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Nairaland Forum / Nairaland / General / Business / Financial Mistakes That Almost Wasted My First Five Years Of Work! (41293 Views)
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Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by ideykwum: 8:35pm On Jul 01, 2015 |
When I see the level of rapacity required to be a typical Nigerian politician, I get very sorry for the hoodwinked-the unsuspecting Nigerian "oh yes" follower who is ready to put his life on the line for a mess of porridge! Why kill yourself for an individual whose personal mantra is greed, and who would not go out of his way to better your lot in anyway? May the souls of those who died in political skirmishes rest in peace; amen! dearpreye: 2 Likes 2 Shares |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by Nobody: 8:36pm On Jul 01, 2015 |
ideykwum: Yes, boss. It is. We can only learn to the degree with which we're sincere and open with ourselves. Reality is, we're on our own when the chips are down. We need to be proactive financially. 3 Likes 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by Nobody: 8:46pm On Jul 01, 2015 |
ideykwum: Only fools did for the narrow interests of politicians. The smart and intelligent folks can't be caught in the web of these lazy, repulsive politicians. Our politicians know how the mind of the average Nigerian youth works. 2 Likes 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by ideykwum: 8:49pm On Jul 01, 2015 |
You know, there is something about the five year cycle: In America, with all the supports for enterprises and entrepreneurs, only 1 in every 10 businesses survive within the first five years; after another 5 years, only 10% of the survivors from the first 5 years survive! If you extrapolate that to Nigeria, you'd understand why there is a high business turnover rate, especially for SMEs!! Why do such businesses fail in Nigeria? The answer is closely associated more with poor internal systems and structures, rather than access to finance or enabling environment! I see a parallel with personal finance here! We generally fail here because of the absence of systems and structures that should support us from cradle to grave! Financial literacy should start from the kindergarten where kids should be encouraged to imbibe a savings culture by owning a piggybank!! If we do that, by the time we graduate from school, we would generally have a mindset that is skewed towards financial stability! dearpreye: 6 Likes 3 Shares |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by Nobody: 8:54pm On Jul 01, 2015 |
ideykwum: You can never overstate the import of having a workable system. Ours is averse to financial security. 2 Likes 2 Shares |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by 400billionman: 9:05pm On Jul 01, 2015 |
When I was working for pay(salary), i used to see businessmen as mean, wicked and stingy. When I joined business, I found out that these qualities are visible products of focus and prudent financial pursuit. Which if one lacks it, he/she will never succeed in business. If a businessman tells you NO, no matter what additional preaching you add to your demand, he will still maintain that NO. 3 Likes 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by 400billionman: 9:14pm On Jul 01, 2015 |
ideykwum: The importance of teaching kids at a tender age can never be over emphasized. Today, I watched a 5 year old who was trying to imitate his father, using his hammer. His dad is a carpenter. He has already developed interest and can handle a hammer which kids of his age won't know which is the handle or tool edge. It is left for us to teach our kids to gain early stronghold of their future because if many us knew 10 years ago what we know now, we won't be here. 3 Likes 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by ideykwum: 9:20pm On Jul 01, 2015 |
Very true!!! I think we treat children like they are retarded here in Nigeria, while in developed countries, children are treated like they are intelligent and that goes to show the disparity in learning outcomes and general intelligence! How many Nigerians can describe an encounter with a stranger in detail (remembering seemingly insignificant things like the colour of eyes etc), talk more of Nigerian kids?? Some can't even remember what they ate for breakfast!!! We should catch them young!!! I'm actually pinching myself too, and have resolved to pay closer attention to my son! 400billionman: |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by Nobody: 2:29am On Jul 02, 2015 |
dearpreye: Comrade. Apologies. Didnt see your thread until I checked my mentions. You did a great job on your points. Let me add one point. My Earnings Cannot Take Of My Needs, How Do I Save? This is a very big deception. It is actually a psychological problem. Our "needs" are directly proportional to the amount of money we have. The more money you have, the more needs you have. If you are earning N20,000.00, your spending will circle around N20,000. If you pay increases to N50,000, your spending will also increase to circle around N50,000. If it increases to N500,000, the spending will also increase to circle around the N500,000. To overcome this, I have this rule: don't let your needs decide the money you will spend. Rather, let the money you want to spend, decide the needs to be met. So let us say you are earning N100, 000. If you allow your needs, they will swallow the money and even ask you for more. However, if you bring out N60,000, you inform all the needs that what you have is N60,000. They (needs) will surely grumble, but stand your ground and you will save the rest. let me stop here for now. Cheers to all. 19 Likes 2 Shares |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by Nobody: 6:29am On Jul 02, 2015 |
noblezone: Good morning, my noble brother. Your wisdom is unconventional. Thanks for your contribution. Having discussed a few times with you, and considering the fact you seem knowledgeable in matters of money, I decided to mention you, and you didn't disappoint. People simply to pay enough attention to the rules of money. Or those who do aren't disciplined enough to apply the rules. Making money requires a lot of discipline. Your rule is smart. We can't continue to deceive ourselves. Whoever steadfastly applies it will reap positive impacts. Get your pay. Let your pay determine the needs you can sincerely meet. Wonderful. 1 Like 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by Truckpusher(m): 6:43am On Jul 02, 2015 |
I was guilty of all you've mentioned op , but I have also found a way to multiply every penny I get to keep up with my habit.....smh Impulsive spending is a habit that I can't just fight off despite how much I try - The simple secret is to understand how to constantly create wealth from your wealth. ![]() 3 Likes 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by Nobody: 6:59am On Jul 02, 2015 |
Truckpusher: I'm not alone ![]() ![]() The simple secret is to understand how to constantly create wealth from your wealth. Great point bro. 1 Like 2 Shares |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by Truckpusher(m): 7:05am On Jul 02, 2015 |
dearpreye:You are not alone in this bro, any young man that started seeing money early in his life will always come across these pitfalls but how you apply wisdom towards it over years will keep you where you're suppose to be. I do agree with your points though I have my reservations about some of them too. Until you've made a colossal waste on something that didn't pay off as expected twice or even more. you won't understand when and where to put your money down. Constantly create wealth to feed your monster because that monster is better of well fed than suppressed - I will not like to live in personal denial and below standard to make it grow tomorrow, what if tomorrow never comes for you? 4 Likes 2 Shares |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by Nobody: 7:13am On Jul 02, 2015 |
Truckpusher: Wisdom bro. We need to always strike a balance between enjoyment and wealth creation. 2 Likes 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by ideykwum: 7:16am On Jul 02, 2015 |
To add to what @noblezone just wrote, the issue of monetary precision is tied to his analogy! What is monetary precision? The answer is simple: how much money can you lose without being immediately aware of the cash? Some people can lose a Ghana-must-go of dollars, and won't notice; others would scream blue murder and search everyone in the house if 500 naira is missing! How conscious are we of our spending (buying) patterns? Money consciousness doesn't imply greed or selfishness, but rather is a measure of our sensitivity to the pains of acquiring money (its easier to spend it than to acquire it) and can help us manage our little or much! It promotes a "reserve culture", and ultimately a savings and investment culture! We sometimes laugh at Igbos who show some of this behaviour, but a rising trader at Onitsha market has imbibed many money habits that often guarantees his wealth in a few short years! Many of them are honest business men who have learnt how to turn monetary precision and money consciousness to their advantage! dearpreye: 2 Likes 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by Nobody: 7:24am On Jul 02, 2015 |
ideykwum: A very strong case. Hmmmm!!!! See information. 3 Likes 3 Shares |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by ferhyntorlah(f): 7:52am On Jul 02, 2015 |
400billionman: Spot on. This is my daddy's ideology. He says money has wings and will fly away if you don't take steps to multiply it but unfortunately, most people do not know esp. those who just happen to meet it in large quantity. That sudden exposure to large amount of money makes them develop RECKLESS FINANCIAL SPENDING. The assume the amount will keep coming like that, not knowing it's just for a season. This is applicable to the artists, actors, footballers and the rest of them. Most live for today and do not plan for tomorrow. The best time to save and invest money is during one's single years, after that comes huge responsibilities when married. I thank GOD for my life; I am a saving jackard. My motto is: spend less and save (and invest) MORE! I prioritise my expenditure-I only spend when there's a need and not a WANT for it. The Economist's Scale of Preference is my guide to rightful spending. 6 Likes 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by ferhyntorlah(f): 7:54am On Jul 02, 2015 |
dearpreye, ideykwum, INDESTRUCTABLEX and 400billionman, kudos to you sirs. 4 Likes 2 Shares |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by ideykwum: 8:12am On Jul 02, 2015 |
Kudos to your too dear! ferhyntorlah: 1 Like 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by Nobody: 10:15am On Jul 02, 2015 |
ferhyntorlah: Thanks too. Actually, the greater kudos should go to ideykwum, 400billionman, INDESTRUCTABLEX . Their wisdom has pushed this thread thus far. 1 Like 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by MKO4ever(m): 11:04am On Jul 03, 2015 |
Easier said than done 2 Likes 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by adedayourt(m): 11:06am On Jul 03, 2015 |
op u made my day 1 Like 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by noblegrex: 11:08am On Jul 03, 2015 |
Na true talk. U realy did well man, I've stopped most of it cos I get to realise as time goes on bt inabilty to say NO is still a big question mark to me. 1 Like 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by fmikecok(m): 11:10am On Jul 03, 2015 |
wow this is true......it happens I fall in all the categories listed. now I need to make amends. May God help me 1 Like 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by jaybee3(m): 11:11am On Jul 03, 2015 |
The biggest financial indiscipline common to Nigerian folks is their inability to curb numerical growth of their index family. Statistics shows that the biggest expenditure in one's lifetime as a parent is non other than parental cost. Why procreate without control when you can barely afford to take care of them? I also don't think fourier series, calculus et al are useless in the wider scheme of things. how do you think quant analysts are able to device complex financial algorithms used in predictive analysis for creating wealth? 5 Likes 3 Shares |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by maxti: 11:17am On Jul 03, 2015 |
ideykwum: Thanks. Am printing right away. 1 Like |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by Oduduwaboy(m): 11:19am On Jul 03, 2015 |
Yeah brother, The hand of the giver will soon be empty ...beware how you give to relatives & co! 1 Like 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by Vicmonzan(m): 11:20am On Jul 03, 2015 |
nice write up,but to have financial freedom you have to know the rules of the rich 1) the rich dont work for money but money work for them 2)you have to know the diffrent between asset and liability and spend most of your income on income producing asset 3)you must have a knowledge of financial education 4)you must learn to mind your business CC: RICH DAD POOR DAD 3 Likes 1 Share |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by Nobody: 11:20am On Jul 03, 2015 |
Oduduwaboy: I learned that through the hard way......Wisdom is paramount when it comes to giving. Not every seed sown germinates. |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by damiloladuke: 11:24am On Jul 03, 2015 |
Good he retracted CHECK MY SIGNATURE TO READ MY DIARY |
Re: Financial Mistakes That Almost Wasted My First Five Years Of Work! by Intrepid01(m): 11:28am On Jul 03, 2015 |
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. 2 Likes 1 Share |
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