What’s Your Current Financial Philosophy?

The thoughts and ideas people hold about money often times determines how much they make in the real world financially monthly or annually. Such thoughts and beliefs installed in them as their own financial paradigm could enhance or limit how much money they generate money on a daily basis. By financial philosophy, I mean your ideal financial knowledge or education you hold about making money, which could be either as an entrepreneur or an employee. On the other hand, they are those smart individuals who still keep their day-time job and also run personal businesses because they have grown to develop their financial philosophy to be an empowering one.

Your financial philosophy guides and directs you on what you think could be possible when it comes to generating income. Some people grew up with negative financial philosophies which limit them from exploring alternate sources of generating money through multiple streams of income. They learned such knowledge from their parents or peer group while growing up and develop such philosophies to their adulthood. Creating a good financial philosophy can help you decide how to make money and live a lifestyle of your choice.

What did you learn from your parents about money? Are your parent’s financial philosophy empowering or disempowering? Are your current financial philosophies helping you to reach your financial goals? Can you honestly lecture on your financial philosophy for others to learn and grow their finance if such opportunity to teach comes around? Are your parent’s financial philosophies working out real good for you till this moment or you need to change them? Do you see your parents as great financial mentors? What’s your current financial philosophy? Do you even have one you’re working on daily or just live by default?

For instance, for some people, the only way to make money is just to get a high paying job and work there all their lives as an employee and retired at old age and depends on pensions till death comes, that’s their own financial philosophy. Some other individuals believed that having their own personal business, not working for government or private sector is the best way of generating income, they just want their freedom, that’s their own financial philosophy.

My father worked for the government all his life and retired as a primary school headmaster, and currently depends on pensions from the government which doesn’t come often as it should. For him, the idea of going to school and securing a high paying job was the best advice he could give us while growing up. But looking at his lifestyle as a primary school teacher wasn’t that inspiring to me, he was struggling financially throughout his working days. He only gets paid at the end of the month, his salary often times are not even enough to the care of his family needs. He’s only happy each time he received his pay cheque and fall back to face the reality of his life once his family needs absolved the little monthly salary. But thank God he got married with someone like my mother who was there to support him during his struggle days. Don’t try this, you might not be lucky as he did then.

On the other hand, my mother who was a famer and entrepreneur has her own great financial philosophy she learned from her late father who was a big time business man. Her ideas about money was impacted on me differently while growing up. She runs her petty trade businesses three times in a week to support my father during our upbringing. Back then, she prepares and sells her Agidi or Eko (Corn Jellos) either white or jellof in the morning and fries Akara (beans Cake) during the evening time. Note the differences, she make her own money morning and night in a day and does that three times in a week. Most of our family needs were been taken care of before Dad’s monthly will comes in at the end of each month; which made it easy for us at least to have our meal daily whenever there were delays in the payment of my Dad’s salary.

Are You Employee-Minded or Entrepreneurial?

Employee minded people view their work as the only source of making money. They hate their jobs once the pay cheque is been delayed or somebody threaten to sack or suspend them from working for the company or the government. They only think about how to keep their job safe without exploring their talents to generate extra income from other streams of income. The Entrepreneurs see their business or work as an opportunity to live their life purpose, contribute to the world, and grow themselves while making money. They venture in different opportunities to challenge their financial skills. They are not afraid of trying different ideas that would enable them generate extra income from other streams of income. They invest on their financial education to learn and understand themselves on how money making processes work. Entrepreneurs work from their strengths and grow strongly with years of experience to become financially independent.

Growing up with my parents with two different financial philosophies helped me to learn two different views about how to generate income or make money to support myself. As an employee-minded like my Father, I learned how to study hard in school to get good grades which would help me to secure high paying jobs to earn a living. From Entrepreneurial- mindset liked my mother who enjoys making money from different source on a daily basis, I learned how to run my own personal businesses while still works  as an employee. The two philosophies require hard-work to be successful.

Being conscious of the two different financial philosophies while growing up, was a great opportunity for me to view the idea of generating money differently from my peers. There was a time I asked my father, Dad, please when are we going to be rich? I mean, having our house, cars and other good things life can offer. He replied and defends himself with reasons why he’s not going to be rich with another question. He would then ask me how would I expect him to be rich if all they paid him after working for the whole month is just N50, 000? That his monthly salary is not even enough to take care of the family needs for the whole month talk less of buying car and building house for the family. He fearfully told me to forget about the idea of getting rich someday, which I should forget about money and study hard in school. Because once I have good grades I will get a good job like him and establish my own family once I become an adult. I believed, he does all these self defense because he never questioned his beliefs about money and learn new financial philosophy that could have changed his few about making money while being an employee.

Though my mother weren’t financially rich as well, but she kept on making some money three times in a week, and the joy of having some money around her was what kept her going each day. And helping my mother in selling her Akara (beans cake) and Agidi or Eko (Corn Jellos) after school helped me to develop my selling skills. I learned how to pursued people to buy my Akara (beans cake) and Agidi or Eko (Corn Jellos). During selling back then, I always have two things in mind; firstly, there would be enough food on our table, new clothes, shoes, and payment of school fees and textbook once I make enough sales and secondly, there would be less food on our table and lack of other items with few or no sales. So, with that mindset I try to thrive during selling to make enough sales to support my family needs.

 And these selling skills I developed when I was young are what helped during my days in banking sector as a good Business Development Manager (Marketer). On my daily market, I can easily walk to people or an individual and talk about my products and pursued them to open account and do some transactions business with me. It helped me also overcame the fear of rejections, fear of success and fear of approach. I learned how to set up systems that can provide services to others and generate money for me while I’m sleeping.

Also I learned about lending and make some money from the interest paid on the principle money on the monthly basis. (Lending business is risky; some customers may not be able to payback) I learned how to write business proposal to myself and others and make money from them too. My mother’s financial philosophy helped to develop my entrepreneur’s skill. I learn generating money every day; it’s just part of me. Please, don’t see as a money machine, I don’t even talk about money much with others; I only explore what I’ve learned in my own personal life to enable me help myself and others. Some people don’t like talking about money publicly. How is such belief helping them to grow financially?     

In my own business, talking about my products is not a big deal for me I see marketing myself as the first step to get my business going and with that curiosity; people will step up to do business with me. For my bulk SMS business (Fast Links Bulk SMS), I met people on social media. Once I see anyone who posted their wedding invitation card or doing a business promo to create awareness, I moved straight to open a private chat with the person, talk about my products, and send few samples of my previous works I did for others for them to see. Once they like my work get convinced that I can render the kind of services they needed, we exchange phone contacts and schedule a business appointment with each other and from then a business transaction occurs. Most of them recommend my services to others and my network expands from there.

I make fun money from my bulk sms business because I can simply do that from the comfort of bed room. It doesn’t require extra knowledge or work since I set up the system few years ago. It’s an automatic system that I can use to send bulk sms to more than one million people within few hours once I have the message content and contacts of the recipients available. From this website, I run an affiliate program and make money with jumia, one of the biggest online stores in Nigeria; I get paid once someone followed my link to their website to purchase items from them. I set up free will donations button at my sidebar for local and international donors that wish to support what I do here. It’s all about developing strong financial philosophy that runs independent of my time.

 I always asked myself, if I don’t sell my products and brand name, who would that for me? And if I’m not proud of my business and to talk about it with boldness to others, who would do that for me? If I don’t support myself by learning new ways of making money, who would give me the money, I needed to take care of my needs? What’s holding you back from trying new ways of making money? What’s your current financial philosophy?

Evaluating Your Financial Philosophy

Understanding where you’re right now financially is the best way to start evaluating your financial philosophy. What’s your relationship with money? How do you keep money in your wallet? What beliefs do you tagged on generating money multiple streams of income? How do you see those making enough money on a daily basis? Do you learn anything about money from your parents while growing up? Do you know about investing? Are you investing your money, time, talents, gifts wisely in a way they are generating profits for you? Would you consider investing on your financial educations as a right move to evaluate your financial philosophy? Who are your current friends? How much are they making monthly or annually?

Your financial status at any given time is because of the series of steps and actions you’ve taken in the past few years. Don’t try to rock the boat and think that those questions are not important and necessary for you to mediate or reflect on each of them. A shift in your financial report card requires a shift in your in your subconscious mind. And for you to move to the next level financially, you must be ready to move out from where you’re today to develop new personality that will support and accommodate the new person you’re becoming. Your old self couldn’t give you what you want from life, it’s time to step up and move out of your comfort zone to have a new financial philosophy. Start small and build your way up gradually, but make sure you’ve already set a new standard you’re working on.

Evaluating your financial philosophy doesn’t mean you would get finance fix over night, but you’ve to be persistence and explore the experience of new financial education journey. You must unlearn the limiting beliefs that have been holding you back and replace them with empowering ones. I suggest you read post titled Are your beliefs serving you or holding you back. The beliefs you hold on your subconscious mind about money serves as a catalyst in your money generating abilities. So, make your beliefs great ones.

The best thing about money is that it works 24 hours a day and can work for you as well and generations to come. Keep your day-time job, be a great hard- working employee if you’re one, but keep developing your financial philosophy on a daily basis. We all have a lot of potentials and gifts we are blessed with. And I think starting with our talents and gifts as I did as a writer is a great step to begin with. Stop letting self-doubts keeps you on a box for a long time. Because your brilliance is ultimately going to decides your future much than your college degrees if you have any. Remember in the real world, it’s not those with the highest formal educational certificates that get ahead but the bold ones. Make your of your brain for it to serve you better and help you develop strong financial philosophy because it’s the greatest assets you’ve to work with. Save your future and the future of your family by setting good standard for all.

Until Next Time, Live Exceptionally!

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