So much has been said concerning saving in recent times that it has become necessary for me to point out a deception so that you don’t fall victim to the same trap I did.
Growing up as a child wasn’t all rosy for me…
I didn’t get everything I wanted handed to me on a platter so I had to find ways to get things for myself.
I learnt to save from a very early age.
At age seven, I’d walk to school (even though I had transport fare) and keep my lunch money all because I was saving to buy football… I dared not ask for money to buy football at the time. 😉
Naturally, before I was 18 years of age, I had learnt how to save money without struggle.
(Don’t worry I’ll give you free access to my insider secrets on how to save money when it’s hard to save at the end of this article)
It was an exciting feeling… you know that extra confidence boost you get from knowing there’s cash stored up somewhere huh? 😉
But there was a problem…
I seemed to always be in a worse financial situation after meeting my goal…
Something was terribly wrong.
I thought saving was the key to wealth?
How come it was making me broke?!
Where was I going wrong?
I read all those materials that tells you to pay yourself first… they didn’t seem to have the answer I was looking for.
I began to do some intense thinking…
You know how they say to look within because you probably already know the answer you seek right?
(That’s exactly what I did.)
I found out two ways saving was making me broke.
Reduced buying power…
I was saving to amass wealth… to have more money so that I could buy the good things I wanted the only problem was that the inflation rate usually had a way of making my saved cash worth a little lesser in terms of purchasing power. 🙁
Do you remember how much you bought toothpaste a just seven months ago? How much is it now?
Well, the scenario above didn’t always catch up with me.
There were times when I could still afford the things that I wanted but… they only left me broke as well.
Here’s an instance…
As an undergraduate in the university, I was very passionate about phones…
I’d save up money before the end of the semester and while everyone else was crying of hunger, I’ll be on the lookout for those who wanted to sell really good smart phones. :-;
But as a consequence… I’d then need to buy data. The more sophisticated the smartphone was, the higher the data consumption of the phone.
Remember 100MB was N1,000 back then… it wasn’t doing much for me. I’d go for the N2,500 MTN 4.5GB (1.5GB Day and 3GB Night Plan)… The 1.5GB was easily used up so I’d end up having to subscribe the N1,000 plan in addition to this plan.
My cash was fleeting…
Saving became a struggle.
I’d save up some cash and end up using it up to meet “needs”.
I was disappointed… I thought saving was going to make me rich.
But I’m not a quitter…
I had decided I was going to get rich or very rich. There was no other option for me so I had to find a way.
And I began to study and that was when I found out the missing part of the equation…
(I’d gladly drop the name of the book if you’d like to know, just ask in the comments)
It’s not just about saving money it’s about what you do with your savings – this will determine your outcome.
Most people… they save to buy things that take money out of their pockets… cars, phones, etc…liabilities.
And there’s nothing wrong with that.
But if you’re aspiring for a life of wealth and abundance, you can’t play by that rule.
Save to invest.
Save to start your own business.
Save to take advantage of opportunities.
There are opportunities to earn everywhere around you. Save to take advantage of them for your own profiting.
Right there, my friend, is how saving made me broke and how you can avoid my error.
Did you notice it was when I began to study and invest in my financial education that I found the missing piece of the puzzle?
The most important investment you can make is in your financial education… books, seminars, courses to improve your financial intelligence to shield you from making silly mistakes and enable you recognize profit yielding opportunities.
Remember your financial destiny is in your hands, take it seriously.
#TakeCharge of #YourFinancialDestiny
PS: Are you struggling with saving money? I’ve recorded a quick guide to show you “How to Save Money When It’s Hard to Save” Click on this link to download it for free.
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