Hey you! Nice having you here reading this again.
If there’s one thing about myself I’ve really noticed, it’s that when I’m super excited over a thing, I talk about it endlessly.
That’s exactly what I’m doing─ talking on and on about Arese’s book. I learned so much from the read, and that was why I thought to share some of the lessons I learned right here with you.
In case you missed the previous post where I talked about the first five lessons I picked from the book, you can read it right here.
I also want to give a special shout out to those who made it to the closed WhatsApp group, where we had a little talk on the issue of money. It was such an amazing time. Kudos guys!
Now, this review though detailed, will in no way do justice to what you will learn personally from reading the book yourself. I must also add that although it was targeted at women, it’s a great read for everyone.
Enjoy…
Lesson Six: Being Accountable!
This is really part of the money management process, but here’s why it’s different. If you are accountable to know how, when, why and what you spend money on, you’d be able to figure out where you have certain money problems.
There were two quotes from the book which I held so dear; “if you want to truly know a person, look at their bank statements” and “the money you spend must reflect your values.” These are two really profound statements worth pondering over.
If at the end of the month, or perhaps mid-month you begin wondering where all your money has gone to, you would keep wondering till you take the leap to become accountable.
Know and understand the things you spend your money on. When you do, you’d realize that it’s no longer a mystery. Sit with yourself, ask the hard questions and soon you’d realize all the mundane things you spend on.
Learn to spend with intention because if you are an ‘impromptu spender’, you’d keep wondering where your money went.
One way to go about this is to account for every naira at the end of each day. If you went out with N500 or did bank transactions, at the end of the day, break it down to the last kobo on everything you spent that money on.
That way, you’d be able to easily identify what really eats up your money. If you spend daily, then you should also be able to be accountable daily.
Lesson Seven: When Faced with Debt…
This very dreadful enemy called debt. The best way to deal with the issue of debt is to avoid it entirely. I’ve heard/read stories of people; I’ve even had encounters with some of them who borrowed money just to be able to keep up with ‘society standards’.
The idea of borrowing N500,000 just to buy the latest I-phone when it’s not an investment is a pretty DUMB idea. If you’re reading this and are feeling attacked, I still love you, promise.
As much as you can, AVOID debt because, “the borrower is slave to the lender.” But if it’s absolutely necessary, ensure what you are borrowing for to purchase is a need or an asset; an investment of some sort. That is, either an investment in yourself personally or some other kind of business investment.
If you are currently stuck in debt, Arese gave brilliant advice on how to go about it. She said to prioritize according to urgency and dates of payment. That is, simply put, the bigger the wahala on top that gbese, start with those. At least be able to breathe fresh air as you’re trying to pay off your debts. Also pay attention to what put you in debt in the first place.
Lesson Eight: Have Money Goals
To be honest, prior to now, I never thought to have nor set money goals. But trust me, that’s careless living. If you don’t have monthly money goals, then you’re very much leaving things to chance, especially if you run a business.
If your financial goal this month is to hit N200,000, it makes it more attainable. That’s because you’d be able to come up with definite plans and actionable steps to meet that goal. You’d know how many of your products/services you’d need to sell in order to meet that goal. You’d also know how to channel your energy accordingly.
Your goal has to be S.M.A.R.T! (specific, measurable, achievable, realistic and timely).
Also, as much as you’re about getting set to have earning goals per month, also have spending goals. Whatever it is you want to do/achieve as regard your finances, set SMART goals.
The most successful people are the ones who are able to articulate what they want for their lives. Set goals; it can never be overemphasized.
Lesson Nine: Talk About Money
Who are your friends and what do you talk about when you meet? Do you talk about money matters and life goals or is the topic unfit for social gatherings?
What about with your family members? Back then at home, the two major conversations we had on the topic of money were; “make money!” (from dad) and “save money” (from mom). Both are brilliant advices and we do appreciate them. However, there’s more; this post is proof of that.
Also, I learnt something on the idea of having joint accounts with a spouse. I often heard stories from mom of couples who had joint accounts and how it almost never ended well. Without ever directly saying so, she had given us─ my sisters and I─ enough warning that those were dangerous waters we shouldn’t tread without wisdom.
And true, you need wisdom to go about such things. However, I learnt a simple, yet profound formula from the book. If you want to go down the joint account thing with hubby or wifey, then please ensure to talk about it first and come to agreement.
Let that account be ONLY for homely bills or towards the children’s education or something. Also agree on an amount that both parties would deposit into the account monthly. That way, it reduces risk of tying all of your life savings and earnings in one account another human has access to.
It’s not a matter of trust of a lack of it, but wisdom is principal to direct.
Lesson Ten: Of Course, Network!
“Your network determines your net worth.” I know you’re familiar with that phrase, I just thought to remind you that it’s highly important. Of course you won’t be buying and consuming your products/services yourself, thus the need to connect with people.
Connect with people you can learn from; allow people who can learn from you connect with you; connect with people of like minds and similar interests; connect with prospects and new clients.
I heard the Nigerian media idol, Aboki deliver a talk in which he said “collaboration is the new competition.” How do you want to effectively beat your competition if you don’t collaborate? How do you want to effectively collaborate if you don’t step out and connect/network with people?
This is another area where your inner circle is important. Having an extensive network allows you maximize your potential and break limits.
Invest in building quality relationships with people because relationships give you access you otherwise wouldn’t have.
If you are still paying for every single thing yourself, you are still broke!
Soak in these five lessons and by Tuesday, I’d be back with the next five.
Did you enjoy this read? Then check back again, as often as you breathe. BUT before you leave, don’t forget to like, share and leave a comment behind. I’d love to read from you as well.
Cheers to steady growth.
Sending LOVE and LIGHT your way,
Zoey.
Zoey 
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