Wednesday, April 18, 2012

Money gist

You guys well done on the last post *CLAPS*

Smart women you all are.

You must have noticed the flunctuating comment system on the blog. It removed @ilola's previous comment for no reason. I really haven't been able to check it. So please bear with me in the mean time.

The komole-ing picture will also be uploaded (una like gist sef *side eye*). :-)

2 weeks away from BBM and counting. *phew* It's been relaxing though but I have seen the downsides.
Today, I needed to send an urgent mail to a friend that was to reply back the same mail by 4pm. So I had no choice but to borrow an active BB.

I had a discussion with some friends during lunch today and we were talking about how things we overlooked now in our time seemed valuable in our eyes some years back.
We talked for quite a while and I learnt some things. But before that, I must say, it's good to put things in retrospect once in a while.

I remebered how valuable N100 was to me in Secondary School then. I always spent N20 or max N30 during breaktime then. My regular was Bread (N10)/Meatpie(N10) and Lolly (N10). Days of N30 was when I patronized the school canteen.

The disadvantage with the N30 package then was that the food was either 'obtained' by seniors or 'scavenged' by my mates. Scavenging was the worst. As you were buying the food then, you won't see anybody o, but as soon as Iya Bisi hands over the plastic bowl of hot jollof rice with the dice on top (trust me it was too small to be called meat)...Error! You will see men of valour armed with their spoons to perch for your rice.

So N100 was much in my eyes then, I tell you. Fast forward to SS1, I was still dealing in the hundreds. I remember saving N600 for a whole term then to buy Brick game. Gush! I felt rich ehn. A senior wooed me into adding little on top of the N600 so he would sell his 'Gameboy' to me. The rest is history. hmm...

Another of my friend was sharing how one of his cousins that owns an oil servicing firm was contemplating on buying a $100,000 car and how his jaw was open in amazement. Thing is, few years from now, it would just be a normal thing.

One thing I picked from the discussion is this...'Your wants would always match up to your income level'.
When you're earning N30,000, it would seem all right. When you start earning N300,000, you would be surprised that there would be needs to be met also that will match up to that income level.

So it's all about balancing cash in-flow and out-flow. Never live above your means.
Warren Buffet recommends:

- Don't save what is left after spending , rather spend what is left after saving.
- Have multiple streams of income. This cannot be over-emphasized.
- Pay your tithes/Give alms/Help people.
- Invest wisely, don't just keep your money in the hands of the bank.
Saving in the bank is at a loss. Think of this, highest interest rate on a Savings account that I've ever come accross is 4% , inflation rate is over 10%. So for every 4% gain you lose 10%.
Invest wisely as I said.
- Keep friends that motivate you to aspire high. A recent research shows that the average income of four of your closest friends is almost same as yours.

Have fun trying this.
N.B.: Toin and Relentless I love you both.

Reactions:

3 comments:

Post a Comment

Let's hear you...