Money is not meant to be kept in a bank account (besides running expenses). It's either supposed to be ACTIVELY working to create wealth or working to positively impact others. Those that are wealthy and happy know this.
Money is a means to an end. The reason many people malfunction when they see money is because they never defined what their end is - what they want to use money for beyond buying house, car, clothes and sex.
Money is so fleeting that a series of bad decisions can result in it being completely spent, lost or frozen. People who then try to amass dubious generational wealth because of a fear of not having or losing money, soon develop anxiety and family problems.
I've delivered so many lectures about money. When I ask people what they want to use money for, some can't think of anything beyond, "I will invest then start a business, then buy a car". What investment? What business? Specifically? They can't say. They never planned for money.
Money that is not planned for BEFORE the money comes will be easily spent and easily lost.
In your youth, when you make your first break, when it seems you're finally making a stable stream of income, you really should pause the laulau spending and do an investment plan FIRST. The portion allocated for clubbing; you can then continue spending that one. 😀
My journey of investing has taught me that Nigeria is the easiest place to make money if you have small capital. You may not believe me but 100% return per annum happens without doing much. Because our banks don't lend, many centres of enterprise chase after those with capital.
So unless your risk profile is in the lowest percentile, it really doesn't make sense to leave capital trapped in a bank account.
The reason I'm so passionate about investing and why I created an entire Whatsapp/Video course about it, is I really don't want young people making the oblivious mistakes I made. I'm also tired of Nigerian banks taking people for a ride and making money of people's sweat.
The truth is, the biggest opportunity for wealth in the middle class, is the spaces that are underserved by banks - bridge funding, crowdfunding, community funding. The individuals who tapped in early will never be poor.
Institutions like @Farmcrowdy, @PiggyBank etc who play n this area had better ensure intelligent people lobby for them in government. Nigerian banks can be diabolical and government institutions can be shortsighted. If they sense a threat, they won't hesitate to come after you.
Remember how the government tried to "regulate" social media use? That's your government. Protect yourselves by ensuring you have political power behind you. Innovation is not enough. Product is not enough.
For those asking about my video/Whatsapp investment course; the information is here: subomiplumptre.com/courses. Let me continue my thread o jare.
Another thing you must understand about investing, is that the worst time to look for partners is when you already have money or funding. It clouds your vision and makes you pay more for services or give too much of profit.
Before you start investing in an industry (or even putting in any money), spend a while learning about it and identifying the major players. It's best to do this without the pressure of having cash that you need to deploy immediately.
Also, sometimes how a person treats you when you don't have money is a good indicator of whether they deserve your money. Always looking for partners who will show you how to save money while creating money. A good example is this:
It's like building a house. There are some contractors who treat the house like theirs and help you get the best materials at the cheapest cost, without sacrificing quality. Then there are other contractors who inflate costs because they feel you have money.
In investing, the first kind of people are the ones you should keep around you. The penny pinchers who help you analyse things to the smallest detail. They are wealth's best friends. ☺
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