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Money Matters Part I

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By Olamide Falase 

It has been nearly 18 years since I entered the “productive labor force” of the Nigerian economy.

Providence led me to have this part of my life begin in one of its most economically viable sectors – Banking.

So, I guess it would be okay to say that I had been closely acquainted with money very early on.

Oddly, in spite of this “familiarity” with money; counting it, accounting for it, helping others save it, earning it – earning loads and loads of it, spending it (ah! Spending it!), giving it, receiving it as a gift, borrowing it, lending it etc. In spite of all these, money, until recently has remained an enigma of sorts, a hard to grasp concept that has kept me befuddled these many years.

“Don’t spend what you can, spend only what you must”

I must confess that I never truly understood money, even though I made loads of it, I never really was able to wrap my mind around its principles and now, looking back, I realize that I, like many other people, assumed that, to have a lot of it, is to understand it and of course to master it.

When Jesus’ disciples saw him pray, they said to him, “Rabbi, TEACH US TO PRAY…”

You see, there are some things you honestly think you know how to do until you have to do it.

Many times we assume that having a desire equals to know how. So, because we, as Christians, desire to pray, we assume, erroneously, that desire means we know how to pray; but then we must come to realize, like the disciples did, that some things have to be taught.

Like prayer, Money has to be learned and mastered; and the strange thing about money is that many of its principles are “counter-intuitive”; in other words, they don’t readily avail us of themselves; we have to look with a “fresh pair of eyes” to finally GET IT!

In the last quarter of last year, I stumbled into some of the “best kept ‘non-secrets’” about money, when I was invited to a session on money by a friend.

That class changed my life (I am not exaggerating) and it caused me to ruminate over and over again, these principles of money that I will attempt to share – in a series of posts here

First things, first…

One of the biggest put offs about studying or attempting to gain insight about money is that it always gets slightly “technical” and technical is another word for boring.

Maybe that is why people never learn about money, because money is boring.

Don’t get me wrong o!

It is great to own, fun to spend and much more fun to be given by others; but, let’s face it, it is booooring joor!!

Sadly, we can’t really understand money without the boring stuff.

There are a few terms that we must acquaint ourselves with if we want to “take money seriously” words like:

ASSET
MEDIUM OF EXCHANGE
UNIT OF ACCOUNT
STORE OF VALUE
PURCHASING POWER.

All these words will come in handy for the person finally interested in learning about money.

I was told by my money coach that to know anything, I have to know about its origin and its purpose.

Okay, I am not going to go into the origin of money, I will just say, “As exchange of goods became too complex for trade by “barter”, money became a stable and more acceptable medium of exchange”; this means that if I had yams and I need oranges badly, I don’t have to look for someone who has oranges and needs yams (which would take many many days, even in a small community). All I have to do is take some money, go to the market, and buy oranges (and hopefully sell my yams too…)

I told you it was boring…

“An Asset” is anything tangible or intangible that can be OWNED or CONTROLLED to PRODUCE VALUE (that is, Positive Economic Value) – please note the words in caps, they will come in handy later…

 

“A Store of Value” is the function of an asset that can be SAVED, RETRIEVED, and EXCHANGED at a later time, and be predictably useful when retrieved.

 

A store of value is anything that RETAINS PURCHASING POWER.

 

I am not even going to bother you with UNIT OF ACCOUNT.

 

Why is knowing all these things about money important?

You will find out soon…

 

Olamide Falase has nearly 18 years industry experience, which spans the Banking, Food Services, Civil Construction and the downstream sector of the Nigerian Oil and Gas industry, most of which has been in management and leadership positions. He presents industry related issues in a relatable format, easy for a broad range of people, not only to understand but to also relate to.

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2 Comments

2 Comments

  1. Avatar

    Susan Dan-Jumbo

    January 8, 2019 at 5:51 pm

    Thanks you Bamidele and Ovundah for this. Ready to see and seize every opportunity this year. God bless

    • Avatar

      Ovundah

      January 9, 2019 at 6:32 am

      Thank you for your feedback Susan

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Features

Favouritism in Parenting

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By Dr Nimi Stephanie Ekere

Favouritism in parenting simply means preferring one child over another or the rest of the children.
Studies have shown that a large population of parents display consistent favouritism towards one child over another.

In a recent study done titled ‘The sibling effect’, the author affirms that 70% of fathers showed favouritism to a child while 65% of mothers displayed favouritism to one child. Another study has it that fathers preferred their female children while yet another study in Nigeria showed that male children were shown some form of preference over their female counterparts.

The reasons for favouritism include:

*Birth order– First and last borns are seen to be shown favouritism over their siblings.

*Gender : Some people show preference to a particular sex or gender especially if that gender was so desired.

*Children with special needs or ailments are understandably given a lot of attention which may not necessarily mean favouritism.

*Children who are affectionate would naturally attract same kind of emotions from their parents; talking about the law of reciprocity.

* Circumstances surrounding the birth: This includes, a child who was waited patiently for,a child born in old age e.g. Jacob loved Joseph because he was a child born at his old age and his mother, Rachel was his actually preferred wife until he was deceived to marry her sister.

Positive effects on the other siblings:
It confers some form of independence to the unfavoured children because they are almost indirectly taught independence while the favoured child cannot stand on her own without her parents and so cannot face the challenges life brings.

Negative effects on the other siblings:
*Conflict and disunity in the family.

*Hatred for the favoured child and even the parents.

*Sibling rivalry.

*Low self esteem.

*Poor communication between parents and children.

*Depression in adulthood.

*Suicide in extreme cases.

The negative effect on the favoured child is that sometimes,he expects same gestures from outsiders and if their unrealistic expectations are not met, it leaves them depressed.
They are poorly behaved because they get away with a lot of things.

Solution:
*Spend time with each child individually.

*Affirm and reaffirm their talents,strengths and interests.

*Celebrate achievements and milestones.

*Avoid unhealthy competition in your family.

In summary, favouritism in parenting dates back to the bible days as seen in the case of Rebekah who preferred Jacob to Esau and Isaac,on the other hand, preferred Esau to Jacob.

The consequences were deleterious and sadly outlived them.

Favouritism is human nature, it is sometimes inevitable but how parents and wards handle it is what matters.

While I do not encourage this act, I know that it might be an exercise in futility to tell a parent to drop the favouritism mantra. If you choose to have a favourite, please handle it with a great deal of wisdom and utmost maturity.

Know the love language of your child and profusely shower him with affection,so that you don’t end up creating unnecessary rivalry,bitterness and strife between your children.

Remember that you may also not be spared as they might eventually hate or resent you for loving them less than they deserved.

#effectiveparenting# #gettingitright

Dr Nimi Stephanie Ekere is a wife, mother and Family Physician. She enjoys writing, reading and attending to her patients. She is a life coach and teacher, who is passionate about children and young people walking in the right course and path to achieve their full potential.

Her Foundation, Ekom Charity Foundation mentors young people and also cares for the less privileged.

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How Expensive are Expensive Weddings?

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By Edisemi Okpokiti

The cost for marriages is another reason for low marriages and also early broken marriages…it brings too much pressure to the equation.
Too much expectations, too much injuries in the process to accomplish, too much division already between new families who ought to be uniting, too much attention of the supposed spouse on an event than on the marriage.

Too much false hood expressed that has to be sustained, but with no basis for maintenance. Too much bad blood between supposed couples before they even start their home.

Many marriages ended on the night or morning after the wedding ceremony.

People regret night after their traditional wedding, and ask if it was worth all the tension, pressure and troubles or are visibly sad all through the wedding realising they have short changed themselves.

Love is stifled by fleshy lust of men and women for rights,privileges and inordinate desires to feel among. Many work for years to blow it one week 😭😭

Once the cost of the price to marry is reduced, the attention will be shifted to what my choice person thinks or feels and not what people think or feel; and that’s how relationships are built.

Preparation for marriage ought to be a good opportunity for people to know and get more acquainted with themselves but the pressure makes them distant from themselves, cursing, fighting and bitter at each other for their difference in priority and the family effect on them.

Father in-laws, mother in-laws , Siblings already become vouched enemies even before they know themselves.

It’s pathetic that poor families are the most expensive ones to marry from, it’s like these marriages is their visa out of poverty.

Elders have become children in their conduct and character just because of a young child’s money collected with the deceit of a priceless adventure.

Churches should adopt like the Orthodox churches now do for burials, giving specific date you must bury after death, thereby forcing hands to bury with what they have and not what they think they want.

Weddings in churches should be encouraged to be done even in midweeks and without receptions.

Young people also should stop talking of dream marriages. The women especially would shout “It is not in my turn, I’ll fall my hands”, but can’t you all see ,the men are not proposing because they are afraid and do not have what your entire village will demand? Ladies have to start discussing with their fathers and uncles and defend their husband to be.

Money spent on Marriages in this country, especially by the middle class and poor if invested could make those couples financially stable.

The steam most times is off before the team comes to field.

Many have lost even before the game starts.

Well for those who are really really well to do and I mean both not that the man is. Those whose families have more than enough to spare, then you are not stopped from your ecstasy.

If you are in relationship, and it’s not taking the next step this is a major cause. Seat with yourselves, seat with your parents and pastors and achieve your desire without destroying your desire. SELAH!

If you are a sibling or parent , please assist and clear all barriers and ensure your children and siblings don’t have this as a barrier preventing their marriage.

The age of unmarried is increasing daily to an average of 30…if this menace is not addressed …we will soon hit 35 yrs as average age of unmarried girls.

Let the wise hear, but the foolish rant…Life is a choice.

A counsel is not forced on anyone.

Edisemi Okpokiti is the Lead Faculty, The Pulpit and Lead Consultant of Rhabonni Consult Limited (A Human Capital Development Consultancy Firm). He is a trained Information Management Consultant and passionate preacher of the gospel.

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Features

Opinions Today, Pinions Tomorrow

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By Perez Tigidam

Nigeria is full of drama and the growing internet penetration and social media usage amplifies this daily. Individuals and even corporations are constantly being sucked into this pool of daily drama.

My thought is simple, if you must be an active and opinionated participant in every raging conversation on the internet, ensure you do so from the place of thought and principles and not an emotional rush, no matter how logical it might sound at the moment.

The internet archives, it never forgets.

Perez Tigidam

If you stand for a wrong today and months after try to go against that wrong because this time, you’re emotional towards one party involved, it means that you lack principle in the first place. Because the internet never forgets, people will call your bluff while referring to precedence.

It is very easy to glide into contradiction and inconsistency when you always have to offer opinion or hard stance not backed by principles.

Before you tweet, think. Before you post, pause to ponder.

perez tigidam

I have a particular friend who knows me so well that, in my absence, he can literally tell you what my position will be on any given issue even without hearing from me. Same for him. This is because -not to sound saintly- we’ve been consistent in our thought pattern over a long period of time. Our positions on things are always not popular but there’s been a pattern and we’ve been consistent.

One last thing,

In a low trust society like Nigeria, it’s important that you’re consistent in character and in principles. It helps when those with less knowledge of you bring up disparaging commentary of your person.

Last year, I had a fall out with a client and someone asked me, “What if this client decides to give a negative feedback on referrals?” My response was simple, my disagreement is not out of bad character but out of principle that binds a contractual relationship. Of every one client relationship that goes wrong, there are 9 others that will stand vehemently for me, because of character and precedence.

You can say I am not cheap when it comes to billing for my services and I’d agree, but I do not know that I am a cheat or dubious in character, for this I am grateful for my upbringing and can raise my shoulder anywhere to this.

If I disagree vehemently with a friend or a client, it’s mostly not out of bad character but out of principle. I rarely do shift from my position, either I just want to let you have your way and move on or I’m deeply convinced that my position is wrong, which doesn’t happen instantaneously either. I have to slowly be convinced on facts and principles that support that position, it’s the reason people say I’m stubborn.

But I am not.

Perez Tigidam is a brand management consultant and media entrepreneur based in Nigeria. He runs one of Nigeria’s foremost brand consultancy and design firms Arden & Newton Ltd and doubles up as the user experience and content strategy team lead at TheNerve Africa.

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