I have been tremendously blessed by the YouTube series on The Laws of Money by Dr. Sunday Adelaja. It is just alarming how ignorant I have been regarding money matters. My mindset has completely turned around. Things I thought that mattered, no longer matter. Things that I never thought about, are now my constant thoughts. These series along with his book “Money Won’t Make You Rich” have completely renewed my thinking and lifestyle. Among many nuggets, the following are my take away tips:
- Money is not to be spent but to be multiplied. These teachings have taught me not to immediately start thinking of what to spend on once I get some money in my bank account, but on how to multiply it. Only after money has been multiplied 10x am I qualified to begin spending it. Listen to the series to understand more.
- After paying God (tithes), pay yourself. I’ve learnt to be religious about my savings. It shouldn’t be left to the last. I should come before my bills.
- Don’t let them take away your money. There are so many pressures in life clamouring for your money. Budget your money and don’t let anything or anyone you’ve not planned for take away your money, no matter how noble the cause.
- Money is not emotional. He teaches you to have a budget for giving/charity and stick to it. A lot of times, due to pity, we give away all our money to all that ask and have nothing left to save or invest. I’ve discovered that I can only be more effective in charity if I have more. So while I budget some money for charity, I must be multiplying money so that I can be in an even better position to do more good in future.
- Don’t lend your money. Basically this means don’t lend money you cannot afford to do without. Many times people default and leave you stranded and this spoils relationships as well. So it's better to give what you know you can do without and don’t even expect it back.
- Don’t eat tomorrow’s food today. Delay gratification. Don’t be tempted by the ease of access to credit and mortgages. They are all temptations to enslave you. Wear the cloth you can afford today so you don’t go naked tomorrow. Live in the house you can afford today so you’re not homeless tomorrow.
- The essence of savings is for investments. Don’t just keep money in the bank, its value depreciates. Money should always work for you.
- Savings and investments are not afterthoughts. They are the first purpose of your income.
- Be free from the control of money. The amount of money in my account should not determine my joy. I should not be excited when money comes into my account or depressed if there is no money. I now understand the true meaning of wealth. Wealth is the aggregate of my value and that’s what I should focus on building.
- Don’t spend money that is not yours to buy what you don’t need to impress people who don’t really care. I have begun to ask myself if I really need stuff before I buy. This has helped me to forestall a lot of waste.
- For starters, save 10-30% of your monthly income and when you have a substantial amount put them in investments. Always aim to increase the percentage you put towards your savings.
- Invest in yourself, your skill and your own business. Who better to trust with your money than yourself?
- Invest in other people’s businesses. Look around. Think. Don’t be mentally lazy. Look for businesses that can give you at least 30% return annually.
- Stop working for Uncle Sam (the world’s system that only enslaves). Deliver yourself from the world’s system of slavery by first saving, then investing to be financially free to work for your own interests.
- No matter how much you have, you can start saving. If I am not multiplying my money and only living from one salary to the next, I am just like the unfaithful servant whom the master rebuked as being lazy and wicked and even the little I have will be taken away from me (Matthew 25:14-30).
I would really encourage everyone to listen to this series on The Laws of Money and also buy the book “Money Won’t Make You Rich”. You will learn things you wished were taught in schools. Thank me later.
Click the link below to buy the book.
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Radiant ~ October 2020