If you are employed, working, and earning a salary but you go broke financially on the 15 day of every month, this new edition is for you. I urge you to stay on and take a walk with me.
However, if you’re financially disciplined and you don’t work for money like many of us, and your money is working for you. You can stop here, however, before you do so, please take a minute and share your strategies with us we could benefit from it, and thank you for your generosity.
If you wish, you can share this article with a colleague, friend in need, or a relative who could benefit from this idea and knowledge sharing. I salute you in advance for sharing it.
Let’s get going. Let’s dive into the 7Fs of poverty.
Friends – Yes, friends, bad friends have driven many into poverty – show me who your friends are, and I will tell you who you are.
It is said that Birds of the same feathers flock together.
Another one says you are the average of the 5 fellas, or friends you hang out with most of the time – Jim Rohn
Avoid bad friends, no one chooses for you your friends, they’re your choice -FACT!
Look for uplifting friends and not energy-draining fellas – PERIOD. The choice is yours, and the consequences are yours too.
Family – Do I see you nodding your head in agreement? Perfect! Family is one easy way to get into poverty very fast.
Overdependence, and being Mr. pleaser man or a woman at your own expense. Does this sound familiar? Yes, familiarity breeds contempt; so, don’t be perturbed. Just belt up – FACT.
One’s loved ones can be a source of one’s downfall financially. Underprivileged family members could be a huge responsibility, especially if you are the sole breadwinner for your family.
If you are, you cannot save money for investment. You will always be prone to financial distress.
To get out of this quagmire, you must be a good student of the good book – the Bible.
Give a man a fish, and you feed him for a day, but teach a man to fish, and you feed him for a lifetime – anonymous.
The author could have been or was an entrepreneur with an entrepreneurial mindset.
Solution – embrace budgeting and respect it. Be disciplined and you will escape induced poverty.
Food – a necessity? Yes, it is. And a basic need for that matter. However, it should not be the reason for one to invite self-inflicting suffering, especially when you’re in your old age. Let today’s satisfaction be your tomorrow’s pain transition. Plan your old age today, and have a peaceful exit.
Limit your spending on family food. Remember, all wants are insatiable. So, have abudget. And plan your family expenses and don’t spend money on unbudgeted items.
Limit your eating in hotels or restaurants. Preparing your tea at home. Of course, you can once in a while enjoy your favorite meal in your preferred joint in the city, but remember to budget for it. We just said no spending money on unbudgeted items.
Fame – Yes, wanting to be famous and showing off by burning and bleeding one’s money just to impress not oneself but others.
Wanting to be famous is nothing but low self-esteemed. True fame is earned but bought.
Many people buy expensive stuff to impress others and not themselves.
Such a lifestyle or behavior is a straight red card for financial ruin. In nutshell, you are living an artificial life that is difficult to finance.
Feelings – untamed feelings are disasters in waiting. It is a time bomb awaiting an ignition. So, check your feelings, and tamed them. Learn to manage and re-direct them when they arouse.
Take good care of your senses and never ever drove into reckless tendencies with your money.
If you can’t control your feelings chances are you won’t make it financially. Your financial model is nothing but hand to mouth model.
In short, manage your feelings to manage your money and live stress-free. It is not how much money you earn that counts only money management counts
Fun – overindulgent is its curse and a lean wallet is its cousin. Fun untamed is life without direction or a purpose. It is a life lived in automation.
Fun is never an end to itself. Instead, it should be a function of a job well done. And saying thank you to oneself. And it should be properly planned and budgeted. Remember, we said no spending money on unbudgeted items?
Let your fun not be habitual or infinite self-gratification adventure. It won’t take you anywhere, instead, it will ruin you.
Excessive drinking isn’t fun. It isn’t socializing with buddies. No, it’s inducing and inviting to oneself longtime ailment and constant financial distress.
Be moderate and always let it be budgeted. Remember, we said no spending money on unbudgeted items.
Fashion – another misstep, miscalculation, and misdirection. Wanting to be an early adopter. That’s a misplaced priority. It is better to be a laggard than to be an early adopter in financial ruin or distress.
© Stephen Omiri, 2022
