How to Manage your Salary
Always Save First:
I beg you in the name of God: if you are a low-income African (whether in Nigeria, Ghana, South Africa, Kenya, etc.), SAVE YOUR MONEY. That must be your priority. With the way African politicians weaponise poverty, and the way some wealthy African religious leaders demonise “poor people,” you are hating on yourself if you don’t save your money towards building yourself a better future.
As you save, start investing, bit by bit, towards a financially secured future. Let your savings grow while you sleep. Invest in small businesses, stocks, mutual funds, treasury bills, or any other low-risk options of your choice. You must regularly save and invest a portion of your salary. Your financial future depends on what you keep today and what you sow (invest) for tomorrow, not what you spend.
Create a Budget and Stick to It:
From today, every month, long before you receive your salary, sit down and build a budget for how you will spend every naira. This is not advice; it’s a command. Stick to it if you are an #AbiodunArmy member. See, what you earn is not the only problem. Thinking your salary is small is not the only issue. A major problem is how you spend what you earn. In economics, scarcity and choice are two sides of the same coin. Your salary might be small, but how you allocate it is also a challenge you must handle wisely. After deciding the percentage you’ll save, say 20%, learn to live on the remaining 80%.
Develop Additional Streams of Income:
My dear, this is very important. Don’t rely on your salary alone. I beg you, don’t. Please listen carefully. I’m giving you for free what you would normally pay for; the least you can do is listen. Even Aliko Dangote was already the richest man in Africa when he started building a refinery as another source of income. How much more you?
Wake up at midnight. Sit down. Think deeply about what you can do to legitimately make more money. Hold “critical-thinking vigils” for as many days as it takes until your brain gives birth to another income source. Your savings should give birth to more income. Start a side business. Monetise your skills or qualifications. Consider freelancing or offering paid services. Just do something.
Always Spend Below Your Means:
You must be prudent with your salary. If you are not prudent, you can’t even claim to be my follower, and if you claim to be one without prudence, then you’re not a genuine follower yet. If you are careless with your income, you will end up poor. It’s only a matter of time. Spend your sweat (salary) with wisdom. Prioritise essentials: food, rent, and bills. Delay gratification.
You are not Otedola’s or Dangote’s child. Always separate needs from wants. Focus on building assets that will sustain your future. I beg you.
Always Save First:I beg you in the name of God: if you are a low-income African (whether in Nigeria, Ghana, South Africa, Kenya, etc.), SAVE YOUR MONEY. That must be your priority. With the way African politicians weaponise poverty, and the way some wealthy African religious leaders demonise “poor people,” you are hating on yourself if you don’t save your money towards building yourself a better future.
As you save, start investing, bit by bit, towards a financially secured future. Let your savings grow while you sleep. Invest in small businesses, stocks, mutual funds, treasury bills, or any other low-risk options of your choice. You must regularly save and invest a portion of your salary. Your financial future depends on what you keep today and what you sow (invest) for tomorrow, not what you spend.
Create a Budget and Stick to It:From today, every month, long before you receive your salary, sit down and build a budget for how you will spend every naira. This is not advice; it’s a command. Stick to it if you are an #AbiodunArmy member. See, what you earn is not the only problem. Thinking your salary is small is not the only issue. A major problem is how you spend what you earn. In economics, scarcity and choice are two sides of the same coin. Your salary might be small, but how you allocate it is also a challenge you must handle wisely. After deciding the percentage you’ll save, say 20%, learn to live on the remaining 80%.
Develop Additional Streams of Income:My dear, this is very important. Don’t rely on your salary alone. I beg you, don’t. Please listen carefully. I’m giving you for free what you would normally pay for; the least you can do is listen. Even Aliko Dangote was already the richest man in Africa when he started building a refinery as another source of income. How much more you?
Wake up at midnight. Sit down. Think deeply about what you can do to legitimately make more money. Hold “critical-thinking vigils” for as many days as it takes until your brain gives birth to another income source. Your savings should give birth to more income. Start a side business. Monetise your skills or qualifications. Consider freelancing or offering paid services. Just do something.
Always Spend Below Your Means: You must be prudent with your salary. If you are not prudent, you can’t even claim to be my follower, and if you claim to be one without prudence, then you’re not a genuine follower yet. If you are careless with your income, you will end up poor. It’s only a matter of time. Spend your sweat (salary) with wisdom. Prioritise essentials: food, rent, and bills. Delay gratification.
You are not Otedola’s or Dangote’s child. Always separate needs from wants. Focus on building assets that will sustain your future. I beg you.