Prerequisite to Wealth Creation 7 – IDEDE Oseyande
“The little foxes that spoil the vine”.
One common mistake often made on the path to wealth creation, is the creation of little foxes that end up spoiling the tender vines of wealth! What are these foxes?
A fan on my broadcast list while reacting to the previous series on wealth creation, sent me a question as a way of expressing his feelings about what I have taught so far on. In his words, ” if we just work to save and invest, when do we flex this money?” “Wetin person dey work for”?
This is the mindset of many people while working to earn a living. They get a little raise in their pay, they increase their “flexing” rate. Some tell you they are working to earn for their wives and children. And before you know it, they become the office of their children even when they grow to become young adults. While these kids are growing up, the fathers make up excuses why they should not engage in any job to earn for themselves. “If they had to work, why am I there for them? What then is my duty?”
These kids end up drawing ambition based on their father’s earnings. They want expensive gadgets, without knowing the value of money.
As they get older and start to have ambitions and getting involved in sexual relationships, the financing is still dependent on their father’s earning. The dependency on the earning of the man alone accumulates so much that the ability of the man to create wealth becomes drastically reduced, as his spending keeps growing more than his earnings. In the long run, the man is scared to retire because he does not want the family to suffer, as he is the pillar sustaining their current financial lifestyle.
This is the major cause of heart attack for men with kids old enough to stand on their own, but still depend on their father.
How do you avoid creating these foxes?
1) Learn to give your children what is just enough for them, and don’t expose them to a luxurious lifestyle. How can your child that does not earn a kobo, be spending over fifty thousand naira a month, and your driver’s full salary is thirty-five thousand naira a month. So your child’s pocket money is more than that of a man with a family to cater for. When such child gets used to such spending lifestyle, who will employ him/her? S/he would want to always depend on you for easy money!
2) If you have a child that is good at demanding, let him/her work for the money, even if you have to become the employer.
For example, let her know how much it costs you to do your laundry, and if she can handle it, you can double the money you give the usual laundry guy. Deal or no deal?
Let him know how much it costs you to wash your car twice or once weekly, if he can handle it, then you will save the money to grant his request. Deal or no deal?
By so doing, you will inculcate in them the value of working to earn for ones’ self. And as they say, “train up a child in the way he should go”. With such a mindset of working for their own money, you would have sent the signal to them that your wealth is not theirs. They will then draw their own ambition and strive to even surpass you.
Wealthy families that their wealth end after one generation are usually victims of the foxes discussed above!
Teach your children how to fish; don’t just give them fishes!