Savings 101: A part of all I earn is mine to keep.

I will be dwelling on Savings this January. We all know about savings starting from piggy banks, you remember those days? That was when we were young and we had to save the kobos and the nairas. Those days were the foundation of our saving lessons.

Now we have savings accounts and a lot of other accounts specially designed by banks to help us save.

Do we really practice savings?What we set aside in our savings account, can we really call it savings?

OK, let's start

How much do you earn in a month? Two hundred thousand naira? Four hundred thousand naira? Fifty thousand naira? We need the amount so that you will know the amount to set aside each month.

Have you heard about the "paying yousef first" concept? Yes, paying yourself first. You worked for the money, you earned the salary but most times you end up paying yourself last or not paying yourself at all. You pay the bills, take care of the home, take care of the children and neglect yourself.

Last year 2012, how much did you save? how much were you able to set aside?

If you were to be sacked or retrenched, how long can you last with the amount you have in your bank account?

Are you living from salary to salary? How much have you spent out of the January salary you have not been paid? How many things did you buy on credit?

Now back to paying yourself first, it is the savings I am talking about.

No matter how little the amount you set aside, the amount you save, it should not be leser than 10% of your salary. For instance, if your salary is one hundred and fifty thousand naira, your monthly savings should be at least fifteen thousand naira.

No matter how tight the month is, get used to paying yourself at least 10% of your monthly salary.

That will be a start. Let us do the mathematics, if you do that every month, by end of this year, by December 2013, you should have One hundred and eighty thousand naira set aside as your savings.

You can say it is small but it is a begining, it is better than having nothing.

Who says it has to be 10%? It can be 30%, it depends on you.

New year is always full of resolutions, forget about this yearly ritual resolution thing you do, let's take the practical steps towards success together. Let us cultivate the habit of saving and paying ourselves first.

Also learn to do it with the cash gifts you get. If you are given ten thousand naira, set aside a thousand naira for yourself, let it go in to your savings.

It might be difficult at first but with time you will get used to it.

Follow me in this January series on savings and I bet you that your 2013 will be off to a good start.

If you need to ask me questions on savings, you can send me mail at eduwheels@gmail.com or eduwheels@consultant.com

Expand your Horizon, the Toyin Salahdeen Lesson!

Toyin Salahdeen is a big brother I share ideas and thoughts with.

 There was this day we were discussing, I can't remember what exactly, but what I will never forget was him telling me not to limit myself by not spending what I have. He told me to always think of how to make more to accomodate the need I have.

For instance, if I need to buy a car, I should not just restrict myself to buying the tokunbo or second hand, I should also think about what to do to raise money for a brand new one. Such mentality has really helped me. It reeks of motivation, it screams dream bigger. It makes you think deeper and is always an eye opener.

You can also tap into it, always dream big, reach for greater heights and expand your horizon. Dare to leave your comfort zone.

 

The Rule to taking advice: Code Eye Operation

Advice most times come without even being solicited. Everyone has something to tell you, they have a bettter way of doing the things you do and they are apt to share it with you.

There is nothing wrong in taking advice but always follow this rule, take advice from those who walk the walk not those who talk the talk. Take advice from an expert on the subject and who is also successful at that thing you want to do. Avoid the "tried it and failed" group.
Anyone successful would have failed at several attempts before eventually suceeding, so they know when to encourage you not to quit, they can feel what you are feeling and they understand what you are going through. Let their hindsight become your foresight.

Let me leave you with this thought, would you go for an eye operation performed by a foot surgeon? Would you go for an eye operation performed by an eye surgeon that has never recorded success in all of his operations?

Think about it.

Who is your Role Model?

Reading Robert Shemin's Book titled "How come that idiot's rich and I'm not?", I quote from page 82:

"If you would like to achieve success really quickly - in any field of endeavor- you might consider taking a little short-cut which is known as NLP (Neuro-Linguistic Programming) "modelling". To make use of this technique, what you need to do is to first think of someone you know who is already achieving the success you're after. Just try to do that now... see if you can think of someone who fits the bill; someone who is already successful doing the very activity you need to improve. Once you have identified your "model" you need to analyse exactly what it is that person is actually doing to produce the results. Once you know what your model is actually doing, you can work on doing the same things and, by the law of cause and effect, you can also produce the same results. The modelling approach is sometimes referred to as "fake it till you make it" but there is nothing fake about it. You are simply using a scientific approach to the analysis of methods.... Eventually, those new behaviours - the ones that are producing the results - will sink deep into your own personality and you'll change for the better. So ultimately, you'll not need to "fake it" because you'll become the genuine article."

It is not a new thing, you have been asked several times to identify your role model. I want to ask you to only go a step further, critically study your role model and copy what he or she does for a while. I guess the results you see from your efforts will determine if you should continue or not.

All I am asking you to do is to act as if you have made it in that field you wish to play, see yourself doing all the things you admire in your rolemodel/mentor till you eventually get there.

Afterall, if they have become successful, so can you!

Strength in your Weakness

I read the story below somewhere and I have decided to share it with you. Even in our weaknesses, strength lie therein. You never can tell how useful that weakness you feel so bad about can become. Infact it could be your motivation for success.

Don't let me sermonize keep you from reading the story.

A 10-year-old boy decided to study judo despite the fact that he had lost his left arm in a devastating car accident. The boy began lessons with an old Japanese judo master. The boy was doing well, so he couldn't understand why, after three months of training the master had taught him only one move. "Sensei," the boy finally said, "Shouldn't I be learning more moves?" "This is the only move you know, but this is the only move you'll ever need to know," the sensei replied. Not quite understanding, but believing in his teacher, the boy kept training. Several months later, the sensei took the boy to his first tournament. Surprising himself, the boy easily won his first two matches. The third match proved to be more difficult, but after some time, his opponent became impatient and charged; the boy deftly used his one move to win the match. Still amazed by his success, the boy was now in the finals. This time, his opponent was bigger, stronger, and more experienced. For a while, the boy appeared to be overmatched. Concerned that the boy might get hurt, the referee called a time-out. He was about to stop the match when the sensei intervened. "No," the sensei insisted, "Let him continue." Soon after the match resumed, his opponent made a critical mistake: he dropped his guard. Instantly, the boy used his move to pin him. The boy had won the match and the tournament. He was the champion. On the way home, the boy and sensei reviewed every move in each and every match. Then the boy summoned the courage to ask what was really on his mind. "Sensei, how did I win the tournament with only one move?" "You won for two reasons," the sensei answered. "First, you've almost mastered one of the most difficult throws in all of judo. And second, the only known defence for that move is for your opponent to grab your left arm." The boy's biggest weakness had become his biggest strength. "Sometimes we feel that we have certain weaknesses and we blame god, the circumstances and our self for it but we never know that our weakness can become our strength one day. Each of us is special and important, so never think you have any weakness, never think of pride or pain, just live your life to its fullest and extract the best out of it!" - Courtesy: Vicky Nandavar

Fables and Stories Series: 2. The Fish Baking Story

A little girl was watching her mother prepare a fish for dinner. Her mother cut the head and tail off the fish and then placed it into a baking pan. The little girl asked her mother why she cut the head and tail off the fish. Her mother thought for a while and then said, "I've always done it that way - that's how grandma did it."

Not satisfied with the answer, the little girl went to visit her grandma to find out why she cut the head and tail off the fish before baking it.

Grandma thought for a while and replied, "I don't know. My mother always did it that way."

So the little girl and the grandma went to visit great grandma to find ask if she knew the answer.

Great grandma thought for a while and said, “Because my baking pan was too small to fit in the whole fish”.

(Ack M Hamanova)


Moral:

It is good to challenge some belief systems and assumptions.

It is good to question some activities that have become routine. Even in business and everyday living, why do you always fill that form? Why do you have to do that first? What is the reason behind that taboo?

When you understand the reason and logic behind an activity you can then improve on ways of tackling such.

The BRT Experience

IOn week days' mornings I normally go to work in Lagos BRTs. If you live on the mainland and work on the island and you don't drive your car to the office you will understand the ease of going in the BRT.

I have had so many experiences riding in the BRT and I will be sharing one of the experiences.

On a particular morning so as to avoid getting late to work, I took "standing" stood as I did not get a seat. I was hoping to get a seat later if some of the passengers seating down alighted at their bus stops.

To be truthful, my expectation was so low as I have not been "lucky" getting seat if I initially stood instead of seating. There was always one passenger beating me to the available seat.

On that fateful day, as the bus approached Stadium bus stop, I noticed a passenger three seats from me pressed the bell to alight. I was initially happy but the happiness did not last as there were four or five people in front of me that had more chance of getting the seat, yet I hoped.

I moved forward like I was about to alight too using the entrance door and so the people in front of me made way for me to pass. Not taking away my eyes off the about-to-be-vacant seat, I purposefully moved forward till I got to the seat. The bus arrived at the bus stop immediately I got to the seat and the passenger that pressed the bell to alight stood up to get down and I had the chance to sit down beating the people with the better chances to the seat.

It looke dso simple. Like the passenger that wanted to alight was waiting for me to get to the seat before standing up from it but I can tell you it was more than luck. It was planning, ability to see ahead, it was strategic positioning for oppurtunity.

Life is not going to wait for you. you have to make yourself available to grab any oppurtunity it's gonna throw your way.

Plan ahead, always think three to five years ahead. Don't be too focused on "now". Look beyond your immediate surrounding, dress beyond your present circumstance. Overall, always prepare to grab the next available seat oppurtunity.