We live in a culture that is consumer driven. This consumerism is being fueled by TV Adverts and also the desire for the good life. People have no restraint or self control at all and they want to live like millionaires or billionaires without understanding the principles they have lived by to get where they are. They are eating up their future without knowing and they keep saying that the economy is bad or the government doesn't care. So many people want to fake it to make it just for the sake of being ranked among the *Rich Ones*. We first get rich in our values, in our minds before we can get rich in our pockets. In any case being rich isn't about money, if money made people rich even a church mouse would say I am rich. The intent of people is to be famous and not really to help humanity, we need to remember that these things are vanity, so we must take charge instead of them controlling us.
Today my dear reader I want to talk about how you can build a financial future. My sharing is best on things I have observed and things I have put to practice. I have come to learn that nothing beats a testimony especially if it has worked for you. We have been told by people or pastors or prophets that we shall prosper by sowing seed, or that miracles will come when we give our last money to whatever. It is written that “He who has a slack hand becomes poor, but the hand of the diligent makes rich.” -Proverbs 10:4
Everyday of the week, there is something that is taking your money away, it could be transport, it could be rent, it could be airtime or data services, it could be bills that you have to pay or food that you have to buy, it could be that church or fellowship that is always asking for all sorts of offerings given code names. it could be that restaurant you visit everyday. The first thing that happens to our minds is to spend money whenever we get it. This is natural to those who have not been trained to understand that there are certain principles that govern money.
When we read the parable of the Talent, the Master gave his servant five talents, another two and another one. He did not give instruction on what to do with the money but came back and asked for accountability and we know that the one with five, made five more, the one with two, made two more and the one with one, buried it. The one who did not invest was called a wicked servant.
I learn very important things from the parable of the Talent, that before the servant with five or two talents spent their money, they actually invested and got back the original money, how did this happen? what strategies did they use to make sure the money doubled, that they had the original one back.
Reading from many financial experts, they will tell you to have a percentage that you will use to pay yourself. As Christians we encourage you to have 10% a side for your tithe and then between 15-30% to pay yourself depending on your income levels. The first step to building and securing your financial future is through saving (Paying yourself). The money that you are paid from a sell of a book, from salary or any business transaction isn't paying yourself. People will believe that because money has come into their account, they have paid themselves.
Normally what happens after we have got money, the list of expenditure is long, fixed costs like rent, bills, loan repayment etc are the things we will rush to pay, so we end up making those people or service provides rich since they are taking many out of our pockets and nothing is left for us. A wise person said don't spend and save later, save first then spend what is left.
Before the Land lord gets money make sure you have paid yourself first. If you receive money from one bank account, open another where the percentage of paying yourself will go to. It is important to have a clear goal or purpose for the money you are putting aside, making it sit in the bank without a clear purpose could benefit you but not to the full potential because if you have places to invest that can make the money work or grow for you, then you find yourself making the original money you got at the end of the month or from the business transaction.
Don't be pressured to live the good life or keep up with the Joneses, plan your financial future. I have seen the power of using a standing order work for me and my family. Each time we get money, it is already planned for on paper before it is physically used up. A portion is saved and we realize everyday that what we do isn't for our satisfaction but to enable us be a blessing and to also beat the trap of poverty. No one will PAY you if you don't pay yourself.
Points to note
- Decide how much to pay yourself
- Set a savings goal
- Create a separate account different from your current one and create a standing order, it could be a high yielding savings account or fixed account or Unit Trust Fund, or with an Investment Club/Sacco etc
- Leave that money alone and don't yield to temptation
To understand a little bit more about saving, click here
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