In my previous post, I started talking about how my money is working for me. To put things in perspective for you and help you understand how far the good Lord has brought me, I’ve been called ijebu by my own family members because I like to keep my own money and spend everyone else’s.
But what’s the harm in that as long as I share some of mine with you when you’ve exhausted your own? Lol. But seriously, I am not one of those people who love the power that comes with buying whatever they want. Instead I feel like I’ve been overpowered or outsmarted when I spend. As if the seller has succeeded in separating me from my money. But because I like good things (who doesn’t?), I will help you spend yours if you like spending!
I don’t like finding myself without money (abeg who does?) so I’m slightly uneasy and grumpy when I’m broke. I like to have a savings, cut my coat according to my size and take zero risks.
But my motives for being prudent could keep me in a stagnant cycle. Why? Because I can fall into the trap of always working for money and not having my money work for me.
I’ve come to understand that having your money work for you is the path to independence and this will mean different things for different people but I think this means spending my money on things that would:
- bring in more money long term
- save me money in the long run
- improve the quality of my life or someone else’s life
But how does this play out practically? Are there any hard and fast rules? For instance, if you received a $20,000 bonus from your employer, would you use it as a down payment on a house, go back to school for your masters or buy a car? This is assuming that you need all three of these things and don’t own any?
What impact would your life circumstances have on making such a decision? For example, if you were…single, married, a mother, a father, due for retirement, an aspiring entrepreneur etc?