Nigeria (Blank NEWS Online) –By ISAIAH OGHENEVWEGBA OGEDEGBE–
INTRODUCTION
First and foremost, I want to commend my friend Baile S. Golly Debi for choosing this theme: “HOW TO GROW YOUR MONEY.” Nearly everyone wants to grow his or her money, but few people actually know what they need to do in order to achieve it. Growing your money takes a combination of four i’s: (1) INDEPENDENCE (2) INCREASE your net worth (3) INCOME should be spent wisely and (4) INVEST earlier than later.
(1) INDEPENDENCE: If you want to grow your money, first become independent financially. For example, someone working as a salesboy or a salesgirl has a fixed salary at the end of every month, regardless of his or her commitment to the business of his or her employer. If they should start a business of their own, their income will no longer be static or come at the end of the month. James 4:3 says that people ask but do not receive, because they ask amiss. Any financially dependent person that is praying to God for a higher income is obviously asking amiss, because when God answers his prayer it is his employer that will actually smile to the bank.
Instead of praying to God for a higher income that you may not benefit from, you should start saving your present income until you have a reasonable amount of money. Then you can start up your own business and start praying to God for a higher income. A higher income is only for the financial independent, who dare to step out on their own. When you have started your own business, put in your very best and it will grow with time. As it grows, your money will also grow. The simple truth is that no one can love you like yourself, and no one can pay you like yourself.
(2) INCREASE YOUR NET WORTH: If you want to grow your money, increase your net worth. Your net worth is the value of everything you own minus the value of everything you owe. If you subtract your total liabilities from your total assets, you will arrive at your net worth. You need to study your net worth regularly. The idea is to increase your assets and reduce your liabilities.
(3) INCOME SHOULD BE SPENT WISELY: Nearly everyone gets money, but not everyone gets rich. For example, two employees working in a company get paid the same salary at the end of the month. What makes the difference in their lives in the years to come is how each of them will spend his income. One may spend his income carelessly on liabilities, while the other may invest his own in business and start making profit. Your income is meant to be used to increase your net worth, by increasing your assets and reducing your liabilities.
(4) INVEST EARLIER THAN LATER: Time is a very important factor when it comes to growing your money. For example, someone that invested in business five years ago cannot be on the same financial level with another person that starts investing today. The financial disparity is obviously caused by time.
It is not having a well-paid job that matters, but your ability to plan for the future which is uncertain. No one prays to lose his job, yet people lose their jobs every day. In a situation of retirement, what would you fall back on if you had not saved for the rainy day? Someone can have a well-paid job, but have a zero net worth. To be fired or retired with a zero net worth is to live a life of financial frustration and regret.
CONCLUSION
If you can handle the money you earn wisely no matter how meagre it is, by investing it, by saving it and by reducing your living expenses, you will definitely grow your money.
*ISAIAH OGHENEVWEGBA OGEDEGBE writes from Warri, Delta state. CONTACT: 08134836494
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