Prerequisite to Wealth Creation 4 – IDEDE Oseyande
There is a common misconception that people who are frugal and financially accountable are stingy and tightfisted. That’s a myth that has made many people unconsciously become a spendthrift.
Sometimes ago, while discussing with a friend, I told him how much I spend monthly on haircuts, bath soap, feeding, subscription for my cable and data, and also, amount spent in making calls. Shockingly, he responded thus; “Guy, you be teacher? Nor go dey do like this when you marry oooo”.
That’s the common reaction you get when you are exact on your spendings. People don’t want to be financially accountable and yet they want to grow wealth. To them, to be wealthy means to lose count of your spending. You just wake up daily and start spending until it gets dark and you retire to sleep, to repeat the same process the next day. Laughable right? Yet that’s how many people behave.
When you see an athlete doing exercise daily, do you wonder why he is wasting time doing exercises when he is already fit and in good shape? What you fail to realise is that he needs to continue that exercise to maintain that posture after attaining it. Same way with wealth. Wealthy people did not attain their wealth by being a spendthrift. Rather, it was through budgeting and a good sense of disciplined frugality, and they need to keep such traits to sustain their wealth.
While a salary earner with a fixed income might be the worse hit if he is a spendthrift, a businessman might also be working as an elephant and be reaping like an ant, if he is not frugal with his spending.
If your spending is higher than your earning, you are a disaster waiting to happen.
If your spending is equal to your earning, (if you spend everything that you earn), your days of sorrow in a country like Nigeria is when you get old. The reason being that you cannot work forever, old age will set in and you will have to retire. What then will you fall back on?
If your spending is lesser than your earnings, then you have hope. However, what you do with the leftover will determine how long and sustaining your hope will last.
Do you run your finances on a budget, or you’re worried that will make you look like a ‘teacher’?
Are you an impulsive spender or a meticulous earner?
An unexamined life is not worth living, the same way an unchecked financial life is not worth living!
Do you want to grow your finances this year? Keep tab!