Thank you for the kind words.

Interesting thoughts. But what spurs such saving/investing mentality in a child?

Environment, education and exposure are strong determinants of an individual’s greatness or otherwise.

Every child is often a product of the lessons learnt from his/her parent, home, school and all, that’s why kids who’re thought or perceived a culture of management/saving and investment from their parents will most likely follow suit, while those who grew up seeing their parents getting loans to finance parties and live outrageous life will mostly likely follow suit.

It’ll take an extra form of personal introspection and pursuit for the kids from the outrageous background to outgrow and change that pattern, if he ever gets to see the other side of that life.

So, yes everyone has got to be responsible for his or her own financial destiny, yet certain foundational traits trigger such instincts and idea in a child, primarily via the family.

9jatriot:
God bless you and your English teacher that taught you how to present your case in a clear and concise manner.

As for investment, I think it is first a mentality not to be wasteful and want to grow what you have. The things you can learn will be things like where to invest, what to look out for, how not to get scammed, capital preservation, interest rates etc. But the will to be patient and willing to invest is a mentality that one has while growing up.

For example, while growing up, there were kids who stole their parent's money to be buying sweet. They were another set of kids who used to bring sweets and other small things to school to sell.

Na there each one de grow his investment or consumer mentality.

9jatriot:
God bless you and your English teacher that taught you how to present your case in a clear and concise manner.

As for investment, I think it is first a mentality not to be wasteful and want to grow what you have. The things you can learn will be things like where to invest, what to look out for, how not to get scammed, capital preservation, interest rates etc. But the will to be patient and willing to invest is a mentality that one has while growing up.

For example, while growing up, there were kids who stole their parent's money to be buying sweet. They were another set of kids who used to bring sweets and other small things to school to sell.

Na there each one de grow his investment or consumer mentality.

Very Apt Sir.

tomtom370:
Making, managing and multiplying money is a skill that can learned and mastered.

Some of the major reasons Africa has sustained its poverty pedigree are poor planning, financial illiteracy and mismanagement of time, funds and other resources, not just on continental and national levels but individually and family wise.

The average African never got exposed to financial planning and management. S/he thinks it’s an unnecessary suffering to save for unforeseen future, a notion premised on the ideology of “tomorrow will take care of itself.“

So, when a young man who has no financial footing meets a beautiful lady without financial intelligence as well, they both start a family on sheer optimism without financial intelligence on making, managing and multiplying money. Soon, financial crisis starts and it’s adduced to the devil and spiritual forces.

90% of marital problems are money-oriented (personal data).

This is one way Africa has sustained a circle of generational want, inadequacy and poverty.

Question: How can we improve the financial intelligence/literacy of Nigerians because it holds the key to solving many problems in individual, corporate and national life?

Very good summary. In the Millionaire next door, it was reported that Americans of Jewish, Irish and German origins have more concentration of the American millionaires. The Irish are the most frugal.


Frugality is the starting point

tomtom370:
Thank you the kind words.

Interesting thoughts. But what spurs such saving/investing mentality in a child?

Environment, education and exposure are strong determinants of an individual’s greatness or otherwise.

Every child is often a product of the lessons learnt from his/her parent, home, school and all, that’s why kids who’re thought or perceived a culture of management/saving and investment from their parents will most likely follow suit, while those who grew up seeing their parents getting loans to finance parties and live outrageous life will mostly likely follow suit.

It’ll take an extra form of personal introspection and pursuit for the kids from the outrageous background to outgrow and change that pattern, if he ever gets to see the other side of that life.

So, yes everyone has got to be responsible for his or her own financial destiny, yet certain foundational traits trigger such instincts and idea in a child, primarily via the family.

I read the Richest Man in Babylon in JSS 3.....that was when I learnt the habit of savings and that changed my life for good. I save any small gift i was given, later tell my parents to help me invest them so that the money will grow. It was small, but the habit became of me.

emmanuelewumi:





Very good summary. In the Millionaire next door, it was reported that Americans of Jewish, Irish and German origins have more concentration of the American millionaires. The Irish are the most frugal.


Frugality is the starting point

It takes discipline to be Frugal and consistent with it.

You started pretty well with good home support.

A lot of people never had such exposure, experience or even motivation from the home or environment. Na school of hard knocks reshape us, though, it was almost too late to catch up.

Back in secondary school, I had a friend who would hustle and give his mum some money to save for him. Guess what, the mum was spending the money. When it was time for him to retrieve the money, story start. Invariably, that’s a point of discouragement to work, earn and save.

If everyone can learn to live within/below their means, no one will be a financial burden to another person.

ukay2:



I read the Richest Man in Babylon in JSS 3.....that was when I learnt the habit of savings and that changed my life for good. I save any small gift i was given, later tell my parents to help me invest them so that the money will grow. It was small, but the habit became of me.

This is one of the first book any potential investor should read. The lessons are timeless.

ukay2:



I read the Richest Man in Babylon in JSS 3.....that was when I learnt the habit of savings and that changed my life for good. I save any small gift i was given, later tell my parents to help me invest them so that the money will grow. It was small, but the habit became of me.

tomtom370:
You started pretty well with good home support.

A lot of people never had such exposure, experience or even motivation from the home or environment. Na school of hard knocks reshape us, though, it was almost too late to catch up.

Back in secondary school, I had a friend who would hustle and give his mum some money to save for him. Guess what, the mum was spending the money. When it was time for him to retrieve the money, story start. Invariably, that’s a point of discouragement to work, earn and save.

If everyone can learn to live within/below their means, no one will be a financial burden to another person.

Nawaoooo

Mother chopping child's savings

Quite discouraging.

ukay2:


Nawaoooo

Mother chopping child's savings

Quite discouraging.

No be today.

9jatriot:
This is one of the first book any potential investor should read. The lessons are timeless.

Soft copy is freely available online for e-library.

The principles in that book is still applicable today.

IamR:

No be today.

But we need to teach our children the disciplines we learnt so that it will be sustainable and generational.

Most children will wants all the goodies of life forgetting how parents built the wealth.

Some get squandered with bad influence in town.

ukay2:


But we need to teach our children the disciplines we learnt so that it will be sustainable and generational.

Most children will wants all the goodies of life forgetting how parents built the wealth.

Some get squandered with bad influence in town.

Absolutely correct!

tomtom370:
You started pretty well with good home support.

A lot of people never had such exposure, experience or even motivation from the home or environment. Na school of hard knocks reshape us, though, it was almost too late to catch up.

Back in secondary school, I had a friend who would hustle and give his mum some money to save for him. Guess what, the mum was spending the money. When it was time for him to retrieve the money, story start. Invariably, that’s a point of discouragement to work, earn and save.

If everyone can learn to live within/below their means, no one will be a financial burden to another person.

Mmmmmm

Oga I suffered ooo

Infact I hear qwiiii no be small

Na God safe me oo

Lost parents long time ago at that affirmative age

I have to learn and hussles to take care of my education the hard way.

But God's grace and favour were bountiful to me till today.

Phyde:

Common, just kidding.

Haba, u sef! Just joking too. Na wa o

ukay2:


But we need to teach our children the disciplines we learnt so that it will be sustainable and generational.

Most children will wants all the goodies of life forgetting how parents built the wealth.

Some get squandered with bad influence in town.

It has to become a cultural thing for it to be pervasive enough to engender lasting change.

Confucius harped on saving. He was born in 551 BC. Saving is an integral part of the Chinese identity to this day.
Indians are infamous for being thrifty.
The Japanese are infamous for their discipline.
The Jews are infamous for being thrifty and creating wealth.
The Germans; well we call them "machines" for a reason.

All 5 ethnicities represent the best of humankind. And if anything catastrophic were to happen, it'd be a bad choice to bet against any of the 5 re-emerging to take a leading role in world affairs.

Teaching your kids the tenets of saving and investing is as important as giving birth to them; but we need a vast societal support system to make it not seem like a losing fight.

If you've ever attended a Bar Mitzvah or Bat Mitzvah or Chinese New Year gathering, you'd understand why.

It's one thing to create a piggy bank for your kid, it's a whole nother ball game for your entire community to drill the concepts of saving, compounding, investing, excellence, and discipline from the Synagogue or Shinto Shrine to the playground to successful relatives and relatives of friends and acquaintances and more.

Our culture is too consumerist. It's a consequence of a few things I wouldn't go into; but the worst part is we simply do not yet appear to have the ability to correct course.

-Lord

You have a very strong point here, as long as it is not part of the norm in the society, it becomes an uphill task. Your own children can end up revolting against you because everywhere outside they hear something different from what you are teaching them.

LordAdam16:


It has to become a cultural thing for it to be pervasive enough to engender lasting change.

Confucius harped on saving. He was born in 551 BC. Saving is an integral part of the Chinese identity to this day.
Indians are infamous for being thrifty.
The Japanese are infamous for their discipline.
The Jews are infamous for being thrifty and creating wealth.
The Germans; well we call them "machines" for a reason.

All 5 ethnicities represent the best of humankind. And if anything catastrophic were to happen, it'd be a bad choice to bet against any of the 5 re-emerging to take a leading role in world affairs.

Teaching your kids the tenets of saving and investing is as important as giving birth to them; but we need a vast societal support system to make it not seem like a losing fight.

If you've ever attended a Bar Mitzvah or Bat Mitzvah or Chinese New Year gathering, you'd understand why.

Our culture is too consumerist. It's a consequence of a few things I wouldn't go into; but the worst part is we simply do not yet appear to have the ability to correct course.

-Lord

Wow! Thank God you’re better off now.

Quite sure everyone has an experience/story with suffering, though relative. Suffer pass suffer.

The main thing is not to forget to learn the most valuable lessons through every process.

ukay2:


Mmmmmm

Oga I suffered ooo

Infact I hear qwiiii no be small

Na God safe me oo

Lost parents long time ago at that affirmative age

I have to learn and hussles to take care of my education the hard way.

But God's grace and favour were bountiful to me till today.

ojesymsym:
You have a very strong point here, as long as it is not part of the norm in the society, it becomes an uphill task. Your own children bwoll end up revolting against you because everywhere outside they hear something different from what you are teaching them.

A revolt is possible but somewhat pessimistic.

The importance of a society-wide support system rests on a very commonsensical understanding of human nature.

A Math tutor told my class--"Want to be good at Maths; solve a mathematical problem everyday. Any problem."
Writers are encouraged to write something every day, like Hemingway.
Religious leaders encourage the pew to pray and study religious texts as often as possible, preferably every day.
The best athletes never stop practicing--10,000 hour rule.

We are all sieves, kids moreso. And we pick a lot of stuff subconsciously. Infusing the principles of saving and investing in most of what we do culturally makes your job as a parent much easier, makes it easier for kids to internalize good lessons--practically makes it seem normal, and makes it easier to achieve widespread financial education; as kids will learn at different paces (and a lot of time from indirect sources).

Unfortunately, we are not yet there as a society where we're thinking in this direction. The vast majority are just trying to survive, leaving little time or will to design and develop a system where we don't just thrive but prosper.

-Lord

Very apt!

The next question would be; how do we influence, perhaps, kickstart this culture?

LordAdam16:


It has to become a cultural thing for it to be pervasive enough to engender lasting change.

Confucius harped on saving. He was born in 551 BC. Saving is an integral part of the Chinese identity to this day.
Indians are infamous for being thrifty.
The Japanese are infamous for their discipline.
The Jews are infamous for being thrifty and creating wealth.
The Germans; well we call them "machines" for a reason.

All 5 ethnicities represent the best of humankind. And if anything catastrophic were to happen, it'd be a bad choice to bet against any of the 5 re-emerging to take a leading role in world affairs.

Teaching your kids the tenets of saving and investing is as important as giving birth to them; but we need a vast societal support system to make it not seem like a losing fight.

If you've ever attended a Bar Mitzvah or Bat Mitzvah or Chinese New Year gathering, you'd understand why.

It's one thing to create a piggy bank for your kid, it's a whole nother ball game for your entire community to drill the concepts of saving, compounding, investing, excellence, and discipline from the Synagogue or Shinto Shrine to the playground to successful relatives and relatives of friends and acquaintances and more.

Our culture is too consumerist. It's a consequence of a few things I wouldn't go into; but the worst part is we simply do not yet appear to have the ability to correct course.

-Lord

Influence is a major tool of behavioral and social reformation. The journey to this cultural/social shift has to start with individuals who will then influence those around them, especially, within the family space.

The sequence, I presume, will be: Personal - Family - Neighborhood - Network/Social Circle - National.

Trust me, this isn’t a 5-10 years goal.

ojesymsym:
You have a very strong point here, as long as it is not part of the norm in the society, it becomes an uphill task. Your own children bwoll end up revolting against you because everywhere outside they hear something different from what you are teaching them.

mymadam:


Haba, u sef! Just joking too. Na wa o

funny boss. See as I missed penalty.

LordAdam16:


A revolt is possible but somewhat pessimistic.

The importance of a society-wide support system rests on a very commonsensical understanding of human nature.

A Math tutor told my class--"Want to be good at Maths; solve a mathematical problem everyday. Any problem."
Writers are encouraged to write something every day, like Hemingway.
Religious leaders encourage the pew to pray and study religious texts as often as possible, preferably every day.
The best athletes never stop practicing--10,000 hour rule.

We are all sieves, kids moreso. And we pick a lot of stuff subconsciously. Infusing the principles of saving and investing in most of what we do culturally makes your job as a parent much easier, makes it easier for kids to internalize good lessons--practically makes it seem normal, and makes it easier to achieve widespread financial education; as kids will learn at different paces (and a lot of time from indirect sources).

Unfortunately, we are not yet there as a society where we're thinking in this direction. The vast majority are just trying to survive, leaving little time or will to design and develop a system where we don't just thrive but prosper.

-Lord

I think INVESTMENT and FINANCIAL INTELLIGENCE should be a course from secondary school to university.

This may help the youths in gaining this wisdom early enough before earning income.

People like Pa. Emmanuelwumi can be in the national television or radio in educating the youths about his experiences in investment.

Most of us were not taught Investment in schools but were favoured to meet like-minds

tomtom370:
Very apt!

The next question would be; how do we influence, perhaps, kickstart this culture?



Influence is a major tool of behavioral and social reformation. The journey to this cultural/social shift has to start with individuals who will then influence those around them, especially, within the family space.

The sequence, I presume, will be: Personal - Family - Neighborhood - Network/Social Circle - National.

Trust me, this isn’t a 5-10 years goal.

But it's achievable

While this may work in theory but there is no evidence to suggest that we will not just cram to pass the exam because I know many graduates of business admin and economics who are not savvy investors.
Even investment bankers can give you sound investment advise in the bank but many of them do not believe or practice what they preach.

As long as people still believe that delayed gratification is poverty or selfishness, it will be a hard but to crack

ukay2:


I think INVESTMENT and FINANCIAL INTELLIGENCE should be a course from secondary school to university.

This may help the youths in gaining this wisdom early enough before earning income.

People like Pa. Emmanuelwumi can be in the national television or radio in educating the youths about his experiences in investment.

Most of us were not taught Investment in schools but were favoured to meet like-minds

ojesymsym:
While this may work in theory but there is no evidence to suggest that we will not just cram to pass the exam because I know many graduates of business admin and economics who are not savvy investors.
Even investment bankers can give you sound investment advise in the bank but many of them do not believe or practice what they preach.

As long as people still believe that delayed gratification is poverty or selfishness, it will be a hard but to crack

Very true.

Practical aspects are very important.

Nothing is like being in the fields of INVESTMENT

Kudos to the people making this thread run daily. This is one of the few threads on NL that people act as 'humans' instead of Nigerians. Even though I might not yet understand everything I read (due to the business terminologies), thanks for sharing with people like me your invaluable wealth of knowledge. I hope to be able to share this knowledge with others too someday.

Crazeworld:
Kudos to the people making this thread run daily. This is one of the few threads on NL that people act as 'humans' instead of Nigerians. Even though I might not yet understand everything I read (due to the business terminologies), thanks for sharing with people like me your invaluable wealth of knowledge. I hope to be able to share this knowledge with others too someday.

Sure thing... Simply one of the best threads I've stumbled upon...We die here lolz. Thanks to the bosses in the house for their immense information!

Crazeworld:
Kudos to the people making this thread run daily. This is one of the few threads on NL that people act as 'humans' instead of Nigerians. Even though I might not yet understand everything I read (due to the business terminologies), thanks for sharing with people like me your invaluable wealth of knowledge. I hope to be able to share this knowledge with others too someday.

the amount of knowledge I have gain here is immeasurable.as I just come here to learn everyday ... thanks to Mr emmanuelwunmi ,oga ahib madam sholapey , oga 9japatriot.. and the host of others... God bless you all real Good

tomtom370:
Very apt!

The next question would be; how do we influence, perhaps, kickstart this culture?

I'd leave that for the floor to answer.

Although I have my theories, I'd like to think there's just not one [good] answer to that question.

Influence is a major tool of behavioral and social reformation. The journey to this cultural/social shift has to start with individuals who will then influence those around them, especially, within the family space.

The sequence, I presume, will be: Personal - Family - Neighborhood - Network/Social Circle - National.

I believe this is a viable option. Perhaps the far more doable option. Essentially, the individuals would act like seeds and pillars in their respective microcosms. It'd not be without its caveats tho'. Including elitism, continuity, ego, and I'm just scratching the surface.

An alternative approach, would be a top-down sea change. It's how most enviable ethnicities built their cultures. But we'd be trying to cram millennia worth of change in only a few decades.

It'd also require the participation or at least support of all of the numerous branches of elites in most of the influential sub-nationalities. The problem is I don't know if we have it in us to be able to mobilize such an effort. There is simply no evidence, at this time, that we indeed possess the ability to conjure the level of strategic, long-term thinking, coordination, and troubleshooting necessary for that to happen.

And I don't mean the obvious ethnoreligious bad blood and distrust. That's surmountable. We've had about 10m deaths from such tussles since inception. That doesn't count as a crisis by Chinese, Indian, or Japanese standards (no one had smooth sailing). I mean how do we convince the absurdly myopic elites of all stripes we're saddled with--whether political, of the traditional institutions, intellectual (from academia), and what not--to commit to a cultural revamp with 20, 50, 100-yr objectives and timelines.

Again, this is why I said, I'd leave coming up with a way to engender a cultural shift to the floor to answer. Surely, someone has given this more thought than I am and have a fool-proof plan.

That said, the obstacles probably make it more realistic to imbibe what you can in your children; make it sort of a family tradition; and leave them as much lifeboats or rafts (most colloquially call this "connection" or "who you know" ) as you can. Some families in Nigeria have been able to accomplish this.

If it will be sustainable, generational, or *gasp* society-wide is up in the air until there's some cultural support system. Essentially, it's do your part and hope for the best. Sounds defeatist, but no one ever said realism has to be pretty.

-Lord

emmanuelewumi:





Very good summary. In the Millionaire next door, it was reported that Americans of Jewish, Irish and German origins have more concentration of the American millionaires. The Irish are the most frugal.


Frugality is the starting point

Talking about being frugal, sometimes i really find it difficult being stingy with some things...

I dont care about material stuffs... designers clothes, watches etc
But when it comes to my children education,healthy food, supplements etc i tend to even spend more than my budget, i mean get the very best...
Would you still consider my actions to be reckless spending when there are cheaper alternatives?

A typical example during wifeys pregnancy, i go for the best foreign pregancy drug which cost about 8-9k per pack while the local drugs at federal hospital can be gotten at 500 naira per pack... of course people do take...

Just want to understand you perfectly well when you say being frugal

oluwaleokey:


Talking about being frugal, sometimes i really find it difficult being stingy with some things...

I dont care about material stuffs... designers clothes, watches etc
But when it comes to my children education,healthy food, supplements etc i tend to even spend more than my budget, i mean get the very best...
Would you still consider my actions to be reckless spending when there are cheaper alternatives?

A typical example during wifeys pregnancy, i go for the best foreign pregancy drug which cost about 8-9k per pack while the local drugs at federal hospital can be gotten at 500 naira per pack... of course people do take...

Just want to understand you perfectly well when you say being frugal

Being frugal most times start from the mentality of placing the right value on things without sentiment or emotion, delaying gratification and having in mind that the most expensive things does not necessarily mean the most effective.

oluwaleokey:


Talking about being frugal, sometimes i really find it difficult being stingy with some things...

I dont care about material stuffs... designers clothes, watches etc
But when it comes to my children education,healthy food, supplements etc i tend to even spend more than my budget, i mean get the very best...
Would you still consider my actions to be reckless spending when there are cheaper alternatives?

A typical example during wifeys pregnancy, i go for the best foreign pregancy drug which cost about 8-9k per pack while the local drugs at federal hospital can be gotten at 500 naira per pack... of course people do take...

Just want to understand you perfectly well when you say being frugal

Just do what you think is best for you and bear the consequences

Honestly we need to give all the bosses thumb up, from Feelamong the originator of this thread, pa emmanuel, ukay2, the oil man ahiboilandgas and so many others here. Honestly there are thousands of silent followers who are reading this thread.I remember i was seeking advise from feelamong on investing on the FGN SUKKUK bond, thank God i followed his advise to lock up the fund imagine coming from a rate of 18.5% to the ridiculous 3.5%

Crazeworld:
Kudos to the people making this thread run daily. This is one of the few threads on NL that people act as 'humans' instead of Nigerians. Even though I might not yet understand everything I read (due to the business terminologies), thanks for sharing with people like me your invaluable wealth of knowledge. I hope to be able to share this knowledge with others too someday.