Author: Zamai (page 28 of 49)

June 16, 2024

Get Lucky: 4 Biggest Lessons learned from Fathers

Learning how to get lucky can come from unexpected places.

When I was in secondary school, my dad used to buy Nigerian novels for me and my younger brother, Victor.

One day, he bought this novel for Victor’s birthday. The title was Arrow of God.

The book had too many pages for our age range at that time. And it had no pictures.

My brother easily ignored the book, but the title was too intriguing for me to leave it alone.

What is even the arrow of God? I opened the book and started reading.

And wow! I’d never read anything like that.

Getting Lucky by reading the arrow of God Novel

READING THE ARROW OF GOD NOVEL

The book is such a delightful read and it was written by Chinua Achebe, one of the best storytellers of modern African literature.

The novel focuses on Ezeulu, who is the High Priest of Ulu.

Ulu is the most important deity in the town of Umuaro, and this god brought together six warring villages to create a strong community that shares core values but preserves local village traditions.

The story begins with a bitter feud between the villages of Umuaro and Okperi. And as the story continues, everybody tries to take advantage of this feud for personal gains.

Personally, the most interesting part of the novel were the 3 sons of Ezeulu and their relationship with the father.

These sons each taught me 3 essential traits. There was a 4^th trait from the last son that life eventually teach me, but we will get to that later.

Get Lucky: 4 Lessons from a Father

Son 1: Edogo

Be steady and dependable.

Edogo is Ezeulu’s oldest son and respectful to his father. He loves his wife and his child, constantly worrying about their health.

Even though, Edogo is steady and dependable, he gets little respect from the people of Umuaro. Edogo was not flashy.

Son 2: Obika

Show agility and passion when working with people.

Obika, Ezeulu’s 2^nd son is admired by the village people for his beauty and quickness. Though his father chides him and complains about him—in particular his love of drink—Ezeulu still respects Obika’s strength and masculinity.

However, Obika dies as a young man as a result of over-exerting himself during a religious ritual.

Son 3: Oduche

Know where you are coming from and where you are going to.

Oduche is Ezeulu’s middle son with his favorite wife – Ugoye. Ezeulu sends Oduche to the missionary school at the church with the hopes that Oduche will become fluent in the ways and religion of the white man, enabling him to function as a knowledgeable informant and emissary.

Instead, Oduche becomes attracted to Christianity, and nearly kills the holy python which represents one of the gods of the village.

Son 4: Nwafo

Like I said, we will get to this son’s lesson later.

Whilst still reading this novel, I realize that Ezeulu was immensely prideful. Even though there are other proud powerful men, Ezeulu is so full of pride to the detriment of himself and his people.

In Umuaro, the people cannot harvest the yams until Ezeulu has called the New Yam Feast to give thanks to Ulu.

Yet, he refuses to call the feast despite being implored by other important men in the village to compromise.

The yams begin to rot in the field, and a famine ensues for which the village blames Ezeulu.

Because of this, many of the villagers lost their faith in Ezeulu, embracing Christianity instead. Rather than starve, the villagers flock to the church to make offerings to the Christian God.

That taught me the 4^th trait – Don’t underestimate your luck and position in life.

Get Lucky

The last son – Nwafo was Ezeulu’s favorite and was naturally interested in the priestly duties.

He was heavily favored to inherit the title and responsibilities of High Priest of Ulu.

Above the other sons. Simply because of luck and positioning.

Speaking of luck, I deeply resonate from this excerpt from Naval.

He talks about how to get lucky and the four different kinds of luck:

How to Get Lucky and the Four Different Kinds of Luck

Blind luck. The first kind of luck you might say is blind luck. Where I just got lucky because something completely out of my control happened. That’s fortune, that’s fate.
Luck from hustling. Then there’s luck that comes through persistence, hard work, hustle, motion. Which is when you’re running around creating lots of opportunities, you’re generating a lot of energy, you’re doing a lot of things, lots of things will get stirred up in the dust.
Luck from preparation. A third way is that you become very good at spotting luck. If you are very skilled in a field, you will notice when a lucky break happens in that field. When other people who aren’t attuned to it won’t notice. So you become sensitive to luck and that’s through skill and knowledge and work.
Luck from your unique character. Then the last kind of luck is the weirdest, hardest kind. Which is where you build a unique character, a unique brand, a unique mindset, where then luck finds you. You created your own luck. You put yourself in a position to be able to capitalize on that luck. Or to attract that luck when nobody else has created that opportunity for themselves.

Make Luck Your Destiny. Build your character in a way that luck becomes deterministic.

Summary:

Be steady and dependable.
Show agility and passion when working with people.
Know where you are coming from and where you are going to.
Don’t underestimate your luck and position in life. Keep building on it.

June 9, 2024

Young Money: The Delusion and Unrealistic Financial Goals

Having young money simply means having wealth at the early days of your youth.

This is the delusion of getting rich quickly. You can tell yourself that you will become a millionaire in five months but that doesn’t mean it will happen.

If you aren’t happy with how you have not achieved your financial goals, it may be time to take a brutally honest work at what you are currently benchmarking yourself against.

It does not make sense to compare yourself to someone who is born into a wealthy family and has never worked for money in the early days of their youth. It makes sense to compare yourself to someone who has the same background and attended the same school you graduated from.

Young Money

Why?

You can tell yourself that yourself can become a millionaire in dollars by the end of 2024, but six months isn’t enough if yourself have not even achieved 100,000 dollars by now.

This financial goal was unrealistic in the first place. It’s possible you have compared to your “peers” on Instagram, X or LinkedIn who are currently millionaires and “crushing it.” This can create a distorted view of what’s achievable financially.

Or do you have an overambitious mindset? You enthusiasm and optimism as a young person can sometimes lead to setting overly ambitious financial goals without considering practical limitations or timelines. How did you even arrive at this figure when setting your financial goal?

The only option is to revaluate and set realistic financial goals.

The Conscious Wealth Builder

You are worried about your financial future because you fail to consider your current income levels, expenses, debt obligations and other financial constraints. And these things are leading you to set goals that are not feasible.

Wealthy people aren’t worried because they understand what makes anyone wealthy.

The financially free individuals are the ones who live life on their own terms, with no constant worry for money.

The financially free individuals are not those who are the highest paid, nor the hardest workers, but the ones with full control about their work and lifestyle.

If you want to set realistic financial goals, you need the qualities that allow you to keep making and managing money no matter the circumstances.

These qualities comprise The Conscious Wealth Builder:

Discipline: Consistently following a budget, saving regularly, and avoiding impulsive spending.
Patience: Understanding that wealth accumulation is a long-term process.
Adaptability: Being flexible and willing to adjust your financial plans as circumstances change
Resilience: Overcoming setbacks and learning from financial mistakes
Focus on Value Creation: Focus on enhancing your skills and seeking opportunities to add value.
Perseverance: Continuously working toward your financial goals, even when progress seems slow, or obstacles arise.

If you want to consciously build wealth, you are required to always achieve financial goals.

How to Set Realistic Financial Goals

Be Self-Aware

Be honest about your current income, expenses, and debt. This is the foundation for setting achievable goals.

Assess your current financial situation. Take an honest look at your income, expenses, debts, and overall financial standing. This will provide a realistic baseline for setting achievable goals.

Research and Plan

Research what financial goals are realistic for your age, income level, and career path. Use online resources or consult a financial advisor for guidance.

Consider consulting with a financial advisor or planner who can provide personalized advice and help you set realistic goals based on your unique circumstances.

Set SMART Goals

Make your goals Specific, Measurable, Attainable, Relevant, and Time-bound. Instead of “become a millionaire,” aim for ‘save 42,000 naira monthly in an investment account in two years.’

Educate yourself on personal finance

Seek out resources, books, or workshops to improve your financial literacy and gain a better understanding of budgeting, saving, and investing strategies.

Focus on Progress

Celebrate your milestones along the way!

Reaching smaller goals keeps you motivated and reinforces positive financial behaviors.

Now, it’s time to look back at those financial goals you set this year and validate them with these steps.

Turn them to goals you can still achieve in 2024.

June 2, 2024

Spending Habits: Almost Everyone Spends Carelessly

No matter how hard you try, managing your spending habits as a young person will always be difficult.

But it should not be as challenging as it sounds.

Because managing how you spend your money can (and likely will) be a major contribution to your long-term wealth – if you are paying attention.

Today, I’m introducing four simple tips to managing your spending habits.

Let’s dive in.

Spending Habits

Your Spending Habits Can Always be Improved

Many young people don’t have a clear understanding of where their money is going due to a lack of tracking and awareness.

It’s possible that you have never received formal education or guidance on personal finance management. Or budgeting. And the importance of tracking expenses.

Or it could be impulse spending. With easy access to digital payments and a world of online temptations, it’s easy to spend without thinking twice.

What about peer pressure? The desire to keep with your friends, school mates and colleagues’ spending habits can also lead to overspending.

All these habits are natural to young people, but it should not be left to chance in your case. Your goal is to create and grow wealth both in the short and long term.

So how can you improve your spending habits?

Here are four practical ways, with some real-world scenarios.

Tip #1: Analyze and Track your Current Expenses

First things first – before you start spending your next money, analyze your previous expenses including small purchases. Allow yourself to look at your bank account to understand what is going on. Because you won’t learn anything if you make more money, and not pay attention to how you currently spend it.

Example – let’s say you got a credit alert and now you cannot account for the money. Don’t just shrug it off and move on.

Instead, open your bank app and take some time to look at your debit alerts, receiving account numbers and transaction charges. What did you spend money on that was not necessary?

At first glance, it might be difficult to fish out the ‘why’ behind your spending habits. But analyze your spending patterns to identify areas where you can cut back or adjust. Look for recurring expenses that may be unnecessary.

You’ll be better equipped in your financial journey if you can learn to analyze and track your expenses. “What could I have done better here?” is a powerful question to consider when tracking your expenses.

Tip #2: Categorize your Spending.

When you have an idea about what you spend your money on and what should be left, your next step is to categorize your spending, based on your findings.

Divide your expenses into categories like rent, groceries, entertainment, etc. This helps you identify areas where you might be overspending.

Sometimes, we are used to some expenses that we can’t see that they might be unnecessary or repeated too often. So, sort your debit alerts. Use apps or spreadsheets to categorize spending for better visibility. You’ll be impressed by the valuable information these tools will give you – if you’re not lazy and willing to look at them.

Tip #3: Create a Budget

Now that you have analyzed your current expenses and labelled your spending, it’s time to do something with this valuable information.

Based on your income and expenses, create a budget that allocates funds for essential needs, savings, and discretionary spending. Even with limited income, a budget helps prioritize needs and identify areas to cut back.

Stick to this budget as much as possible.

Because this is where most young people, including the financially literate ones give up.

Sticking to your budget might be the most challenging thing ever. But if you can manage it, there are a whole lot of benefits on the other side.

Tip #4: Find a Tracking Method that Works for You

There are many options! Try a budgeting app, a physical notebook, or even a spreadsheet. The key is to find something you’ll use consistently.

Utilize budgeting apps, spreadsheets, or online tools to easily record and categorize your expenses. Many of these tools can provide visual representations of your spending patterns.

I recently had a tracking problem with my budgeting tool, and I discussed it with my colleague, who was kind enough to help. He shared how he combines his tracking with a spreadsheet for budgeting and his Notes app for instant expenses and I had this major “a-ha” moment.

And on this tip – it’s worth mentioning – Make sure you review regularly. Regularly review your budget, expenses, and progress towards financial goals.

Adjust as needed to stay on track.

Your Money, Your Rules

Managing money and building wealth legally as a young person is a unique experience, no doubt.

But remember this. When you hit a bad spending ditch, whether unexpected expenses, or financial debt – it’s not the end of the world.

These spending habits are just small signals telling you there are other directions to explore. That you haven’t arrived at your destination quite yet.

I hope these little tips will help you navigate your financial journey. And maybe they’re just the push you need to get back on track and keep going.

“If you buy what you don’t need, you steal from yourself.”