Having money isn’t everything, not having it is.” Kanye West. Some people erroneously think that attaining certain financial status in terms of properties acquired and billions of dollars stashed in local and foreign banks could last forever. However, life is transient and like all conditions, the six digit number or more in one’s account is not always permanent. Those living a lavish lifestyle are warned that many are cases of very wealthy people gone bankrupt. It happens to professional athletes, entrepreneurs, and politicians daily. No matter how solid your present financial situation is today, it can happen to you, too. Therefore, store up your treasure where month cannot devour it. Be prudent!
Being rich according to myfirstclasslife.com “ain’t easy! I mean, you need to come up with all of the creative ways to blow through it all. Our world is full of temptations that money can most definitely buy anything. You can have a yacht, then fill that yacht with some beautiful ladies (or guys…) friends, and alcohol. You can party like there’s no tomorrow, with unlimited supply of freshly imported Kobe beef steaks, lobsters, and caviar… covered in gold leaf of course. It’s your money, spend it how you want to, but always remember that even if you’re incredibly rich now, there is always a limit. One day your yacht’s going to need some gas, and if you blow it all on partying, tough luck! Alcohol and fine food won’t keep your engine running, and those beautiful ladies will abandon you, too! Don’t worry though; I’ll be there to help you sell your boat for scrap.”
Some people went full throttle on their riches and ended up crashing and receding into abject poverty. The list of billionaires gone broke or who died miserably despite opportunities and nature’s endowments are too numerous to mention. Money visits and could take flight depending on how well it is treated. An ex-billionaire, Lagos socialite and publisher of the defunct Heart Magazine, Godwin Anabor, presents a real life story of billionaires gone broke. In his personal account widely reported in the media, Anabor known to have over 5billion Naira in cash and properties was the cynosure of musicians, event and product launches and elitist Nigerian class. Today he has sold all he had laboured for including 50 posh cars in the likes of Rolls Royce, Bentley and others. Anabor in his confession said he gave 60% of his earnings to people and spent over 80 million Naira in Lagos Sheraton hosting guests from London for one year and three months also blew N 3billion Naira shares in defunct Equity bank on people. An offer of 80 million was made for his house worth 300million. Today he has found solace in Philippians 4:13, “I can do all things through Christ who strengthens me.”
The above scenario underscore the incumbency of financial literacy education in Nigeria.
There is a direct correlation between lack of financial literacy, poverty and underdevelopment. How much do you earn monthly or annually in your life endeavours? On what and how do you spend your earnings? How comfortable do you think your life of retirement could be? Do you care to invest? Where and on what do or did you invest in? “It is the fire wood one gathered in the dry season that one cooks with during the rainy season.” However, prudent financial management of lean resources at the disposal of individuals has become a hard-knot to crack. The ability to understand how money works in the life of a given society has not got the desired attention in Nigeria. A study in financial literacy is critical to the life