On The Money – The N1000 Deficit Part 2

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Continued from here. 

Before I continue, shout out to the people who think best when they are on the white throne. I confess, without any shame whatsoever, can only think when I’m eating. Especially if the food is special and expensive, money making ideas so I can keep eating that kind of food will just be flowing into my brain like the River Nile.

I digress.

So while eating my boli and fish, I figured out what I was doing wrong and I will highlight them in three quick points –

  • I was working based on someone else’s standards which I couldn’t afford.
  • I didn’t make saving my first priority before any other daily expenditures and this cuts across not just the N1000 target.
  • The first two points pretty much sums it up.

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With this epiphany, I came to a well thought out conclusion. Make it two conclusions –

First, I admitted to myself that the 1000 Naira a day wasn’t for me but in its stead I could do either N500 Naira daily or since I was a salary earner I could take out a lump sum out of my income the minute I get paid. Saving N500 daily isn’t such a bad thing and didn’t make me a failure because I was still saving. I mean N182,500 is not such a bad sum of money to have sitting somewhere waiting for me at the end of the year.

I realised also that the biggest flaw I, and perhaps a lot of people in my generation, have is that we are in a hurry to be big. We are the bandwagon generation.

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Someone tweeted his Kolo of 365 rumpled 1000 Naira notes. Did anyone ask him how much he earned to be able to achieve that? Probably not. Instead, we jumped on it and then gave up when it seemed ‘impossible’ to achieve. We forget that while growing up, we first learnt how to sit, then crawl, then stand before taking our first baby steps.

Remember also that I say N500 because after careful thinking it is what I can do and I’m speaking for myself. If you can do higher or lower, then go for it. Never ever base your plans on someone else’s outcome.

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Secondly, saving should be the first thing to think of when you’re earning money, like tithing. I know that most Christians take their tithe out of their money before doing anything else because the temptation to not tithe once you start spending is overwhelming and sometimes impossible to overcome.

How could I have waited till I came back from work before attempting to stash my daily saving? I resolved then to put the N500 in the Kolo before I stepped out each day, unfailingly, or to stick to the other option of dumping the lump sum in a restricted target account.

I would also like to add that it helps a lot if you set a target. Some banks run target accounts that enable you to set a particular saving target over a period of time at a fixed monthly rate. This means that you can decide that you want to save 1 million Naira and depending on your flow of steady income, you will be told how much you can take out of your salary and how many months it will take you to achieve it.

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I’m starting this new plan tomorrow and if you read this article and you’re interested, feel free to join me not with the minimum money you can save but rather the one best suited to your income and to pr- determined target.

This is of course for people who are making money. If you’re not making any money, I’m sorry this article won’t be of much help but if you stick to this column, soon enough we’ll teach you how to make money.

It just occurred to me that it was boli and fish I was eating while figuring this out, perhaps if I eat Chinese, I will figure out how to buy a Banana Island mansion before the age of 30.

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I guess that remains to be seen.

Yours In Crisp Mint Notes,

Nims.

 

 

 

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