BATTLE IT OUT WITH POVERTY!

People who lived in the continent of Europe in the 1700s and prior to that had a vicious way of settling disputes whenever there were disagreements between parties on many issues, trivial or otherwise. The offended party would challenge the other to a duel, a pre-arranged combat using deadly weapons, such as swords or pistols based on an accepted code which could be the death of the loser without any repercussions to the winner. This method was popular for settling disputes among gentlemen.

In the 21^st century we must recourse back to dueling to combat and mortally finish off an enemy that all of us should detest totally. This enemy continues to assault and insult many of us like he did to our forebears who did little or nothing to eliminate it. That enemy is poverty.

FIFTY THOUSAND MILLIONAIRES BY 2025!

 Can our societies exist in the kind of utopia that makes it possible for everyone to be millionaires? Leaders in African societies are good at making promises of better life using slogans like Housing for All, Education for All, Prosperity for All by a certain date that I thought I should coin my own – Developing Fifty thousand Millionaires by 2025.

It is practically impossible for everyone to become millionaires in a society. It is however possible for a country like Nigeria to be able to nurture and groom an additional fifty thousand millionaires by 2025! Nurturing and grooming means the input and impetus of the government has to be felt  in making this goal possible.

Now government exists to provide it’s citizens with the enabling environment in order for them to grow wealth. Government is not an avenue to wealth, rather it is an enabler when it gives the people all the support, encouragement and tools that they need to be wealthy. This tends to benefit them in the long run because more jobs would be created, more taxes will be paid, there will be less crime amongst other things which leads to a better quality of life for Nigerians. Fifty thousand new millionaires can be achieved if we do the following:

FINANCIAL EXPECTATIONS

 Legend has it that nearly five thousand years ago a weary traveller met Bansir, a wise old man at the outskirts of Babylon. He said to him, ‘Sir, I have heard that the people of this city are unfriendly, wicked and inhospitable to strangers.” The old man replied, ‘That is correct. These are the kind of people you will meet here.’ The traveller continued on his journey.

Several hours later another traveller met Bansirat the same spot. He also enquired from him, ‘Old man, I am new to this city and I have heard that the people are caring and compassionate towards strangers.’ The wise old man replied, “Yes you are correct. These are the people you will meet here.”

Now Bansir’s response to both travellers was correct because this story highlights an extremely important aspect in our race to wealth and success, which is expectation. In the above story each person had a different expectation about Babylon’s citizens, and what they expected was definitely their experience…

MASTERING THE ART OF SPENDING MONEY

Money is the most sought after commodity in the world today. Everyone needs it for what they can exchange it for – be it goods, services, needs, wants or ideas. We live in an inter-dependent world where we rely on one other to provide what we cannot produce by ourselves. We therefore need to spend money by giving it in exchange for what we want.

Spending is an area where most people come up short on the road to wealth and fortune. They fail to understand that there is an art to it. The rich spend and still have plenty leftover, while the poor spend and have nothing left. Those who have mastered the art of spending normally base their spending decisions on one or more of the guidelines below:

Firstly most people believe money is meant to be spent. Rather money is meant to be multiplied. Those who have mastered the art of spending disburse a major chunk of their money on things that can be multiplied into more wealth while most others spend on what can’t produce further hence they lack as a result.

Those who have mastered the art of spending expend money on their needs, not wants. Needs are those things you cannot do without while wants are the opposite. They constantly ask themselves – Do I need it? Do I want it? Then they act to spend on what they need. This frees up funds that could have been frittered away on wants that could be diverted to better uses.

RESEARCH ON BUT DON’T RESENT THE RICH

The rich and financially successful are worthy of emulation. The very few who have been able to acquire wealth through dint of inspiration and perspiration have worthy experiences and tales that could be extremely useful to those who intend to become like them.

Unfortunately those who are not wealthy do not seem to want to emulate the rich. They tend to be envious and detest the successes and progress that the rich have made. Granted the rich can be obnoxious, lousy and extremely arrogant, but this does not change the fact that they are successful. Those desiring to replicate their success would do well to focus on the tips,strategies and skills deployed to produce success, instead of on their inadequacies.

LESSONS LEARNED: ULI HOENESS

-          Uli Hoeness was a former footballer and became President of German Football Powerhouse Bayern Munich after his career ended

-          His tenure  as President was characterized as the most successful in the Club’s history with the club winning many German league titles and the UEFA Champions League

-          The club’s financial profits stood at over 400 Million Euros during the last financial year

-          Uli was truly a role model for charity and generosity, often helping former players and other German league teams undergoing rough times. Due to his “achievements” in turning Bayern’s fortunes around many politicians sought to get close and identify with him. He thus became very influential

PRACTICAL TIPS TO FREE YOUR MONEY FOR SAVINGS & INVESTMENT

“ I can barely survive on what I earn,” “I have no money to save or invest,” are two of the most common excuses people make when it comes to building wealth. They earn so little compared to their expenses that before the month ends they are already broke and in debt, with the cycle going on and on....

However all hope is not lost. I want you to know that no matter your income you can free up some money that can be put to use working for you. Consider these ten tips:

Cut spending on internet subscription plans on your smartphones or at least one of them if you are only using it for chatting or social purposes. Switch on this capability when you are in a free wifi location like the office.

Review your Cable TV subscription. Now is not the time to be spending on the premium bouquet if you are a man. You can subscribe instead to the lower bouquet, which show key matches/highlights later. Going for a lower bouquet could fetch a whopping N100,000 in savings in a year.

2015 – Beyond doom & gloom lie possibilities & opportunities

I am glad to announce to you that 2015 is not a peculiar year, not by any standards. In 2015 many economic analysts have predicted chaos, doom and gloom with regards to the challenges facing Africa and the rest of the world. Terrorism threats, wars, falling oil prices, economic crisis, job losses are all signs that the citizens of many countries are in for hard times.

The good news is that whatever the experts predicted for this year was not so much different from what was predicted last year, or the year before. The experts tend to approach every New Year with cautious optimism because they cannot be a hundred percent certain how it would play out. The reason 2015 is not peculiar is because many fortunes will be made and lost this year, just like in previous years. You can choose whether to be on the winning or the losing side.

MOVING FROM RAGS TO RICHES!

 Everyone loves a good “rags to riches” story. There’s nothing better than to hear that someone who was languishing in extreme poverty had the good fortune to turn things around by creating wealth. Deep down in many hearts we love these stories because we also yearn for the day our own rags to riches life story becomes reality. We wish we were the ones who made the transition.

Yearnings and wishing tends to give us the notion that these rags to riches stories happen suddenly, literally overnight. You lie down a pauper and wake up a billionaire! No one has the distinction of becoming wealthy this way! This is because between rags and riches are several doors you need to unlock. You will require several keys…..

FINANCIAL AFFIRMATIONS FOR 2015!

Words matter. Words are powerful. They seem to attract a powerful force that ensures that what is said ends up happening and occurring around you. Words used constructively and creatively literally changes situations and turns lives around.

In 2015 you cannot afford not to harness the power of words in your finances as you intend to grow wealth. I am very sure you have set new goals; but have you considered harnessing the power of words by confessing and affirming your goals will help you achieve them more certainly? This is because you eventually become what you say.

My charge to you today is to use affirmations as part of your strategy to create wealth in 2015. This might be one of the reasons results have not been forthcoming in your journey to wealth and riches. You desire wealth but you speak lack, poverty and want most times. Here are some affirmations you should commit to declaring everyday of your life in 2015...

I am wealthy, I am rich and I am successful. I receive wealth generating ideas that I can convert to money in the marketplace. I receive wisdom, insight and knowledge in order to be able to run with these ideas and see them to a successful fruition.

In 2015 I am favoured and preferred and I attract the right people, helpers who will assist and support me in the achievement of my financial goals. I am surrounded by people who want to do me good financially.

I begin to progress and make strides forward financially. My earnings begin to grow and multiply into thousands and millions. I receive a renewed mindset to put my money to work and avoid the pitfalls of wasting money by spending everything I earn on fruitless pursuits.

My blossoming bank balance and wealth position will not cause me to jettison and sacrifice current relationships that I hold dear. My positive ethos, creed and values will remain the same notwithstanding my financial position.

I distance myself from every greedy and hoarding mindset and mentality as I commit myself to using part of my wealth to helping others. As I grow financially I do everything I can to also help others to grow financially.

I recognise money as a tool meant to be multiplied and under my control. I am master over money, money is not my master. Money or the lack of it does not determine my emotions, moods and feelings.

My strategy for wealth creation is not to hustle. I do not hustle; rather I identify needs and actively seek for ways to meet them. I am not desperate, looking for money by all means. Rather I am content with what I have and put it to good use to gain more.

2015 comes with its peculiar challenges and may portend gloom and doom for many but I am exempted. I will walk in plenty and more than enough this year. I will not borrow to meet my bills and living expenses. I meet all my financial obligations with adequate resources as they fall due.

2015 will be my best year ever financially.

Take these affirmations and run with them consistently and constantly in 2015. Ensure you take them and affirm them at least twice daily, just like good medicine. For just as tablets taken improve your health, affirmations will improve your finances.

I am looking forward to toasting to your new found financial success in 2015!

INVESTING BASICS

Investing is perhaps one of the most important words in the lexicon of the wealthy. This is because investing represents the process or activities whereby the rich deploy their financial resources to produces significant returns for them. Their resources are gainfully engaged-in many diverse productive ventures that amass wealth in the long run.

I have discovered that everyone wants to invest some portion of their resources productively; they just do not know how to. I meet people who tell me that they have some funds kept aside, or they can access a loan facility but they do not know what to do with it. They seem to be more on the lookout for whom to entrust with the responsibility of making their money grow while they relax. You cannot grow wealthy by leaving all your investment decisions to others to make for you. It is in your best interest to have a firm grasp on investing; it is your capital after all.

The basic guide to investing comprises of the following rules:

STOP GIVING LOANS FROM YOUR SAVINGS

 

 Have you ever given someone a loan before? We all have. Did that person return the money when he/she promised to do so? Some did, but many did not. I make bold to declare that we all have had more experiences of people defaulting on their debts than liquidating them. There are even instances where debtors pretend to have forgotten that they owed someone or downright refused to repay.

One would think that with the decay in moral values regarding money today in our society many would be careful with their hard earned money. Sadly this is not the case. Many of us are suckers for a good “person in need” story.When you also consider that it is those who are close to us who come to us it can be extremely difficult to say no. This is Africa; we are known for being our brother’s keeper.

GETTING THE MOST OUT OF YOUR BANK

Are you getting the most out of your bank? This is not the case for many people. Tales of woe seems to abound in many quarters regarding people’s experiences with their banking institution.  While this perception may be difficult to shake off I make bold to declare that those who desire wealth must have a cordial, cultivated and close knit relationship with a bank.

The Billionaires DNA

According to Forbes magazine there are currently 1,645 Dollar billionaires out of a population of 7 billion which is 1 billionaire for every 4 million persons. These exceptional achievers must be really special or extraordinary?  Well not really. These men and women have been able to establish and develop the DNA for extraordinary fortune hence their success.

They are ordinary people who have turned lives and fortunes around doing things in an extraordinary way. This extra comes from having a billionaires DNA which can be developed and nurtured by almost anyone, anywhere. So what makes up this DNA?

Q & A with The Money Doctor

Q: What is the best way to cut spending? I have a healthy spending habit that makes me spend whenever I have some money.

A: The best way to cut your spending is to invest whatever you have into one opportunity or another to generate additional income for you. The ideal system is to "pay yourself first," that is, whenever any money comes into your hand take out what is meant to be invested, quickly invest it and live off the rest.

Stop spending on your expenses or wants first whenever any money comes your way. This will continually lead you to lack as any spent on your needs and wants is gone forever. That portion that you take out for investment purposes will continue to provide an income for you.

I would advise you start taking out 10% of whatever comes in for investment purposes and increase this amount steadily as your earnings increase. This will automatically reduce your spending.

Taming the Next House Rent Monster

Most adults of workable and retired ages dread one day more than any other in a calendar year.  Just the mere thought that this day is around the corner or at hand tends to make them break out in sweat or tremble with fear and uncertainty. Days come and go quickly but the day you have to pay your next house rent is a day many wish would never come.

Now house rent costs rank as the biggest expend in everyone’s cost outlay in a particular year; you would think that people would have this money on due date, but alas, they usually run helter-skelter during this period trying to raise the money.  This shouldn’t be so. We should stop having jitters due to the huge cost, rather we must make plans to pay up.

In my experience people usually leave it till very late before they consider the next payment. When it is 3 months to the next payment they try to piece it together, almost believing for a “miracle” to pay their landlord. Miracles do occur but not for things you should have properly planned to take care of such as your obligation.

The first thing you need to do to tame the next house rent monster is to embrace the “pay yourself first syndrome.” Whenever you earn money don’t rush immediately to spend it on your expenses. Instead focus on taking some from it towards investments and anything you want to save for which includes house rent. 

Well you might be saying the money’s not enough for all your expenses, yes but no amount is ever enough. Expenses always rise to meet income. Notwithstanding when you pay yourself first you have something for your future which is one of the key secrets of the rich and wealthy.

It also helps for you to work with a budget so you can track where your money is going to. This budget instead of making projections for inflows and outflows must have a series of rows under inflows for paying yourself first. Make sure to put the house rent account here. With a monthly budget you can make spending cuts on whatever is unnecessary or excessive thereby freeing up money for more important things. A budget essentially shows you where your money is going.

Next, divide your rent into equal monthly instalments till the next rent is due and commit to putting these instalments in an account that you cannot readily access. Go to the bank and give them a standing order if need be so that this money is transferred to another account without you having to do do by yourself.

You can also work with your partner or friend to encourage and follow up with you to ensure you do keep this money aside. Once done faithfully between 3-6 months it becomes easier to live within the means of the remaining balance left because you must have a roof over your head.

Commit to ensuring that your landlord gets the funds completely in one instalment and before the due date. The problem with most people is they pay the current rent, inadequately plan for the next payment within 12 months, then they start running around 3 months to the time looking for where to borrow from. 

Efficient money management thrives where you take it step by step in the achievement of your financial goals. It rarely occurs for a huge lump sum to just come into your hands that will solve all your problems at once. Those who cannot manage N1000 surely cannot manage N100,000 not to talk of N1,000,000.

There’s really nothing you cannot accomplish financially when you break it into smaller steps and take it one at a time.