You're welcome!

maxti:






Thanks.
Am printing right away.

Great post!!!

The way out:

Set a 12 month or 6 month target for yourself.

On January 1st, 2015, I said to myself (name), ''you must save N*m on or before November 1st, 2015.''

Its really hard considering the nature of work, expenses, my love for gadgets (e.g. samsung galaxy S6) but with God, tithe, caution, and careful *not stingy* spending, that target would be realised.


I had to settle for a "torchlight" Nokia and a tab, to beat that target

And pls, try to avoid collecting you ATM CARD......it demonic, it makes you withdraw cash at any sight of cash dispenser

ebamma:
Nice points bro,
But truth is,
Many out there don't make enough from their jobs to even pay their bills, Not to talk of saving
,

bro, we can't meet all our needs neither can we pay all bills. It's better we learn to spend what we have after savings not saving what we have after spending.

LEXYCOM:
And pls, try to avoid collecting you ATM CARD......it demonic, it makes you withdraw cash at any sight of cash dispenser

That one no easy ooo.....

Discipline is the bottom line. If we're not disciplined, even without an ATM, we will use withdrawal slip!!!

Funny but true...

Nice write-up..........

Acidosis:
Great post!!!

The way out:

Set a 12 month or 6 month target for yourself.

On January 1st, 2015, I said to myself (name), ''you must save N*m on or before November 1st, 2015.''

Its really hard considering the nature of work, expenses, my love for gadgets (e.g. samsung galaxy S6) but with God, tithe, caution, and careful *not stingy* spending, that target would be realised.


I had to settle for a "torchlight" Nokia and a tab, to beat that target

Very true somehow! Being realistic with our financial means and power is a great step towards financial stability...

MKO4ever:
Easier said than done

The earlier you dump this believe, the better...I used to feel its easier said than done until i made a conscious effort at liberating myself...I started off by ensuring i partake in monthly contribution (half of my salary) and then i narrowed my expenses to the balance, that was the beginning of my financial freedom, now i have streams of incomes ....

blessingee:


The earlier you dump this believe, the better...I used to feel its easier said than done until i made a conscious effort at liberating myself...I started off by ensuring i partake in monthly contribution (half of my salary) and then i narrowed my expenses to the balance, that was the beginning of my financial freedom, now i have streams of incomes ....

A word is enough for the wise.

The poor(in general) has the attitude of impossibility!

Thanks for your words jare!

I had a friend who when we started work, got a job with a bank and was saving 100k monthly from his salary into a sinking fund for 5 years, and by the 5th year, he had enough to buy himself a 3 bedroom bungalow just from money he didnt have need for since he wasn't someone who believed in doing business. Though it wasnt easy for him at the beginning, but as time went on, his salary went up and he was able to save more comfortably...while his mates were getting loans to buy big cars and rent 1.5m appartments, he was saving, I cannot tell you how much he has saved since buying his 3 bedroom flat in 2010 and now is an AM in the bank, do the maths...

blessingee:
I had a friend who when we started work, got a job with a bank and was saving 100k monthly from his salary into a sinking fund for 5 years, and by the 5th year, he had enough to buy himself a 3 bedroom bungalow just from money he didnt have need for since he wasn't someone who believed in doing business. Though it wasnt easy for him at the beginning, but as time went on, his salary went up and he was able to save more comfortably...while his mates were getting loans to buy big cars and rent 1.5m appartments, he was saving, I cannot tell you how much he has saved since buying his 3 bedroom flat in 2010 and now is an AM in the bank, do the maths...

Vision. Focus. Planning. Discipline. Perseverance. Delayed gratification. Name it!

LEXYCOM:
And pls, try to avoid collecting you ATM CARD......it demonic, it makes you withdraw cash at any sight of cash dispenser

Una don start again with your idiotic reasoning

How come the devil doesn't bother intervening when you don't appear to have any money in your bank account?

You lack self discipline hence the reason why you keep flashing that plastic.

ATM cards are meant to improve your accessibility to your cash and it's your responsibility to budget and execute diligently

Very insightful thread. Thanks OP and other contributors.

One thing I've learned is discipline. Some people will call it being stingy to yourself lol, but discipline will get you everywhere. Know what to do. Know when to do it. And teach yourself to look away from things beyond your reach.

It's easy to earn 1m and be broke before the month runs out. It's also easy to earn 20k and have something left when the month runs out. Learn to save first before spending.
Your needs and wants should be dependent on what you have left, and not the other way round.

Everybody is trainable. Just teach yourself discipline and apply wisdom.

Op I jst wanna say thank u, do I had takin my finicial saving serious for d three month but now with wat i am reading here I think I still ve to b more prodent

God bless the OP! I have to print the points out and i will paste it in my room. I have equally sent it to a few friends that are in similar situation like me.
This is another great thread.
I am guilty of all the listed points.
All the same, thanks to my wife for being a good manager, if not we would have been in a big mess.

dearpreye:


A word is enough for the wise.

The poor(in general) has the attitude of impossibility!

Thanks for your words jare!

You are welcome man. The problem is that people do not have financial intelligence...I spend time reading on how rich men make money work for them and the general consensus is..."let money work for you, dont work for money".....Recently i invested into a business that was paying me monthly income and i have since recouped my capital and am still getting my monthly emoluments...

If only I had seen this early this year! Oh well, lesson learnt.

madridfc:
If only I had seen this early this year!
Oh well, lesson learnt.

LOL

jaybee3:


Una don start again with your idiotic reasoning

How come the devil doesn't bother intervening when you don't appear to have any money in your bank account?

You lack self discipline hence the reason why you keep flashing that plastic.

ATM cards are meant to improve your accessibility to your cash and it's your responsibility to budget and execute diligently

Lol don't mind the young man. Is it with our epileptic services that you'll abandon your ATM card?

I keep my cards with me always. But if I have to withdraw outside my regular expense account, I make certain to replace whatever was removed through my mobile app immediately (I even pay the account interest sef )

jaybee3:


Una don start again with your idiotic reasoning

How come the devil doesn't bother intervening when you don't appear to have any money in your bank account?

You lack self discipline hence the reason why you keep flashing that plastic.

ATM cards are meant to improve your accessibility to your cash and it's your responsibility to budget and execute diligently

100% correct. It boils down to discipline. I have ATM in virtually all my accounts, i only spend money i want to spend, only critical emergencies and contingencies can make me spend, not even necessities not budgeted for...

jaybee3:


Una don start again with your idiotic reasoning

How come the devil doesn't bother intervening when you don't appear to have any money in your bank account?

You lack self discipline hence the reason why you keep flashing that plastic.

ATM cards are meant to improve your accessibility to your cash and it's your responsibility to budget and execute diligently

Mumu, am sure u are guilty of this

Good one. You forgot the most important rule of quoting the rat race. Make ur money work for you.
Invest in something no matter how small.

Ur point about not having any project his the Bomb. Any man who does not have projects wastes all his earnings.

I'd rather be broke after a project than not engage in any project @ all.

Interesting thread. Hmm the nostalgia!
Fortunately, I learnt this while I was at the university (thanks to God, Robert Kiyosaki and other authors). Bought my first shares while in school. N5k lol!
Didn't piss off my nysc allowance. Started business on the side, as I worked my 9 - 5. Divested into real estate.

And it's all paid off in 7 years. My sights are set on bigger things now.

Kudos to the OP.
And for those just starting, it's never too late to start cos it's not as difficult as you think.

LEXYCOM:

Mumu, am sure u are guilty of this

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

INDESTRUCTABLEX:


Hello sir, the best time to save is when you are young and single. I am allowed to take reckless risks without thinking twice because I primarily have to worry about myself and no one else.

Just to motivate you. I have a friend who is serving. He made a deal not to touch his allowee. He does extra jobs to survive and he is well to do compared to those in his age group. Mind you, he is from a very very humble background.

Believe me brother the best time to start saving is as a student in school, next as a single man without a relationship.

Once you are saddled with a relationship or marriage plus children, my brother world done change o.

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

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

Well...you may start with THE RICHEST MAN IN BABYLON. ....Increasing your Financial IQ by Robert Kiyosaki; Thick and grow Rich by Napoleon Hill, and endeavour to get some books by Jim Rohn.

The cure for poverty and lack is financial literacy.

400billionman:


All you wrote are excellent points.

I spent my first 5 years years too spending on things that are not sustainable. Shares, lending and being generous. I lost fortunes to the first two items. One problem I had then was inspite of my prudent spending and savings habit, I didn't know where to put my money. I am someone who does not believe in keeping money in the bank( I term it idle funds). So I bought shares and lent for interest. Millions got lost.

Now I discovered the secret of being rich. Before any single penny enters my pocket as income, I already have a project waiting for it.

Even if I don't have N50,000 sitting inside the bank, I must have 3 or more sources of daily, weekly, monthly or annual income. I can build a house without N10,000 balance in my account. My money is always in a CONTINUOUS CYCLE to produce more money.

aniffy4eva:
Interesting thread. Hmm the nostalgia!
Fortunately, I learnt this while I was at the university (thanks to God, Robert Kiyosaki and other authors). Bought my first shares while in school. N5k lol!
Didn't piss off my nysc allowance. Started business on the side, as I worked my 9 - 5. Divested into real estate.
And it's all paid off in 7 years. My sights are set on bigger things now.
Kudos to the OP.
And for those just starting, it's never too late to start cos it's not as difficult as you think.

400billionman:


All you wrote are excellent points.

I spent my first 5 years years too spending on things that are not sustainable. Shares, lending and being generous. I lost fortunes to the first two items. One problem I had then was inspite of my prudent spending and savings habit, I didn't know where to put my money. I am someone who does not believe in keeping money in the bank( I term it idle funds). So I bought shares and lent for interest. Millions got lost.

Now I discovered the secret of being rich. Before any single penny enters my pocket as income, I already have a project waiting for it.

Even if I don't have N50,000 sitting inside the bank, I must have 3 or more sources of daily, weekly, monthly or annual income. I can build a house without N10,000 balance in my account. My money is always in a CONTINUOUS CYCLE to produce more money.

Can you please recommend books on enterprenuership /financial literacy......it wil be much appreciated SIRES....

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!

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

INDESTRUCTABLEX:


That's not the absolute truth. I will explain.
Back then in school, at 100l, my allowance was 20k. I noticed that at the 3rd week I was always broke and would have to borrow from friends. What was the cause? I always had quarrels with my roommates and would leave in anger to spend the night in a lecture room. This went on for 3 months.

Second semester I changed my plans. No matter what happened I stayed in the room. That same person who couldn't save a dime survived and took a professional course on web design. I paid for it with 2 months allowance.

Human wants are insatiable. I can survive with 5k a week, 10k, 2k, and even 0k. I hardly keep or carry cash. As long as you have garri, yam, bread, beans, rice, you are good to go. Remember, there are people earning less than you do and they are surviving.

Survive today, make sacrifices, and live tomorrow.
My 2 cents.

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..

aniffy4eva:
Interesting thread. Hmm the nostalgia!
Fortunately, I learnt this while I was at the university (thanks to God, Robert Kiyosaki and other authors). Bought my first shares while in school. N5k lol!
Didn't piss off my nysc allowance. Started business on the side, as I worked my 9 - 5. Divested into real estate.

And it's all paid off in 7 years. My sights are set on bigger things now.

Kudos to the OP.
And for those just starting, it's never too late to start cos it's not as difficult as you think.

I admire you. Thanks for sharing your experience.

Your financial awareness started a lot longer before now......But like you said, IT'S NEVER TOO LATE!