A medical doctor neighbour of mine told me a story today. A man was so frustrated by how his expenditure increased and his income did not that he queried, “House rent has grown up. NEPA bill has grown up. Salary, all you mates have grown up, when will you grow up?”
The man in our story aptly captures the frustration of having to live by just your salary, while your daily needs, their costs and the demands on your static income keep mounting at heart stopping rate.
In this piece of writing, my objective is to help show you how you can break away from the rat race of trying to survive by your salary. I have found out, just like many people have, that salary is as addictive as marijuana. Once you begin to earn it, it will in most cases, knock out or numb your wealth creation drive. Suddenly the belief would emerge from the blue that somehow you will make it through life by earning salary and much more salaries. And of course there will be companies to seduce you to buy the things you need now on salaries you will earn in the future. Let me tell you the truth, when you begin to try this out, you will find out it feels exactly like narcotics.
The feeling that you can be offered so much on credit on the security your salary brings and also the pseudo sense of being rich attached to it, can make you get so high that you could knock yourself out if you are not careful with that. So when challenges hit your coast, your newly rewired instinct becomes to seek a pay rise, a new better paying job or to borrow. There is nothing wrong with borrowing so long as it is being ploughed into an investment/business. However borrowing to meet daily needs and pay bills will keep you perpetually yoked to poverty.
SO WHAT AM I TO DO?
You have to understand money. Yes! I AM SERIOUS! Those who pause to understand money use their knowledge of it to make so much money they could buy themselves just about anything they want.
The first thing to understand about money is that it is a MEDIUM OF EXCHANGE. What do people exchange money for? Answer: solutions! These solutions could be food, clothing, medical care, accommodation, education, make-up kit, hair-do, hair-cut, shoes, artificial nails, air time, a bottle of water, a car, transportation, etc. The list is simply inexhaustible.
The second thing you need to understand is that money is CURRENCY. What does that mean? It means money FLOWS. Where exactly does money flow to? It flows to what I call MONEY CHANNELS. What jargon is that? It means the PLACES people take money to exchange it for solutions. Commercial bus driving is a money channel, because people give money to bus drivers so they could help them get to where they going to a lot faster. Beauty shop is a money channel, because people take money to beauty shops to exchange it for beauty care and solutions. The cinema is a money channel, because people pay money to see movies. Following this line of thought, you can make a list of all the money channels there are. Just simply take note of all the things you spend money on and you will see where money goes. Those who are smart just a little to set up any money channels will forever keeping taking chunks of your salary away from you, while you will have no one to take money from. Most of us are acquainted with the definition of money by Mike Murdock:‘money is the reward for solving problems’. You can’t get a better definition of money than that, Can you? It’s so insightful it points you to how money comes or how to make money. People will always be willing to exchange money for what they derive satisfaction from. So to make a truck load of money, you have to sit down and think of the things people like and are willing to spend money on. If it is not new, (by the way, every new idea is only 10% new, some are far less), find a way to innovate it, repackage it and sell it. Most people I have spoken to who have a ‘great business idea’have an idea they only are interested in. In the world of business, people’s needs spell MONEY! What you like is of no consequence. You are not going to buy from yourself and still make money. Are you? So if your wallet is empty and your bank account is in red, it only says one thing, you aren’t solving enough problems. Or you aren’t providing solutions people are willing to pay money for. Whatever people won’t pay money for ain’t business. Quit it!
AND SO I ASK AGAIN, “WHO PAYS YOUR BILLS?”
If you own a money channel and charge a chunk of fee on your services or products, you won’t have to ever bother again about your bills. Those who buy from you will take care of it. In business we know after subtracting your operating cost, what you have left is called gain. This gain is the reward for helping people do what they could not do for themselves. The profit you can make does not come like your salary. It may sometimes and in some cases not come in bulks, but it will certainly keep coming and in multiple proportions. If you charge N500 for your service, you can multiply that N500 by the number of people you can serve in a day, a week, a month and a year. Phew! That’s some dough, isn’t it? If you do your CRM and marketing very well, and have your delivery in place (if your service or business requires that), you can surprise yourself after a year.
Let me define SALARY for you. Salary is the money given to you to make other people rich. Stop and think. What do you do with your salary when you get it? You meet needs! Every bill you pay for or need you spend money on is a solution rendered to you by another person. You needed an apartment; your landlord provided it for you at a specific amount called rent. You needed a piece of clothing; someone made it available to you at an amount of money. You needed a car, some people made it for you, and you can have it if you pay money for it. There is certainly nothing wrong with spending money on your various needs. Nobody can provide all his needs by himself that is why you need more money. However, while you pay others for what they do for you, you have to find a way to recoup all that money by what you can do for others.
Have you noticed that even when there is hike in fuel pump price, there are taxi and bus drivers on the road? Some of them make their biggest gains at such times. They buy fuel at high prices and charge you even higher to render their services; so you pay all of the costs and they get to leave with the gain. If you don’t have you own money channel, a skill people pay you for, a service you render or a business you charge money for, you will find your expenditure constantly outgrowing your income. Someone has got to pay for your bills while you sit back and lounge!
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