Prerequisite to Wealth Creation 6 – IDEDE Oseyande
“Seeds are like Naira notes. You can eat the seeds or sow them. But when you see how seeds turn into ten-foot-high corn, bearing cobs with hundreds of the initial seed, you won’t want to waste them. Will you consume your seeds or plant them?”
When you tell someone earning about sixty thousand Naira that he can work his way out of poverty and someday become a millionaire, he will only say Amen, at best. The only hope he has in becoming a millionaire is the expectation that one day the “national cake will get to his table”. And that is really not true. Let me buttress my point of view with a real-life analogy.
I met Mr Douglas (not real name) as a staff in my former place of work, and he was earning about fifty thousand naira at that time. He was a married man with kids and keeping up with such amount might be very ludicrous, but that was the situation. As common among employees, we would sit and complain about how we were being underpaid, how the country is not working, and how there is much poverty and hardship in the land. A day came and I decided to share my long-term goals with Mr. Douglas. I told him that the challenging times was just a phase in my life and I was working towards overcoming them and changing things for myself. ” Your own good, you go school”, he said. But deep down, I knew his problem was not education but his mindset. When I finally got him to open up, he told me he was waiting for his younger brothers that he had helped send abroad, to send him about three to five hundred thousand Naira so he could start a business. Once he gets that money, he would resign and face the business. That was his plan!
I told him about saving his way out of poverty since he already has a business plan, but he is one of those people that believe the salary is already too small and saving should not be mentioned.
I spent five years with the company and left. Today, my friend, Mr Douglas is still there complaining and waiting for his younger brother to send him money to start a business. If he had been saving as little as five thousand naira monthly with an insurance bank for long term goals, as at the time I left, he would have been boasting of three hundred thousand naira in the bank! If he had increased the sacrifice to ten thousand naira per month, outside the five per cent compound interest the money would attract, he would have had six hundred thousand naira in his account to his name. And in ten years time, saving ten thousand naira per month, he would have an account balance of one million, two hundred thousand naira!
Without waiting for any government or individual, he could have comfortably saved his way to financial freedom. But today he is still there, cursing his employer, feeling disappointed by his younger brothers, and angry with the Nigerian government.
Just like my friend, so many people are in that shoe. They see long term savings plan as too far, and before you know it, they remain in the same state, suffering longer than the projected date of redemption of the savings plan.
We fail to take responsibility for our own future by making the needed sacrifices, instead, we rely on others to make the sacrifices for us. You can’t become financially independent with such mindset!
Don’t eat your seeds, sow it, for in due season you shall reap bountifully!
You don’t know how? Ask me!