Prerequisite to Wealth Creation 8 – IDEDE Oseyande
“Stick with what works for you”
One of my favourite self-guarding quotes is “man, know thyself”.
Life is an irony! What you castigate as bad, is what another extols as being awesome. It all depends on what works for you. For instance, the amount of alcohol that gives some people the needed confidence to speak without fear is the same amount that is enough to disorient some other persons and make them talk irrationally.
In wealth creation, not everyone is lucky to have a lump sum to invest, so there is the need to save that needed lump from your little income. How to raise this sum is the focus of this discourse.
There was a time I needed to raise over a million naira to invest in a handheld drilling machine, and a portable compressor, for small scale mining activities. I was barely a three-month-old employee in my place of work. Taking a bank loan was out of it because of the pocket-unfriendly interest rates. Also, saving a lump sum from my salary wasn’t a bright idea as I needed that same salary to pay up the initial capital should things go south. In the end, I went to family and friends to raise the money. At another time, I needed to raise about a million naira to venture into intra-city transportation business. I joined various trusted cooperatives societies. Usually, in these societies, everyone contributes and give to one person each month until the cycle comes around. That was how I managed to work within a time frame to raise the needed sum.
In both instances, I did not save money in the bank. Was I scared of the banking system? Of course not. I was scared of myself, as I find it hard to hold on to money when there are needs around me. If I have savings and you come bending your head for me with a need, I can’t help but dip my hand into the savings and render the needed help. So giving out the money to cooperatives immediately it gets to me is what works for me.
A friend of mine recently shared her experiences of how she uses special purpose accounts to save for her investments. By so doing, she can’t withdraw the money no matter what, as she has already signed to contribute a fixed amount to that account without making a withdrawal over a certain period of time. That’s how she has been saving to meet up her investment targets.
While some people will say a particular pattern does not work for them, it does not mean it won’t work for you. There are people that can save a billion naira in their house without anyone knowing. Just know yourself and then stick with what works for you.
You still don’t know how to go about growing your finances this year? Ask me how!
I hope you’re not thinking this young man is a millionaire?🤷🏽♂
I am just a young fellow trying to encourage other young fellows to make enough money, so we can collectively carry out charity works on a large scale after we “blow”!😍😘.