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More money will not solve your money problems

More money will not solve your money problems

When faced with financial challenges, the first thing we tend to do is look for where to get more money. It is like looking for Paracetamol the moment you feel a headache. It will relieve the pain temporarily, but if you don’t address the underlying cause of the headache, you will keep popping pills to suppress the symptoms.

The interesting thing is that we don’t treat our cars this way. We treat our cars better than we treat ourselves. If there is a warning light on the dashboard, we don’t find a way to turn off the warning light. We try to find out what is causing the light to come on and spend money to resolve the issue triggering the warning light. When it comes to ourselves, we turn off the light on the dashboard. If it is a headache, we pop pills. If it is a financial headache, we look for more money to address the pending issue. We don’t bother to find out why the issue came up in the first place.


Not having enough money is a symptom

There is an underlying issue behind our financial challenges. Not having enough money is not the disease. It is a symptom of a bigger disease. The disease is outside the scope of this article because it will need books to address it. I can only mention a few aspects. If you violate spiritual laws, you create scarcity. That is a very big and critical issue. The second one is the lack of money management skills.

If you keep turning off the symptoms rather than treating the disease, the symptoms will persist after three days (as they say in medicine manuals), and you have to see a doctor. Self-medication will not solve this one.

If you face financial challenges regularly, there is a problem. Borrowing to solve the financial challenge does not make it go away permanently. You have to deal with the reason you don’t have enough money. If you don’t do that, the challenge will keep recurring.

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If you have to borrow to pay your bills, rent, school fees etc., something is not adding up. You have to go back to the drawing board and do some troubleshooting. You need to find out where the problem is and resolve it. The same way you will deal with your generator tripping off due to overload. You need to find which load to reduce to switch off.


More money gives temporary relief

Workers are always happy when given a salary increase by their employers. The Federal Government just signed into law a new minimum wage of N30,000. I am very happy for our workers. I also know that the effects of the salary increase will not last for long unless they manage their money well.

I was privileged to work for companies that increased salaries every year, either through annual performance appraisals, union negotiations etc. I remember the feeling the first time I see the new salary on my pay slip. I had more money to spend. It felt good. I could now afford things I hitherto could not afford.

That is exactly where the problem was – being able to afford what I could not afford before. That means my expenses went up. It went up until my new, improved salary was no longer enough. In about six months, the euphoria had worn off. I waited for the dose of euphoria – the next salary increase. This cycle went on for decades until I finally hung my boots.

When you are trapped in this earn to spend cycle, you are in the rat race. You become more affluent but not richer because you keep using your capital to buy things you could not afford before. You have arrived, but no one knows where.


Wisdom is better than a bigger salary

You need more wisdom than you need more money. With wisdom, you can multiply what you have while a fool and his money soon part ways. More money cannot buy wisdom. If you are wise, you won’t violate spiritual laws. You do the right things due to enlightened self-interest. Wisdom will guide you in the prudent management of your resources.

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A lot of the things we do with money do not make sense in the long term. A wise person delays gratification and creates a better future.

Money is just a tool. It comes, and it goes. That is why it is called currency – it flows like a current. If you don’t manage it well, you lose it. In today’s world, money is going cashless. It has become digits on your phone and other devices. With the press of a button, it leaves your account to another. With a mobile transfer, you can make payment to another on the spot with your phone using mobile transfer or USSD.

You can have a lot of money in your account in the morning, and by the evening your account has a minimum balance. With technology, money is moving faster than ever before. You need the wisdom to manage your cash flow.

More money has its place, don’t get me wrong. But if you don’t manage well what you already have, what you are bringing in will suffer the same fate.

For questions or comments email; to order the book PSFFI, call or SMS to 0808 275 0980. Visit Follow me on twitter @usiere

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