ewons_1: thank d lord for dis post...its bn on my mind a long time but its high time i rlly get serious wt it...thanks again....

Please do. Don't just read it today and forget to implement it by tomorrow.

Very interesting piece... Some christians will always be broke or impoverish. This is because, they channel their money in the wrong path by following the instructions of malachi 3:10 rather than deuteronomy 14:22-30.

thanks for this.

acidtalk:

When you enter an eatery and you notice the portion of food they dished for you isn't equivalent to how much you are paying, don't be shy to ask the attendant to add to the portion of food. It doesn't make you look hungry or local, it just makes you appear to know what you are what and the value of your money.

This is one area where I hate how Nigerians behave..

Some fast foods attendants knowing that people are either ashamed to ask how come what they are paying for is high, tend to add to whatever the original amount is..if I used to pay say 900 for some particular recipe and next time I'm buying same, the attendant says 1200, I would ask how come for it's my money I'm paying. Typical Nigerians would be ashamed to ask how come.

Once I went to book a flight for my in-law directly at the airport, the lady was supposed to give me about 400 Naira in change and delibrately kept quiet. I asked her for my change and she was like "common 400?". I said "yes please, let me have my money". She started murmuring rubbish to herself on top my own money.. I just took my money and left.

You know an average Nigerian want to appear more successful than they originally are and then go home and weep over expences they spent outside while creating a wrong impression and personality about themselves.

Till date, when I go buy fuel in a jerican at the gas station, I insist I am not paying that extra amount those attendant tend to want to collect. It doesn't mean I am too poor not to give them my N50 but every penny I spend should be worth it.

yuzedo: [size=16pt]Cut off 99.9% of girls in your life and you will be buoyant 99.9% of the time! [/size]

how do you personalize the 0.9% n the 0.1%?. who dem be yuze...?

AND THE SILENT CONSUMER OF UR FINANCE IS......HAVING TO BUY RECHARGE CARDS TO CALL NUMEROUS GIRLFRIENDS.DUDUES WILL BE LIKE THEY R SMART N ALL HAVING NUMEROUS SOCIAL GIRL FRIENDS N DEY B BURNING OUT MONEY THINKING ITS JUST RECHARGE CARDS.LITTLE DID DEY KNOW DAT AFTER CRUDE OIL ITS COMMUNICATION WEN IT COMES TO NET EARNINGS....BECAREFULL N REDUCE THOSE CHICKS DRASTICALLY DUDE...

i love this thread, its quite educative.

I really appreciate this piece and i will be glad if you could give us the list of some of those 1,300 books
I once had difficulty in saving until i read the richest man in Babylon, but then immediately i achieve my set goal i.e buying my car, i drop those saving skills.
Recently i realise that "SUCCESS IS A JOURNEY NOT A DESTINATION"

acidtalk: When I saw a thread yesterday of a young man who is very uncomfortable because he isn't saving as much as he really desires.

I have gone through that road before. I read All the books you can think of on Money, Finance Management, Business, Entrepreneurship, Investment, Network Marketing and Savings. Inshort currently I have over 1,300 books of such books in my private library but the truth still remains that there are way more little (nitty gritty) things one must put up as a new attitude in order to break through the habit of not being able to save.

Below are some very most important things (steps) you need to take to see a considerable change.

First and foremost, I want to first bring your attention to the fact that MOST people still don't know the difference between NEEDS and WANTS.

Needs : this are those essential things they you most likely can't do without I.e, transport fare, Feeding, House rent, Certification or Professional courses, Utility bills (PHCN, Water, Recharge card, Internet).

Wants : this are things that we get to help us feel better in our social life. Sometimes we think we can't do without them or they are very important but as soon as they are paid for, we realize that we could have used the money to pay for more essential things. Examples of wants are 'excess' clothes or fashion accessories, communication gadgets (Phones, tablets, ipod, itouch, camera), eating outs (eatries, pizza/shawama joints, suya spots),excessive clubbing, Satallite TV subscription e.t.c.

Below are immediate steps to take to curb excess spending :


* Have at least THREE bank accounts in different banks. If at all you want to have an ATM card have it for ONLY one of the accounts. One account should be for very long term expences I.e, house building projects, towards starting a business, planning for your wedding,retirement plan.

The 2nd account should be for average long term projects I.e House rent (once a year), buying a car, Going for pilgrimage, vacation.

The 3rd account should be for your monthly expenses I.e, transportation, recharge card, internet, Cable TV, clothes, fueling of car/generator, feeding, and alms giving (charity, tithe, allowance to parents, siblings and relatives).

NOTE : you should only have an atm card for this 3rd account and no other account.


* Have A Budget : everything in life is all about planning, there's an adage that says "he who fails to plan, plans to fail". Budget and budgeting is an Extremely important part of planning to have a profitable business, happy marriage, successful career and every other facet of life.

Ensure you have a budget for every single day, week, month and even year. To be very honest, keeping budget is a very difficult task but with discipline and determination, it is very possible and worthwhile.

You MUST STOP Impulse spending as that is the only barrier between a rich man and an average man.

A rich and successful man will NEVER enter a shop/market/mall to pay for what wasn't initially on is to buy list no matter how fine or attractive the item is, unless he thinks he is getting it far cheaper than the usual price.



* Have more friends who are more Business inclined than Social inclined : if. I tell you today that this is the MAIN reason why some people will most likely never have a breakthrough in life.

"Show me your friends and......" Also "Birds of a feather......".

As funny or strange as it may sound, you will NEVER find the likes of Dangote, Jimoh Ibrahim, Jim Ovia, Tony Elemelu, Otedola and others going to a social gathering or event without the intention of coming out from that event being more successful. They always and only go to events to Network (expand their business horizon), track than someone of great relevance to them (I.e, a top Custom Boss, CBN director, Governor, Minister and the rest). If They weigh their option and see such invent will not benefit their business and financial status, trust me, even if Queen of England or Obama will be present they will not step foot there.

So many of us today gather friends (majority of whom are not useful) just as a symbol to prove how social and friendly we are. Some people have been going to Viweing centre every single saturday for the past 10years to argue about EPL matches and all through thos years they have NEVER benefited one single positive thing be it contract, admission, business or finance from the people they meet there and yet they still claim they can't do without going to viewing centers to watch match. The people you have been going to scream your voice out are getting paid and become richer whereas the same can't be said about you.

pls sir,you have not answered my question correctly,i asked if it is possible to have just one account for multi-purpose plan for future provided you are discipline?

Twenty5:

pls sir,you have not answered my question correctly,i asked if it is possible to have just one account for multi-purpose plan for future provided you are discipline?

I still insist you have THREE seperate bank account in 3 different banks and if at all you are to have, have ONLY ONE ATM card. Having all your money tucked up in one account is totally not adviceable. Discipline or no discipline, have at least 3 seperate accounts.

Twenty5:

pls sir,you have not answered my question correctly,i asked if it is possible to have just one account for multi-purpose plan for future provided you are discipline?

Its better to spread ur savings than lump it up in one account. You never can tell when you'll deep ur hands into your personal savings. Setting up a direct debit will also help you spread money to your other accounts

acidtalk:

That's if you have multiple bank accounts with multiple atm cards and credit cards.

Please go bank and read my instructions of owning 3 bank accounts and what each represent.

I have at 7 naira accounts (Savings,Current, and Corporate) and 3 dormiciliary account but let me tell you what will surprise you. I DON'T HAVE AN ATM CARD and HAVE NEVER DONE INTERNET BANKING.

When I still used atm cards like 4years ago, at times I discovered I was spending up to N40,000 a week on things I couldn't even account for. Now any money I don't have in my wallet or bed drawer then I am sorry I can't dish out. Immediately I have cash in hand, I am never at rest until I take the little I need and go dump the rest in the bank.

@ poster... so how do you manage to move money around without internet banking? no be everybody get time for banking hall na

Ido inhouse bank to bank transfer or issue you a cheque or cash my money over the counter. Archiac it might sound right? But it has helped me immensly to monitor and manage my expenses.

Acidtalk, I agree with almost everything, but I disagree on the online banking thing. If you have discipline, I don't see why you can't still save and use online banking. It saves a lot of hassle and the money you spend going to a physical bank can also be saved. Nice post nonetheless.

Tonex: Acidtalk, I agree with almost everything, but I disagree on the online banking thing. If you have discipline, I don't see why you can't still save and use online banking. It saves a lot of hassle and the money you spend going to a physical bank can also be saved. Nice post nonetheless especially for the younger generation

What about people like us who don't have discipline and also easily pity people who come for one favor or the other? Can you see the reason why it can't work for all of us?

hmmmmmmmmmm.. I learnt a lot

acidtalk:

What about people like us who don't have discipline and also easily pity people who come for one favor or the other? Can you see the reason why it can't work for all of us?

Fair enough. I always watch on the sidelines on nairaland, but I have found most of your threads to be very sensible and practical. I like your way of thinking as it is somewhat similar to mine in many aspects

@Acidtalk, I don't know how to thank you for this masterpiece.This is just coming at exactly the right time. Once again, God bless you!!

Saw this on FB, I think its on point except for number 9


THIS IS HOW TO REMAIN POOR

1. Never wake up early...
Keep stretching & turning in bed until you get too hungry to continue dozing if there are no bedbugs,
why hurry to get up??

2} Never plan how to spend your money..
Whenever you get money, start spending it right away and when it's finished, you try to count and
recall how you spent it..

3} Don't think of saving until you have real big money...
How can you save when you earn so little?? Those telling you to save are not sympathetic to your
burning needs..

4} Don't engage in activities usually reserved for the "uneducated "...
How can you a graduate
engage in petty trade or home based production?? That's for people who never went to school.

5} Don't think of starting a business until an angel comes from heaven & give U capital..
How do they expect U to invest before U get millions of dollars?? Even though more than half the
businesses in your town were started with a few hundred dollar, you as a smart person can only start with millions.

6} Complain about everything except your own attitude:
Blame the system the government& the banks that refuse to lend you money. They are all bad & do not want you to get rich.

7. Spend more than you earn.
To achieve this, buy consumer product on credit & keep borrowing from friends & employers.

8. Compete in dressing.
Make sure you wear the latest clothes among all workers in your offer..
Whenever your neighbour buys a new phone, u get one that is more expensive..

9. Get yourself a nice second hand car that costs more than three times your gross monthly pay..

10. Give your children everything they ask for since you're such a loving parent. They should not
struggle for anything because you do not want them to suffer that way, they will grow up lazy & hence poor enough to ensure they can't help you in old age...

..pls a acid talk advise..i just began to earn abt 445k monthly..200k monthly contribution and 100k savings acct with first bank..married wit 2kids in somewhat expensive but qualitative schools(intentional cos dt is y am working)..wifey in her final yr in university..maintain a 2 insurance policies asides a company provided insurance policy,abt to commence foundation4 a 3bedroom,2 oda undeveloped plots in lagos,an empy dormicilliary acct...(pls am stating all d above in all modesty cos i biliv i have nothing as yet since i dont have anoda bix but a salary earner)....so pls is my saving culture wise enof and how in so many oda ways do u think i can b wise abt my bix plans4a regular plan B income stream..cos my salary so far as am concerned is just a leverage..advice from any oda forum member is welcome and i pray4so many aspiring nigerian youths to be duly favoured as i have been cos i 'know' its really tof out there..just hope d economy improves and fast too cos people are seriously suffering..very sad.

Tonex:

Fair enough. I always watch on the sidelines on nairaland, but I have found most of your threads to be very sensible and practical. I like your way of thinking as it is somewhat similar to mine in many aspects

I am honored and delighted sir to know I think like a genuis like you. As for the threads, I think deep a lot and enjoy my company so that has really given me the opportunity to have extremely deep and wide thoughts. I also like impacting positively to people's wellbeing.

Nosyke: @Acidtalk, I don't know how to thank you for this masterpiece.This is just coming at exactly the right time. Once again, God bless you!!

Just send one bottle of henessy, nkwobi and an okpeke down to my hotel room (paid by you) and you have said all the thank you in the world. Just jokinh.

I am more than. Delighted when I see that people get to learn and appreciate the knowledge God Almighty has bestowed on me. I am so happy you got to learn one or two things.

chris.a:
..pls a acid talk advise..i just began to earn abt 445k monthly..200k monthly contribution and 100k savings acct with first bank..married wit 2kids in somewhat expensive but qualitative schools(intentional cos dt is y am working)..wifey in her final yr in university..maintain a 2 insurance policies asides a company provided insurance policy,abt to commence foundation4 a 3bedroom,2 oda undeveloped plots in lagos,an empy dormicilliary acct...(pls am stating all d above in all modesty cos i biliv i have nothing as yet since i dont have anoda bix but a salary earner)....so pls is my saving culture wise enof and how in so many oda ways do u think i can b wise abt my bix plans4a regular plan B income stream..cos my salary so far as am concerned is just a leverage..advice from any oda forum member is welcome and i pray4so many aspiring nigerian youths to be duly favoured as i have been cos i 'know' its really tof out there..just hope d economy improves and fast too cos people are seriously suffering..very sad.

Sir, aside your children's school fees that should be unquestionable, I think you should be able to be frugal on every other aspect of your spending.

A few questions sir:

What is the 200k saving for?
Does you wife have any business doing aside being a student? If she doesn't please I suggest you setup a business for her.

Don't rush on building you house over night. Have a target for it. Say between 2-5 years. Put at least N50,000 on the housing project every month and you will be amazed at the level the house will be at the end of each year (that's about N600,000).

Secure the other lands legally and please don't try to develop both properties at the same time. Take them one step after the other.

How important are the other 2 insurance policies? Look at it critically, if they aren't so much of important than I suggest a hold on them. Isurance companies bring out all sort of plans just to remain in business and pay staff salary every month and make profit, most of them aren't of utmost importance and urgency.

With your 445k salary, a wife and 2 kids I think putting away 250-300k as savings and investment plans is feasible and you still live comfortable well on 150k as expenses per month (you think it isn't possible?). Just pretend. Your entire salary and allowance is 150k and as such you want to live within that amount, you will be amazed how you will discover you have been operating on a somewhat wasteful budget in the past.

All the best sir.

..tanx4 d advice..already operating a life policy and an educational policy4my 2kids since 1yr now..wifey aint doing no bix..still tryin to figure out what best she wld do as she is eager to start too..d 200k is a contribution amongst 4 collegues,i get 800k every 4months when its my turn,100k monthly savings with first bank..all these starts dis month as i juts got dis offer in jan..did a lot of debt payments and small goodwill so i can justifiably blank peeps later as i had been generous already..i guess u support my kids school fees costs..i intend to finish up d land with next year cos my present rent is 350k..( expect some extras like allowance,11th month and wage review in many forms shortly),so i wanted to pump all of dem in d house project..howver which oda investment plans or businesses do u think i can run whilst d house thing is going on as i wld need to put these extras somewhere if am not injecting all in to d building..i appreciate ur advice and time here..pls i sori if i sound too ignorant..or complaining..i dont know all..many tanx again.

..sorry..i didnt mention dt am abt to apply4 a post grad..wanted to do an MBA (needed to diversify)but dont have math at o'level so i might b forced to get an alternative programme..havent developed myself in d past yrs..u got advise too on ways i cld do these?..as per career and bulider a network?..am originally a lawyer..tanx again as always.

acidtalk:


Please if you are looking for very Educative threads spanning all facet of life I will advice you go through my previous threads, I promise you, you will not regret it but only return to thank me.

Will do, you have my gratitude already.

@acid sorry acidtalk u tried nice tips to adhere to. thumbs up 4 u

It takes only a disciplined mind to heed to all thsese talks...We all know them, but how many practice it?

Is Seun really that ubiquitous? Like, is he reading my post right now? *amazed*

9ce post Acidtalk, God bless U̶̲̥̅̊. I've really learnt a lot, am always i̶̲̥̅̊n̶̲̥̅̊ D̶̲̥̅̊ε̲̣̣̣̥ habit of spending n payinG 4 pple's drinks

na this type of post suppose dey front page, no be those stupid tonto and a picture of nairalander with pope john paul thread mteew.@ op nyc 1