Friday, July 4, 2008

Earning without Saving

I would be sharing with you an article from one of my mentors. He is Pastor Sam Adeyemi.

He would be sharing with us the importance of having a good savings habit and culture

Earning without Saving

Few years ago, I attended a seminar and someone spoke for ten minutes on the virtue of saving a fraction of our income. He read from Proverbs 21 verse 20 in the Bible that verse says, ‘there is much treasure and oil in the dwelling of the wise but the foolish man squanders everything.’ So the teacher said that day; ‘if you spend everything according to the Bible you are a fool.’ I was shocked because I didn’t have a savings account. I had absolutely nothing in savings. I spent all that came to me as it came. So, I began to argue in my mind that the reason why I did not have any money in savings was because the money was not enough in the first place. And as if the teacher heard my thoughts; he said, some of you here are saying that it is because the money is not enough that is why you are not saving. He said the fact that you are not saving is prove that your wisdom pipe is blocked. And I made a decision that day. I send for forms for a savings account in the bank, I opened a savings account and it began a revolution in my finances.

As the money in my savings account went up, dear reader, my income also began to climb up. If you cannot save money, the seeds of greatness are not in you. When you learn to save, it helps you to develop discipline and to develop your character. It also helps you to take care of emergencies and it helps you to take advantage of opportunities. There are no people without opportunities we only have people who are not prepared for their opportunities. Make a habit of saving today; 5%, 10%, 20% of your income. Get ready for a miracle.

As you change the management of your finances today, I declare that new door of blessing open around your life. And like a living magnet you will attract people, opportunities and money like you have never attracted before.

Mistake Number Four: Saving without Investing

It’s not how much money you make but what you do with the money you make that really count. It’s not enough for you to save money because if your money is not growing and making more money for you, you are loosing money. Rich people do not work for money they make their money to work for them. You must develop the ability to multiply money, to let your money work for you and for you to gain some interest and to gain some profit on your money.

I encourage today dear reader that you assume a retirement age and what your expenses will be at that age. If you are 20 year old, assume for example that you will retire at the age of 60 that’s the age at which you don’t have to work another day of your life. But all your needs will be met and all your bills will be paid. Now, you must use compound interest to your advantage, you must find out how much you can save and invest every month for 40 years that will accumulate and become an amount of money that will yield an interest enough to pay your bills.

As you save money invest some in fixed deposit, invest some in shares, invest some in real estate or landed property. Buy land where it is cheap today, some portions of land that are being sold for N5 million today were worth N20,000 twenty years ago. So, dear reader, our cities will keep on growing and one business that hardly ever fails is real estate. Buy land, build houses and plan to sell them much later and more importantly invest your money in business. Either businesses established by others or businesses that you established yourself. It’s probably the fastest way for you to multiply your money.

Let your money work for you, invest your money today. Investment is the key to achievement and you are free from the curse of poverty forever. I declare today, as you cultivate the habit of saving from your income and investing part of the money, new doors of financial blessing will open to you. Every form of delay is cancelled; the curse of poverty is finished. Obstacles and barriers to your progress are removed. You will enjoy favour and God will fill your life with surprises.

God bless you.

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