Daily Trust - - OPINION -

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

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