Five Things My Parents Could Not Tell Me About Money

3 min read

I’m from a society where I repeatedly heard the proverb; “Train up a child in the way he should go…” It is every parent’s responsibilities to train their child. Of a truth, my parents taught me a lot of things – how to cook, politeness, humility, great communication, and human relations. Even before I knew the institution called “School”, they had drilled me to be the amazing kid they wanted.

But as I grew up, I realized there was one thing I just didn’t get right. And I wouldn’t want you to blame me. Neither did my father who is the breadwinner of the family nor my mother who is the home manager made mention of it. In fact, it was like a taboo if I discussed such topic with them. 

You know how awkward it gets when you ask someone about their sex life, right? That was the exact feel whenever I discussed topics about money with my parents; most especially how much they earn and save. I was literally clueless on money matters.

Ignorance stopped being a bliss for me when I gained admission into the higher institution and had to live by myself. “Pocket money” was never enough, neither did I know how to account for my spending.

When it dawned on me that I have mastered many life’s issues from my parents except money, which is also essential, I sought knowledge. 

And here is what I found out:

Money is beautiful but it doesn’t grow simply by admiring it

I had the habit of keeping money when I was younger. I would wrap it up in my closet so that no one would touch it nor rumple it. 

I must have picked this habit from my mother who also kept her money in a knot at the edge of her wrapper, so it wouldn’t get lost. She could keep the money for as long as a month or two, or a year. What she didn’t know was that she could keep the money in a bank for it to accrue interests or invest it, which would bring returns (ROI). She did not know hwo to plant money, to make more money for her. So, she could not teach me, neither did my father.

Money multiplies by investments, just like how seeds multiply by planting. It is not meant to be kept on the table and admired like a meal. This, my parents did not tell me.

Money alone does not bring happiness

Money afforded me all I wanted as a kid – both the necessities and unimportant things of life. I could get all the chocolate, biscuit, sweet, and toys that I craved. So, it was a difficult thing for me to accept that “money doesn’t bring happiness”. 

I thought all I needed to be happy in life, is MONEY. Yes, Money also brings its own share of happiness. With money, you can acquire many good things, live the life of your dreams, and do so much that will make you very happy. However, money alone does not bring happiness. This, my parents could not teach me.

Plan how you want to spend your money – Budgeting

I grew up asking for, receiving and spending money. Little did I know that mindless spending makes one short of money. I spent as I earned and even spent more than I earned, thus I wallowed in debts. I wish my parents had cautioned me when I was younger.

A friend of mine had a journal for recording her income and expenses. She would write all her expenses for the month ahead before she spent any of her money. She as a preference list which she followed religiously. This helped her to effectively monitor, and regulate her spending. This also saved her from reckless spending and debts.

Money Management

Money worries are not meant for adults alone. No child is too small to learn about money; how it is earned with hard work, and most importantly, how to manage and multiply it. 

I shouldn’t have had to become an adult before I know all things are not meant to be bought. If I had been refused several unnecessary things I spent money on when I was a kid, I would have learned to differentiate between needs and wants.

Avoid debts like a plague

Unfortunately, we cannot all avoid debts. Debts can be good, and also unpalatable. Hence, we must tread with caution around it.

Earn more than you borrow so you don’t become saddled with a cliff of debt that is hard to pay off.

In conclusion…

Money respects those who understand it. I learnt this the hard way.

What about you? What were the things your parents did not teach you about money?

Please share them in the comments section below.

How To Scribe For Ngmoneyseries

How To Scribe For NgMoneySeries

4 min read

Introduction

Hey there, I am happy that you are here. I trust that this article how to scribe for ngmoneyseries will help you. Not only to help you become a ngmoneyseries scribe but also to help you become a great writer. So I’d like it if you paid careful attention.

What and How to Scribe for Ngmoneyseries

scribing at ngmoneyseriesSo there is this guy named Ayo. People call him Dr Ayo as a result of his Vet Medicine background. I wouldn’t give too much thought to that if I were you. You could, however, ask yourself this question. How can one person teach millions of distracted young people everything he knows about money? Well, Dr Ayo is going to use the very thing that is distracting them to teach them.

Leveraging On Trends to Share Insightful Lessons

The beef and the rivalry between Davido and Wizkid is huge. I am sure a Wizkid Fan would have noticed I mentioned Davido ahead of Wizkid. Such a fan is probably already planning how to hate me. Whereas I was only following the simple alphabet order. Insight is a wonderful thing, it just means to see in ways that others are unable to. 

Dr Ayo saw that there were lessons Wizkid and Davido fans could learn from their feud. So he wrote 5 Money Lessons You Could Learn From the Wizkid-Davido Supremacy Battle. Yeah, I know you want to read it too. All trends can teach lessons. This mindset is necessary for how to scribe for ngmoneyseries.

Optimized Titles

Enumeration 

There are a couple of reasons you want to read it. The first is the title is optimized. How so? Notice that it is enumerated. When something is numbered, your mind wants to count it. You already probably imagined what the five lessons could be.

Curiosity

You might have come up with the right lessons. But you wouldn’t know. So you’d just want to click and read. That is curiosity, the second reason.

Relatability

You know it is not a lie, it was all over social media. Here is a youtube blog news from way back that referred to it. You can relate, so you’d want to read. Hence Relatability the third reason.

Celebrity Review, Controversy and Sensitivities.

 Scribing for Ngmoneyseries Speaking of wars, there has always been a gender war. I do think it is unnecessary but it does exist. And you could use it to make your reader want to read. Or make you want to read The One Money Money Strategy that worked for Michelle Obama. Curiosity is wanting to know what that one strategy is. The controversy bait is wondering if it means Michelle was more successful than her husband.

The Necessary Tricks in Your Writing

Active Tenses versus Passive Tenses

You already know I am Dr Ayo. And you already enjoyed the article to this point. Do you know why? This article is optimized. I used active tenses. This is better than saying active tenses were used by me.

Short Tenses and Short Paragraphs

I wrote in short tenses. Your sentences must never exceed twenty. There were places where only four words made the sentence. The shorter the better. Overall make your paragraph short three sentences are okay, only rarely use four sentences.

Transition Sweetly

It really would be nice if you let your thoughts flow as you write. Use transition words to tie your sentences beautifully. 

Watch Your Tone

The write-up tone is very important. It would make us happy if your tone is fun and informative. The disapproving tone is not fun. Keep your perspective positive. If you hold the cup firmly you’d prevent the water from spilling. Every sane adult knows to hold their cups firmly. The last two sentences mean the same thing.  One tone focuses on information of benefit. The second condescends. Avoid condescending tone.

Why You Should Become A Ngmoneyseries Scribe

Where do you come in? I have too many insights than I can write. That is why you will be writing my thoughts for me. You see ngmoneyseries wants to publish as much as five articles daily for the whole year.

How It Works

I will share titles with you. Most times I’ll explain them with a voice note(via WhatsApp). You will research on the title subject. When you are done you’d share with the ngmoneyseries team on google docs.

The Art of Writing

Writing is an art. And all arts flow. Knowing this is how to become a ngmoneyseries scribe. Living this is how to scribe for ngmoneyseries. 

You Are Almost Ready To Become A Ngmoneyseries Scribe

I am sure you have noticed that I have been teaching you the heart of sweet blogging, lol. In the middle is something called SEO (Search Engine Optimization). This is a fancy word for how to make it easy for a web browser to find this post. This is why you’d have noticed, I mentioned the title of this blog three times in this post. 

More on SEO

orange in the middle, icon.Always mention the title in the introduction without it been crass. And then slot it in at least two other places. Do the same thing for the key phrase. Become a ngmoneyseries scribe is the key phrase I chose.

This SEO is also the reason I inserted links to other websites (external links) and links to other posts of ngmoneyseries (internal links).

You are a scribe for ngmoneyseries. You may also want to learn everything Dr Ayo has to offer. This is where best to start.

Finally on How To Become a Ngmoneyseries Scribe

grey in the middle ngmoney logoThank you very much. Do put all these things in mind and practise them as you write. This will be fun. I intentionally didn’t mention the use of correct grammatical constructions. You already know, it’s a given. I use Grammarly, Grammarly helps a lot you can sign up for free here.

All the best!

Ayodamola Olu-Ayoola

Ps: I forgot to tell you. Word count should be a minimum of 750 and a maximum of 1000. Like this one you just read.

Bye, cheers!

Image by Steve Buissinne on pixabay.com

Seven (7) Unproductive Money Habits, The One Way Out!

3 min read

The lives of the rich and famous are often tempting and glamorous. Irresistible; the flashy cars, luxurious life, and expensive outfits that the famous stars often wear. The poor might end up cursing the day they were born but sometimes, the rich are often caught up in the success-web.

Success is the desire of most people (most people hate failure) but not everyone knows how to move on and chase (more) success. Most times, many people are trapped in the cell of success, and their passion and zeal surrender to the most recent success without vision and hunger for more.

Many people were half baked for the success they achieved early in their lives, the fame, and the money was bigger than what they could handle.

As good as success might be, it can also be a huge burden that crushes people if not handled properly. 

Some of the celebrities and athletes that we know went from grace to grass not as a result of laziness but for some untamed habits that shot them down. While some were able to bounce back, others never did.

You must learn to differentiate your seeds from your harvest—seeds produce harvest. 

SEVEN UNPRODUCTIVE MONEY HABITS

Have you seen a successful businessman/woman? Study their habits; perhaps you have seen a poor man, check his habits. Habits are everything—it either makes or mars a person.

The rich do the things that make them rich, while the poor have habits that keep them poor. Below are the seven (7) money habits that make a man poor:

1. Wrong company.

 When a man keeps a company of his sense mates, it may be difficult to make meaningful progress in life. You need a mentor, someone with experience and can provide hindsight & foresight where career and wealth creation is concerned.

2. Inability to invest.

The poor work for money while the rich have money work for them. The rich spend their time looking for the best places/business, to invest their money in a bid to multiply it as time goes on, but the poor hardly save much less invest.

The concept of investing can be best explained from a farmer’s perspective, a farmer will invest (sow the seed) into the earth and get a harvest in return. Lastly, saving doesn’t make you wealthy, investing does.

3. Focus on survival.

The poor are perpetually in “Survival mode”. They acknowledge their needs but they consistently deny themselves by the inability to delay gratification. Moreover, they wallow in self-pity. They hide under escapists’ theories like “all is vanity”. Survive, but more importantly – thrive!

4. Poor money management.

One of the attributes of humans is the ability to manage resources and situations — time, money, problems, success, failures, and.

The poor lack money management skills and will often spend money on wants. The poor are most times unable to differentiate between asset and liability, so they spend more on liabilities than on assets.

5. The poor expect money miracles.

Poor people pray the most, that’s not saying the rich don’t have time for prayers. The expectation of the poor is that miraculous money will drop in their account. Whereas miracles do happen, they are not the foundation upon which wealth creation is built.  Refusal to seek for financial knowledge because one is waiting for miracles is detrimental.

6. Lack of money-making ideas.

One way to make money is “idea”. An idea that solves a problem will make you money and if you are financially intelligent enough- wealthy. You are truly poor only when you lack ideas. Facebook is an idea of Mark; Coca-cola is someone’s idea, Honda automobile is someone’s idea. Great, innovating ideas get you into money.

7. Lack of financial knowledge.

You are only enslaved by what you don’t know. The poor lack the basic knowledge of how to make money and how to make money work for them; thus remaining in poverty. If you know what you don’t know – that is a call to seek knowledge and knowledge is only power when it is applied.

WHAT IS THE WAY OUT?

Discipline.

It may sound simplistic but if something seems simple – it will often require a great deal of attention. Very few people on planet earth are disciplined in their commitment to learning and earning.

Are you disciplined enough to keep working with the principles of wealth creation?

Yes, this is one of the virtues that the rich possess that keeps them on top of their game.

Michelle Obama FI

The One Killer Money Strategy; It Worked For Michelle Obama

4 min readMichelle Obama can make you very rich if only you would apply the same principle that she applied. She has been screaming one killer money strategy at you since forever. Ever wondered about the first African-American first lady of the United States? Her story is an inspiring one.

Born in January 17, 1964 in Chicago, Illinois, she is an American lawyer who is also marked as the First Lady of the United States in 2009-2017. Although from a humble background, she learnt the importance of education and by age four, both Michelle and her brother Craig had learnt to read.

Gifted Michelle took and completed accelerated biology courses and also learnt to speak French by sixth grade. She attended Princeton University and graduated Cum laude in 1985 with a B.A. in Sociology then proceeded to study law at Harvard Law School. In the early years of her career, she worked at Sidley Austin’s law firm where she met the love of her life, Barack Obama whom she later married in the year 1992.

As a first lady, she was an inspiring model for women and advocated for poverty awareness, education, nutrition, physical activity and healthy eating.

She is a fashion icon and has an admirable love relationship with her husband. With this you might want to say Michelle had a perfect life. However, this is untrue. Growing up, life was not a bed of roses for Michelle.

Her father suffered from multiple sclerosis which had a weighty emotional consequence on her while growing up. She was also a victim of gender discrimination and often feared people’s negative perception of her. She however discarded every form of negativity around her and used it as a growth fuel. In 2018, she published her book Becoming.

Michelle Obama has been a source of inspiration with her known intelligence and activeness.

With her book “Becoming”, she told her story and one can indirectly say she sold her story. Becoming is a book subdivided into three parts; becoming me, becoming us, becoming more.

Michelle describes her book as an expression of deep personal experience which talks about her background, how she found her voice, her advocacies, life in the white house and her role as a mother and wife. Michelle wrapped her story in a sheet of words and sold it to her readers.

 

What are you doing with your own story?

That one money strategy she has utilized and maximized is the ability to tell one’s story. Every experience that you have had and heard in life should teach you something and to be able to tell your story in a compelling way may change your life and the lives of those who read or listen.

This strategy is not customized for Michelle alone but for as many as are willing to bite into its skin. Your life is a story worth a million dollars!

Your failures, success, wars, battles, victories, laughter, tears…can inspire and motivate.

Motivation, by the way, is a business that sells now. With the increasing rate of hopelessness and depression worldwide, people no longer look only to their religion for hope but also seek stories of those who have fought wars and have won them.

So, can you sell your victories to become more victorious?

Can you make a million telling the world about your resounding laughter despite the bitter tears you have shed hitherto?

Yes, you can!

At this point, you must be thinking “well, it will only work for those who have stories, I don’t have a story to tell”. Lie! A big fat one!

Everyone has a story; maybe you mean to say an incomplete one, but the truth is that you have a story to tell.  Your life is a book, every day make up the pages, and every season, new chapters.

While you wait out to have a complete story, you should also realize that even your smallest victory is a story that can inspire someone out there. And every attempt to grow and achieve something bigger or rise above a certain level is an added story to tell, something more to catapult you your worth from a few thousand to some millions.

 

How then can I tell my stories?

You are probably thinking; “I don’t want to be a book writer, I don’t like to write, writing is not my thing”. Am I right?  Let me say these and you should listen or in this case read well. To tell your story is not limited to writing a book.

You do not have to write a book to sell your story. There are several other ways and all you have to do is identify them.

Have you thought of public speaking or the fashion industry and photography also? These mediums are arts that can act as your storyteller.

Have you wondered about some singers and their singing styles? Bob Marley for instance; an advocate for Pan-Africanism whose songs had a high sense of spirituality accompanied by his music style of reggae. He was an advocate for peace, hope and unity in a strife-ridden world.

Music was the key instrument with which Bob Marley used to make the masses aware of the injustices in the world. I could go on and on about how music was a medium of expression to the late musician but that would be switching focus, right?

The point is this; you can tell your stories in several ways that are profitable.

Make a habit of recording and journaling your experiences. Your everyday story might not be a hit but it sure is a gallery of many pictures that will later make up one sweet, inspiring and money spitting image.

You might be young without a complete story yet but you should know that you can tell your story in several profitable ways.  

Don’t fail where most people fail – they fail to start, they fail to try and they fail to continue.

12 words FI

Twelve Words That Locked All Your Money Up

4 min read

The mind works in unfathomable ways, words are the command of life itself, the command of money too. Not knowing these twelve words that locked all your up isn’t a good thing.

Some years ago I had a light bulb moment, my eyes lit up as I listened intently to the financial intelligence expert who spoke on investments, financial intelligence, and passive income. I was in my 20’s and I had never understood what those words meant and how they impacted my chance of escaping poverty and achieving everything I dreamt of. 

If I didn’t understand those basic money principles, how could I make them work for me? The truth is, most of the principles of financial freedom have been codified into words.

Understanding and making use of these words (codified principles) in our daily decision making is what helps us achieve financial freedom. Let’s talk about some major ones.

Financial Intelligence is one of the phrases that changed my perspective on how money works. Just as you need emotional intelligence to make your relationships thrive, you need financial intelligence to make the right decisions concerning money. There is a right way to think about money – learn it!

One of the major concepts financial intelligence affords you is a basic understanding of TAX. Tax is one of the most mysterious money-words. The rich try to avoid it and the poor have no clue how it works. But just because you don’t know a substance is poisonous doesn’t mean it won’t hurt you. Whether you are self-employed or a businessman, taxation influences your financial freedom in a great way.

Passive Income is a phrase that confuses a lot of financial illiterates. Passive income is often seen as ponzi scheme to some folks and this a great injustice to financial intelligence. Just as you work actively to generate income, passive income is generated when you’ve invested money (into ventures).

Owning one percent (1%) of the shares at Google makes me a billionaire; not because I code or write algorithms but because what I invested will yield ROI (Return on Investment).

Yes, there is no form of business venture or investment that does not have a level of RISK in it. Many people run away from risk without knowing that risk is a part of life.

Mark Zuckerberg said that the greatest risk is not taking any risks. The wisdom here is to take calculated risks.

Partnerships: the backbone of most wealthy individuals is the strategic partnerships that they have other people. Research shows that businesses that were started by two or more people have a higher chance of being successful than that of a sole proprietor.

The goal of having a partner is to complement your skill and personality deficiency. You don’t partner just for partnering sake; you partner because there is something unique that your partner can offer.

BRAND: what if you decide not to enter a partnership, then it is important to develop a very strong brand (read more here -5 Reason You Are Probably Still Poor).

Actually, it’s not only single founders that should develop a brand. Your brand is the projection of who you are and your value. Having Donald Trump’s (before he became President) name on any real estate implies a Gold Standard. You like it or not, that’s what his brand is. The more your brand is worth, the higher the chances of you achieving financial freedom.

VALUE: the more valuable your brand is, the more financial returns it brings to you. Someone told me recently that money responds to value. So instead of chasing money, why not focus on adding value. Mark Zuckerberg is quite wealthy today because of the amount of value he brings. That’s the same reason why some top athletes make considerably more money than their teammates –the extra value they bring to the team.

I was at a conference some years ago, where one of the speakers said that ‘because you are worth something does not mean that people will value you the same way’.

Just because you see yourself as worth something does not mean other people will see you as such.

A process of bridging the gap is NEGOTIATION.

Negotiation has to do with seeing things from the perspective of your business partner and leveraging on that to get whatever you want. The only way you can get what you really deserve is by negotiating for it. Ask Donald Trump why he wrote the book “The Art of the Deal”.

The major key to successful negotiations is COMMUNICATION. Okay.

I can hear someone say “Is it not just about talking or speaking?”

Communication is probably one of the most underrated skills; no wonder the Toastmasters International makes it their focus.

Excellent communication skills are essential to pitch your ideas to investors, to cast your vision to your team. It is practically impossible to influence people without being skillful at communicating.

After communication, MARKETING is probably the next most important word for an individual or a business.

The truth is, we are all selling something. How well you can sell yourself will influence the rate at which you attain financial freedom. It’s not surprising that Fortune 500 companies spend millions of dollars annually as their marketing budget.

Marketing is about sharing stories; stories that will ultimately convince people to buy your product or service. What sharing stories also does is to help expand your NETWORK.

Entrepreneur Dan Lok said that he will rather spend time with people he has a common future with than people he has a common past with.

The more valuable your network is, the more your chances of escaping poverty and achieving financial freedom.

We probably have been talking about a lot of ideas and “soft stuff” but what makes them all work is EXECUTION.

A renowned NASA scientist said that “one test is worth ten thousand expert opinions”. Execution eats ideation and planning up for dinner. Execution is where the juice is.

There are thousands of other words – codified principles – that their understanding and correct application will help you attain financial freedom.

Imbibe these words and see as they revolutionize your money life.