Prerequisites to Wealth Creation 3 – IDEDE Oseyande
“Forbes list of richest people in the world is not based on how much they spend but on how much they have in savings and investment”
Have you ever wondered why celebrities in the music, movie, and sports industry suddenly go bankrupt? When their earnings suddenly drop, we start hearing stories of they going bankrupt, do you know why? Riches and wealth is not a measure of how much you spend, but how much you have in savings and investment.
Pause a little and ask yourself this pertinent question; “what if I get to the office this morning and get a termination of appointment from my boss, how long can I sustain my current lifestyle?
Or as an employer, if my business is forcefully shutdown today, how long can I sustain my current lifestyle?”
I know someone reading this is already shouting God forbid, this is not my portion, but it doesn’t mean somebody will not lose his job today. In fact, millions of people lose their jobs daily around the world. While some dive into the lagoon to commit suicide, some can actually survive more than a year without bothering those around them because of the lifestyle they lived while they had the job.
Back to why celebrities go bankrupt after their earning rate drop is simple. Most celebrities are heavy spenders, with little or no investment. We’ve read of how they rent apartments in highbrow areas in the states where they live, shopping in exotic and overhyped boutiques just to show off, clubbing and partying with exotic and expensive drinks that do not add value to their career, amongst others. At the end of the day, you will discover that they run on a budget plan that even the Directors and CEOs giving them endorsements don’t operate. And when these endorsement stops coming, there is no way they can sustain such lifestyle, therefore putting unnecessary pressure on themselves that leads to frustration, depression, and untimely death.
This mistake is not made by celebrities alone, most of their followers are victims of it too, especially in this era of social media. So many people live for today, just to show off, with little or no plan for tomorrow sustenance.
The other day, while counselling a client on the need to be financially accountable, he started bragging of how much he spends in a month. How can you be earning 65k per month, and you’re bragging that you spend more than a hundred thousand in a month. An employee without savings, without investment, raising shoulders that he spends more than what he earns, and such person is hoping that one day he will be rich?🤷🏽♂
That mindset is what celebrities have inputted into our people with the show off they do on social media, displaying their spending lifestyle.
These innocent or perhaps ignorant minds are now mixing big money spenders as a sign of being wealthy. Thereby, some that have the capacity to create and keep wealth, are being misguided.
Are you a big spender or a big saver? An hyper consumer or an aggressive investor?
Do you want to make wealth this year? keep tab!