It is shocking how many Nigeria Business Men are so indebted!
Each time names of bank debtors are published, I am shocked at the names and the amount owed.
One of the statements I learn 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 90 Billion.
We need to get real and stop all this fake wealth we parade about. That you have 4 Jeeps that was acquired on loan is not a guarantee for wealth!
This is my view, to overcome indebtedness you must kill your taste for Luxury.
Anything you buy that doesn’t bring money for you is a liability and not an asset. Let’s share few more points to overcast me debt;
- a) Reduce Your Expenditure drastically.
Only Men without financial intelligence thinks a particular amount is too small. If you applied Wisdom, 20,000Naira is enough to start out with… If you really know what you want to do!
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, squeezes your own” Life is in phases and men are in sizes. Live your size per time. If you can afford turkey don’t buy one.
You that can’t afford that today will soon be eating 5different kind of meat in your meal soon. But know your level and don’t eat with 5fingers.
If you don’t have money for Private school, send your kids to government. I attended Government school for most of my education life and yet my destiny turned out well. Don’t put yourself under undue stress please. Buy Books and attend Seminars on Money and Financial Intelligence.
I have learnt 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 become one of the world greatest motivational speakers.
- b) Don’t die in self-pity. You can come out of that debt totally. God did it for me and I know he will do it for you too. I am persuaded that you are not going to fail; that you were born for such a time as this and that God is calling you to greater accomplishments. Have a successful week!
(Africa’s Leading Digital Marketing Consultant.)
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Originally posted 2015-10-07 14:54:35.