It is shocking how many Nigeria Business Men are so indebted. Each time the names of bank debtors are published. I am shocked at the names and the amount owed. One of the statements I learned from Dangote is that if you need to borrow for the purpose of business, Let your borrowing not pass 25% of your real asset. You must keep your borrowing low. For example, If you have 10 Billion naira in the bank and you owe 100 Billion, we shouldn’t call you a Billionaire but a debtor to the volume of 90Billion. To overcome indebtedness you must kill your taste for luxury. Anything you buy that doesn’t bring money to you is a liability and not an asset.
This few points will help you overcast debt
1) Reduce Your Expenditure drastically.
Only Men without financial intelligence thinks a particular amount is too small. My Mentor once told his family, no more eating of egg in this house, If you want one, lay it. no more Milk, if you want to drink one squeeze your own. Life is in phases and men are in sizes. Live your size per time. If you can’t afford turkey don’t buy one. But know your level and don’t eat with 5 fingers. If you can’t afford to send your children to a private school send them to a government.
2) Buy Books and Attend Seminars on Money and Financial Intelligence. I have learned that any area of your life that you lack testimony is simply areas that you don’t have adequate knowledge in. Applied Knowledge has a way of terminating insult and reproach. So pay or serve your way into financial education.
Individuals like Jim Rohn went to work with his mentor to learn financial intelligence and became one of the world greatest motivational speaker. Don’t die in self-pity. You can come out of that debt totally.
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Originally posted 2015-10-06 06:30:34.