Finance, Frivolities, and Friendship
December 30, 2020.
I woke today with a strong impression to warn against gambling, especially for youths. I’m not conversant or properly informed about the whole gambling and betting industry to advise accordingly but a close look will easily reveal the sham behind it. I can say that it’s one of the major negative expenses for youths now, especially football lovers, asides from alcohol. The bet companies' catchphrases and ads are truly catchy as expected of a business but that’s what it is, a business, and no matter the amount of payout it’s still making more to remain in business. They feed off your naivety, hope, and greed.
I’m not even talking religion or faith now, I’m only expressing my concern finance wise as I know it. My thought for the new year is intentionality in all areas and finance is a major area, perhaps that’s why my sensors are actively picking up frivolities and unnecessary expenses.
This is what I propose, two things, actually. First, start recording the amount you use for bets and gambling for the next three months, you can use an expenses manager app for that. At the end of the three months multiply it by four and see how much you contribute to another business annually with no guaranteed returns (because it’s a gamble, of course). I’m sure the numbers will convince you otherwise, numbers never lie. Never!
Secondly, you may not have to try the first, especially if you have a vague idea of the amount or don’t want to learn by experience. However, I still advise you start with the first because the knowledge will guide the second in a way, especially if you lack self-discipline.
Create a savings account/plan, you can use any of the fintech apps around now; Piggyvest or Cowrywise are good examples I use them too, and start putting all the money intended for bets and gambling in it for the next 3 months. This would generate interest no matter how small and you’ll be able to start your journey to financial independence with it.
Why I said the knowledge of the first will guide the second is because it’ll help you figure the average amount to keep aside on a regular basis as the amount you use for bets varies each time.
Intentionality with our finances is a must for anyone interested in building wealth, especially in a country like Nigeria. I’ve discovered that making money here is quite easy when you have money already that’s why the rich are getting richer, and the poor remain the same because even if they have the greatest idea of all time there’s no capital to finance it.
Making that first money is the hardest, so the only option for us on the bottom rung of the wealth ladder without a quick break is to grow our capacity, and that is possible with savings for the sake of investment, an intelligent investment now.
I was surfing my Piggyvest app and exploring the various target savings, and I discovered something awe-inspiring, challenging too. I’ll show you and explain afterward if you don’t understand it.
For context, I took that screenshot some days ago. Now, if you really paid attention to the data presented in the image you should already see why I found it awe-spiring and challenging. Those people came together to race towards the new year with ₦500 naira daily (an equivalent of what many place bets with) and in less than two months they surpassed their target by 2%. ₦81million in less than two months in this same Nigeria and this same dreadful 2020? That should tell you a lot about the power of people (numbers) and intentionality. I experienced it close to home as well, so I’m not talking vaguely.
Can you be financially intentional with those you call your friends this coming year and pool funds together? Can you all excuse one or two nights of partying and drinking in the month and put the money in your group savings account? You don’t trust people with money? But you trust them enough to drink and party with them? What kind of friends do you have?
Everything I’m telling you now is not pulled off from the pages of a book, I’ve tried them this year, and the reward is immense, that’s why I’m sharing it with you. You are as strong as your circle so build and grow with them as much as you do other less rewarding things with them.
There are many investment opportunities with great dividends that you can harness when you have funds already, that’s why it’s easier to get richer when you have money.
If you’re not well educated in investment and the various investment vehicles like me and you don’t have friends who understand the intricacies like mine, you all can invest in each other’s businesses for a stated return for a stipulated time frame, that’s a way to grow your circle and increase your capacity too.
In conclusion, I know we deviated a little but don’t forget the message: cut out unyielding excesses (gambling and frivolities), increase your earning capacity, and grow your circle. See you in the new year.
To your success, Onaopemipo!🤗
