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Graduating from college only shows that you are academically literate. It does not guarantee that you will be financially smart. Some people mistakenly believe that financial freedom is all about going to school, getting a good job, and saving for retirement. This is a blatant lie! You are not financially free until you stop working for money and money works for you. What determines your financial freedom is not how hard you work for your money, but how hard your money works for you.
The difference between the rich and the poor is the decisions they make with their money. In order to become rich, you need a “special education” on how to make, manage, and multiply your money. What did school teach you about money? For many graduates, the sad answer to this question is actually “nothing.” Many graduates struggle financially because schools were not designed to teach financial intelligence. You don’t have to be a genius if you want wealth, but you have to be willing to do one thing – get an economic education. We were taught in school to be employees and work for money, not to be entrepreneurs and investors and make money work for us. You cannot build wealth by working for money; you build wealth by making money work for you.
Money is definitely not the most important thing in life, but every important thing in life needs money. Relationships need money. Peace of mind requires money. Your physical and mental health needs money. Your goals, visions and dreams need money. You need money for your general benefits. Blessing others need money. Being responsible requires money. Spreading the gospel of God requires huge sums of money. The list is practically endless! There are four levels of relationship in life: The first is your relationship with God. The second is your relationship with people. The third is your relationship with “self” and finally your relationship with money. The purpose of this article is to focus entirely on your relationship with money, as it is critical to your financial freedom.
When people design their lives around salary, there is a lack of financial smarts. The poor depend on wages, and the rich depend on profits. Living a paycheck-centric life is the surefire way to financial setbacks and bondage. Hear this: You can be an academic genius and yet be a financial idiot! You can be a graduate and still be financially illiterate. Also, because of your excellent financial skills, you may not be educated and employ graduates. Education is different from financial awareness. I’ve seen a guy who works as a personal driver and whose boss lives in a rented apartment while his boss lives in his own house. This explains why we have more illiterates as landlords and graduates as tenants. Your financial future will place high demands on your financial intelligence. To secure your financial future, what you need is not more money, a certificate or a degree, but more financial education. The first step towards financial freedom is to have the right mindset about money. Don’t be a financial idiot. Make a conscious effort to awaken your financial genius.
Money won’t make you rich, your money habits will. Your financial habits, not necessarily your degrees and certificates, will determine whether you are rich or forever poor. Some people think that financial freedom is just about going to school, getting a good job, saving for retirement and getting out of debt. Until you get to the point where your money works for you even if you are asleep, then you are not financially free. Many graduates do not have financial freedom because they have never been educated in school. Making your money work for you, not for the money, is the only real path to wealth. Financial freedom is when you no longer work for your money, your money works for you. This means that instead of money and finances controlling you, you are in charge. Without financial freedom, there is no real freedom in life.
The rich live their lives; the poor are crushed by life. Robert Kiyosaki said: “It’s not how much money you make, but how much money you keep, how much it works for you, how many generations you keep”. Healing poverty starts with financial skills and literacy. Many graduates live in financial constraints as their financial future depends on the employer or the government.
Many graduates become poor because of poor financial and investment decisions. Poor graduates work for money, and good graduates work for them. The poor get paid on time; the rich devise the system that pays them. Rich people don’t trade their time for money, they acquire assets that make money for them. The poor focus on saving; the rich focus on investing. Saving culture is a good thing, but it must never be your goal. Your goal is to invest and give back to society. Saving is for financial discipline, and wise investing is for financial abundance.
As a young person, you need the right mindset about money. Your relationship with money matters. The main difference between the poor and the rich is their mindset about money. The way you treat money determines whether you will splurge, maintain or increase it. The poor only use money as a tool for purchasing, while the rich use money as a tool for investment. When you give the poor more money, his “purchasing power” increases, but when you give the rich more money, his “investment power” increases. The rich have an “investment advantage” and the poor have a “consumption advantage”! Most graduates are poor because they lack investment advantages. You need knowledge and skills that will allow you to make informed financial and investment decisions.
Many young people are deeply in debt due to their lack of financial intelligence. You don’t need more money to get out of debt. All you need is financial discipline and wisdom. I’ve seen a banker who made N200,000 borrow money from a teacher who made N30,000! It is not the size of your salary that determines your financial peace and freedom, but the depth of your financial discipline and intelligence. It’s a shame to see many graduates’ phones flooded with lending apps. We live in an age where graduates borrow money with complete impunity. Debt can cause stress and severe psychological breakdown. In fact, there is a link between borrowing and grief. While debt can be good or bad, I recommend that we generally have a healthy hatred of debt because it makes us a more prudent borrower.
Simply put, a good debt is a smart investment in your financial future that should make you better off in the long run and not negatively impact your overall financial health. Examples of good debt are: student loans, investing in your own business, and mortgages. People with good debt will also identify the cheapest way to borrow money. Bad debts are debts that drain your wealth, that you can’t afford, and have no prospect of actually “paying for yourself” in the future. Examples of bad debts are: borrowing money to pay bills and/or other credit, buying a brand new car you don’t need, and planning a luxury vacation you can’t afford.
Your goal must never be job security, because it doesn’t exist. Your goal should be lifetime financial freedom. The rich get their money from assets, not jobs. Assets have the right to put money in your pocket, whether you work or not. The rich make money from their assets, while the poor sell their time for money. You need to get to this point in your financial journey, stop selling your time for money and start making your money work for you. Gain financial awareness. Stop accumulating liabilities and start accumulating assets.
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