Financial Intelligence For African Men

Today, I think we should leave celebrity stories and gossips and talk about how African men can be comfortable financially. There is hardly nothing one can do in this world without money, so talking about money is very important, especially for African men. Having money gives you an edge over many things. I will start by telling African men never to borrow money that accrues interest to start a business. Don’t borrow money to start a business expecting that the business will generate income so that you can pay back the borrowed money, plus the interest. It is risky.

I know that making money is a risky business. But we need to engage in calculated risk. It is not good when you start losing sleep because of the interest-added money you borrowed to start a business. Also, don’t spend money you haven’t received. Don’t even promise someone money based on a promise you have from someone else. If someone tells you to come and collect money tomorrow, don’t go out to buy items on credit based on this promise, with the hope that you will pay your creditor when the promised money comes. The money may not come. And you may be in trouble with your creditor.

If you want to be financially balanced and comfortable, whenever you receive money, don’t start spending immediately, hoping that you will save what remains. You normally have nothing more to save. Your drive to spend always increases when you have money in your hand. And things to spend on even incite their relatives so that you spend even more than you had planned. When money to spend is not available, we naturally find a way of doing without it. That is why you should have a way of saving money first. Then you can spend what remains.

Furthermore, I have seen people do this very well. It is even common with Nigerians. They expect people to give them money freely, once they sense you have money. When you get an opportunity to meet a very wealthy person, never ask for money. Ask for ideas on how to make money. They may even choose to give you money on their own after seeing that your ideas are great, but let getting money from them never be your objective. That is why politicians and celebrities lock their doors when you ask of them. They will ask their security men to tell you they are not around. They know you have come to ask for money.

Then, if you want to lend money to someone, never lend money you are not willing to lose. By the time you lend someone money, be contented in your heart that should the person fail to pay, you will not die. You should not even lose that person’s friendship if they fail to repay the money you lent them. If you feel the person might fail to pay you and this will not affect your relationship with them, then lend them the money. If their failure to pay would make you hate the person and see him as an enemy, please advise the person to go elsewhere or give them the little you can afford.

There is something that can also kill you faster. It is trying to save more than you earn or thinking about the long-term and forgetting about the short-term. You may choose to save to buy a land, but you don’t have to be broke always just because you want to buy a land. You don’t have to sacrifice food because you need money for land. It is unwise. Having many acres of land without money to feed your family is stupid. You should think about the future and about the present. You must learn to balance the two. It is not a good thing when you have assets and you can’t afford to take your sick child to the hospital.

Finally, don’t always spend all you earn. It is always better to save for the rainy day. Emergencies do happen. You can’t always predict what will happen next. Consistently spending all you earn or more than you earn is like having a drum where you have an inlet that’s smaller than the outlet. It will never get full. And should the inlet ever reduce significantly the drum will run dry. If you do it the other way round and the inlet is bigger, it will get full and even overflow. That is why, in money-making, we have to always ensure we are widening the inlet while narrowing the outlet. It will make life easier!

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