to be rich; that's why many are poor.

To be poor is the easiest thing to achieve in life. You do nothing to be poor. Just find excuses. And excuses abound. You don't need to look far.

Thanks

apolonius:
Thanks to the op and all the wise contributors.I read every comment and I am blessed and better from them all.

I have been guilty of all the financial sins in the last 6 years or so.From avoiding 'unshiny' earning opportunities in London to heavy spending on wants and pleasures:clubbing excessively during my law school days in Abuja,dinning in exotic places and rooms in the name of fun,being a father Christmas to some,and saving nothing.

Yes,I have lacked amid the plenty I got through the years and decided early last 2 years to prioritize financial education.Of course,I found love,realizing that our time here is shorter than we are conscious of,and wedded awhile back.I have since read autobiographies of the wealthy and great like Ted Turner's Call me Ted,Total Recall by Arnold Schwerzeneger,Boone PIckens First billion is the Hardest among others-started and completed Duncan Bannatyne's Anyone Can Do It last nite.

My point?I am wiser and doing far greater from seeking financial knowledge.I live on budget and priorities.Of course,like I shared with my wife 2 days ago while pondering the agonies of the years of waste,if I knew what I now know in 2009 when I stepped into the UK,I would have been a multi-millionaire in pounds today.

It is life;never too late to learn and always better to learn and live these lessons and principles.

God bless everyone who contributed;and all who read!

What a poignant story there.

We can take solace in our having learned the bitter lessons that accompany financial ignorance and waste!

Good you now involve your woman. I'm happy.

Women are great when you open up and accept total responsibility for your actions and inactions.

I'll try to read those books you've read. Knowledge liberates.

dearpreye:


It is well. You're not alone. I'm still bearing the consequences of that weakness TODAY. You're not alone.

You will soon get out of it. The most important thing is that we learn our lessons and improve our decision making process.

God will see you through! Shalom.

Hope u've seen my mail sire .......,..if nt herz my email......
wisdomfrnk@gmail.com........tnks a lot

Alphafrank:

Hope u've seen my mail sire .......,..if nt herz my email......
wisdomfrnk@gmail.com........tnks a lot

Not yet sir. Over there NOW. I'm grateful.

dearpreye:


What a poignant story there.

We can take solace in our having learned the bitter lessons that accompany financial ignorance and waste!

Good you now involve your woman. I'm happy.

Women are great when you open up and accept total responsibility for your actions and inactions.

I'll try to read those books you've read. Knowledge liberates.

Thank you.Yes,as Francis Bacon once said,knowledge is power.

INDESTRUCTABLEX:


I don't read a lot of books. I focus more on short articles. However, I recommend "Think and Grow Rich" by Napoleon hill, Laws of Success by the same author.

Richest man in Babylon by George Clason (I am reading this for the forth time, it inspires me. Highly recommended).
I just started Business Stripped Bare by Richard Branson

I hope this helps.

You have read a lot.

I just read one of these books.

Finance abi. Lol. Trial and error is how we tend to learn sha.

I think there's only one law where money is concerned: spend it wisely. Money cannot be saved, in a manner of speaking. You must put it somewhere. You should be smart about where.

About how much you can save when you make so little, the simple truth is that there really is such a thing as too little. For luxury. There are basic things one must have to just survive. Beyond that, don't waste money if you have too little. Instead cultivate relationships where you can exchange non-monetary value.

Nice one, OP.

Specialist900:
Dearpreye, from your epistle I saw the handiwork of mizmycoli in your life.


Thanks for the eye opener, I'm adopting it ASAP.

2wks after salary person go don broke. Other people dey plan their lives on your salary

I must confess you stared strong emotions in me when you mentioned her name! I confess. I don't know why!

I'm happy you found this thread somewhat meaningful. We can't continue to be human ATMs to others in the name of being a GOOD MAN.

I'm also struggling financially at the moment, no little thanks to the above killer mistakes. But soon I shall be liberated and will soar like an eagle to the mountaintop of abundance, never to experience lack anymore.

Thank you!!!

ihedinobi2:
Finance abi. Lol. Trial and error is how we tend to learn sha.

I think there's only one law where money is concerned: spend it wisely. Money cannot be saved, in a manner of speaking. You must put it somewhere. You should be smart about where.

About how much you can save when you make so little, the simple truth is that there really is such a thing as too little. For luxury. There are basic things one must have to just survive. Beyond that, don't waste money if you have too little. Instead cultivate relationships where you can exchange non-monetary value.

Nice one, OP.

Very deep. Totally true. Thank you!

[dearpreye Trying To Impress Others: Sometimes we do it even without knowing. I've done this a few times. It's a terrible habit. We need to live realistic lives. And we must live within our means. It's stupid to live an exaggerated life so as to impress some people. It's epic foolishness. Oftentimes those we intend to impress hard notice us. Why the bother? It another habit of the poor to try to give people a false sense of their financial status. Now, I don't give a hoot. I simply live MY life. Anyone can make their conclusions; it's their business.]

[You are on point]

jossymife:
[dearpreye Trying To Impress Others: Sometimes we do it even without knowing. I've done this a few times. It's a terrible habit. We need to live realistic lives. And we must live within our means. It's stupid to live an exaggerated life so as to impress some people. It's epic foolishness. Oftentimes those we intend to impress hard notice us. Why the bother? It another habit of the poor to try to give people a false sense of their financial status. Now, I don't give a hoot. I simply live MY life. Anyone can make their conclusions; it's their business.]

[You are on point]

You took what you don't have. Bought something you don't need. To impress people who don't really care. Epic foolishness. The end is depression.

Intrepid01:
This is the post of the month.

Op you are so on point. This thread is just for me and I will take it so seriously.

I know you wouldn't believe this, its just the 3rd day of a new month and am broke already, WHY? Just after one week of collecting salary, amount close to 500k is close to ground zero than to 40k. I just did so many things on impulse. Meanwhile no wife or child that I would say maybe its school fees time. Its just crazy. Am scared for the month now. Expenses for fuel is constant o, yet the month has just started.
I think all of us need to find something beneficial to invest our money in, cos something will take the money even if you don't invest it.

I want you to do something crazy.
If four salary doesnt come, you will not die.

You said,you have about N40k left?
That is some peoples monthly salary.

Since you are not married.
Do something crazy this month.
Spend only 40k or50k. Damn the consequences.