money is important!
TRANSCRIPT
PROFESSOR CHRISTIAN IKEOBICHAPEL OF GRACEFEDERAL UNIVERSITY OF AGRICULTURE, ABEOKUTA
In this seminar, we will discuss the following:1.What is Money?2.Some key facts about Money.3.What the Bible teaches about Money.4.Laws about Money.5.Educating Yourself about Money.
6. How to Attract Good Money to Yourself.7. Pitfalls to Avoid about Money.8. Windows of opportunities to make good Money.9. Identifying yourself on Money matters.10. And Much Much More…
Money is the“current medium of exchange in form of coins and banknotes; coins and banknotes collectively”.-Dictionary
Money is the“current medium of exchange in form of coins and banknotes; coins and banknotes collectively”.-Dictionary
Money also means“the assets, property or resources owned by someone or something; wealth”.-Dictionary
Money is the“current medium of exchange in form of coins and banknotes; coins and banknotes collectively”.-Dictionary
Money also means“the assets, property or resources owned by someone or something; wealth”.-Dictionary
Money also means“financial gain, or payment for work done or wages”.-Dictionary
•One’s education
•One’s skills
•One’s talents
•One’s job
•One’s education
•One’s skills
•One’s talents
•One’s job
•One’s business
•One’s investments
•One’s work habits
•One’s background.
*One’s Attitude To Money.
*One’s Mental Blueprint On Money.
*How One Manages One’s Money.
•There is the need for you to manage your money.
•You either manage your money or your money manages you.
•You can tell a lot about someone by checking the way he or she manages his or her money.
•All human beings need to learn how to manage their money.
•And they need to learn how to manage their money very early in life.
•Money management is generally not taught in schools.
*Think about film stars, professional boxers, professional footballers.
*Just earning big bucks did not make them rich!
*Workers and employees erroneously believe that for them to have more money, they must earn more money. And they go to any length to achieve their aim.
*Earning more money will not make anyone rich.
I am disturbed by what I see around me –
*People earning big money when they are in active service, and later having to beg for their pensions and new jobs when they retire as if their lives depended on them.
*Joseph in Egypt, managing Potiphar’s wealth and household, and later managing the economy of Egypt in both good and bad times.
*The parable of the talents (Luke 19: 11 – 27).
*The story of the prodigal son who wasted his inheritance, part of which was money.
*Stage of dependence You are depending on your parents or relatives for money and for your up-
keep.
*Stage of independence You are on your own, taking care of yourself financially, all by yourself.
*Stage of Responsibility You are not only taking care of your financial needs, you are also taking care of
other people’s financial needs.
*Stage of dependence You are depending on your parents or relatives for money and for your up-
keep.
*Stage of independence You are on your own, taking care of yourself financially, all by yourself.
*Stage of Responsibility You are not only taking care of your financial needs, you are also taking care
of other people’s financial needs.
There is the need for you to lay the right kind of foundation for your future success.
Money management skills are important for your success in all three stages, especially the last
two.
*Money is important for your daily living: food, clothing, shelter, etc.
*Money is important for your relationships.
*Money is important for you to fit properly into your plans.
*Money is important for your self-esteem.
*Money is important for your children’s self-esteem.
*Money is important for your spouse’s self-esteem.
*Money is not the most important thing in life, but money affects everything that is important in our lives and in our world.
*Money affects our standard of living, health, and education.
*Studies have shown that poorer people have poorer health, poorer education, and a shorter life span.
*Which one do you want?
TO HAVE MONEY OR NOT TO HAVE MONEY?
*Money lubricates your life and makes it run smoothly.
*Money lubricates your relationships and makes them worthwhile and enjoyable.
*Money matters are one of the issues spouses quarrel about the most.
*When money is absent or scarce, love is strained or restrained, health is endangered, frustration sets in, ambitions and aspirations are relegated, visions are questioned, commitments are renounced, and promises are denied or unfulfilled.
“Unless one is wealthy, there is no use in being a charming fellow. Romance is the privilege of the rich, not the profession of the unemployed. The poor should be practical and imaginative. It is better to have a permanent income than to be fascinating.”
- Oscar Wilde
“Unless one is wealthy, there is no use in being a charming fellow. Romance is the privilege of the rich, not the profession of the unemployed. The poor should be practical and imaginative. It is better to have a permanent income than to be fascinating.”
- Oscar Wilde
“Love is denied expression by
poverty” – Wallace D. Wattles
*Someone said
“Money or wealth gives power and influence to those who have it”.
*You ought to be reasonably ambitious to have it.
*You can do more good with money than you can do without it.
*Money brings freedom! Freedom to buy what you want and freedom to do what you want with your time.
*Money allows you to enjoy the finer things in life as well as giving you the opportunity to help others have the necessities in life!
*Having money allows you not to have to spend your time and energy worrying about not having money.
*The psychologist, Frederick Herzberg called money a “hygiene factor”.
*Money is a sanitizer. It sanitizes your mind and frees it of money worries.
*You need enough money not to worry about not having enough money.
*People with financial problems think and worry about money all the time. They have little emotional or spiritual energy left over to spend on the world around them.
*Money is a result! We live in world of cause and effect.
*A lack of money is a symptom of what is going on underneath.
*One’s outer world is simply a reflection of one’s inner world.
*10% of people in the world make 90% of money in the world.
*90% of people in the world are left to struggle for the remaining 10% of money in the world.
*You have to know how to demand and increase your own share of the money!
*Money is everywhere! You can make it big wherever you are.
*Money is floating around the world in abundance wishing to be located and harnessed by human magnets that are worthy of its positive response.
*Money is not scarce! Money does not get depleted.
*We live in an abundant universe. This is a world of abundance: abundance of money, abundance of land, abundance of people, abundance of opportunities, abundance of ideas,
abundance of abundance!! There is abundance for everyone!!!
*It has been said that trillions and trillions of dollars exchange hands each day in the world. We need to latch on to this system that is not discriminatory in the world of money.
*Money does not care about your colour or gender, or race or tribe or degree or height or creed.
SPENDERS
and
SAVERS
*Have itching hands. They are not comfortable until they spend and spend.
Someone said “The chains of habit are too light to be felt until they are too heavy to be broken.”
For spenders, spending money is a habit too heavy to be broken.
- Spenders spend until they are spent.
- They spend their money and want to spend other people’s money also.
- They have little practical regard for tomorrow and its demands.
- They are familiar with begging and begging tricks! Don’t fall for their antics.
- They spend their money on toys, gadgets, and liabilities: things that do not bring in money but take money from them.
*They compete with friends and even non-friends on the acquisition of status symbols.
*When you befriend a spender, you may be creating problems for yourself.
*If you marry a spender, you may be laying the foundation for your financial woes.
*If both you and your spouse are spenders, financial strains are inevitable in your home.
*Don’t get married without knowing where you and your partner stand on these issues and deciding which strategies to adopt in managing your money as a couple.
*Are shrewd. They have a conscious plan to save part of their income every month.
*Are builders. They save and build and leave a nest of assets for themselves and their loved ones.
*Are investors. They buy assets regularly and strategically, things that bring in money and returns to them. They save and invest for themselves and their loved ones.
*Robert Kiyosaki, the famous author of “Rich Dad Poor Dad”, advises that people should acquire assets using money from each pay packet.
*Are self-motivated and self-driven. They do not spend their money to impress others.
*Are business-conscious. They continually look for opportunities to add to their nest of assets and businesses.
*Are goal-setters. They set goals on their savings plans and on their asset-acquisition plans.
*They do not buy toys, gadgets and liabilities except when they can really afford them in line with their long-term financial goals.
*W. Clement Stone said: “If you cannot save money, then the seeds of greatness are not in you.”
*The Principle of Saving states that
IF YOU SAVE AND INVEST 10% OF YOUR INCOME THROUGHOUT YOUR WORKING LIFETIME, YOU WILL BECOME A MILLIONAIRE.
*Almost everyone who eventually becomes financially independent has made it a habit of saving part of every pay cheque and putting it away for the long term.
*Are you a Saver or a Spender?
*Money is a defence! (Eccl. 7: 12). When you have it, you are safe!
*Money answers all things (Eccl. 10: 19).
*You need the wisdom of God to make money (Eccl. 7: 11). God gives us power to make wealth (Deut. 8: 18).
*You can make money in both good and bad times. Isaac prospered in the period of famine. Joseph prospered in both good times and bad times.
*You can be very spiritual and holy and still be very rich. Poverty is not synonymous with spirituality. Money respects God and money respects God’s people that manage money well.
*Money is not evil and money is not the root of evil! It is the love of money that is the root of all evil (1 Tim. 6: 10).
*Avoid nursing resentment against the rich (Eccl. 10: 20). That is against your desire to be rich yourself.
*God wants His people to be very rich. He gives us richly all things to enjoy (1 Tim. 6: 17). He gives us the power to get wealth. He wants us to have life and to have it more abundantly (Jn 10: 10).
*Tithing is cardinal to your prosperity (Mal. 3: 9 – 10).
*The principle behind educating yourself about money and money management skills is that your income or your money can only grow to the extent that you do.
*Warren Buffett said, “The more you learn, the more you’ll earn.”
*Someone said, “The best investment you can make is an investment in yourself.”
*Robert Kiyosaki said, “It is not stocks real estate, mutual funds, hard work, gold or money that makes you rich. It is what you know about stocks, real estate, mutual funds, hard work, gold and money that makes you rich. It is information, knowledge, wisdom, and know-how, also known as your financial intelligence, that makes you rich.”
*Financial intelligence is also emotional intelligence. Warren Buffett, the world’s richest investor, said, “If you cannot control your emotions, you cannot control your money.”
*Without financial knowledge, people look for someone to tell them what to do. And bad advice can be worse than no advice.
*Proper financial education helps to re-programme you mentally and psychologically about money, wealth, investments, and the ways they can be properly managed to bring more gains.
*This re-programming process is very important if you must move forward in the area of attracting more money into your life.
How do you educate yourself about money?
*Buy and read good books, newspapers and newsletters about money and management skills regularly, books like Rich Dad Poor Dad, Retire Young, Retire Rich, The Millionaire Next Door, Think and Grow Rich, Secrets of the Millionaire Mind, etc.
*Attend good seminars on money management regularly, even if it means paying your way to attend. That is money well-spent.
*Visit and consult good websites on money management such as www.richdad.com
*Read biographies, articles, and stories about great men and women who made it big in the world of money. Read about Warren Buffett, Bill Gates, Robert Kiyosaki, Carlos Slim, etc.
*Get a good mentor or coach on money matters and consult him or her regularly.
*Change your self-limiting views about money, wealth, and wealthy people. Be positive about money.
*Appreciate what you want for yourself in those that have it. Appreciate rich people. Celebrate them and their wealth.
*Put into immediate practice what you learn from these media.
*Join a good investment club (or form one with people of like minds) and learn and grow along with others of like minds in a fun-filled atmosphere.
1. The law of compound interest:
When savings grow arithmetically up to a certain massive level, it takes on a power of its own and begins to grow at exponential rates.
The point that money begins to grow at an exponential rate for an individual is called THE TIPPING POINT.
At this point, monetary inflow assumes a momentum of its own and flows down to you endlessly and unceasingly.
This is also called The Law of Accumulation:
As you save your money and you invest it with your own emotions of hope and desire, that money develops a force field of energy around it and begins to attract more money into your life to go with it. You will start to receive small bonuses and unexpected increases in pay that you will add to your savings.
2. The Law of Focus:
What you focus on grows.
When you focus on savings, your savings grows. When you focus on your job, your job grows. When you focus on spending, your expenditure grows.
3. Parkinson’s Law of Money:
Expenses will always rise in direct proportion to income, bringing zero or negative balance at the end. For one to be rich, one must consciously, deliberately and regularly break Parkinson’s Law of Money and save every addition to one’s income.
4. The Law of Intention:
In money matters, you get what you truly intend to get.
5. The Law of Mind and Money:
Money is not seen with the naked eye. Money is seen with the eye of faith. Your financial possibilities are limited only by your own imagination and the way you apply it to the world you live in.
6. The Law of Attraction:
Like attracts like.
When you complain about lack of money, you invariably attract lack into your life. You have to stay far away from people who complain about lack of money.
7. The Law of Income:
You will be paid in direct proportion to the value you deliver according to the market-place.
There are four factors that determine your value in the market-place: supply, demand, quality, and quantity.
Never have a ceiling on your income.
8. The Law of Investing:
Investigate before you invest.
The only thing easy about money is losing it. Resolve to understand the investment before you part with your hard-earned money.
9. The Law of Conservation:
It is not how much you make that matters, but how much you keep. Some people make much money but don’t keep it!
10. The Law of Abundance:
We live in a universe of unlimited abundance where there is plenty for everyone who knows how to get it.
*Change your negative ideas and blueprint about money. Be positive about money and about how things will turn out for you.
*Desire money. Desire wealth. Desire to be rich.
*Determine how much money you want to have and exactly when to have it. Write it down as your goal and resolve to pay the price necessary to realise your goal. Brian Tracy said, “You can’t hit a target you can’t see.”
*Give at least 10% of your income to God and charities.
*Be a saver and not a spender. Save money every month, irrespective of your needs, challenges and responsibilities. Save from every income and pay packet.
*Pay yourself first. Save before you spend. Save at least 10% of your income. Do this by direct debit or bank advice.
*Invest. Buy assets. Don’t buy toys until later…
*Invest every return on your assets.
*Defer gratification. Robert Kiyosaki said, “Many people sacrifice a richer tomorrow for a few bucks today.” Simplify your lifestyle.
*Pray and look out for more opportunities to make money.
*Change your friends, if they are not helpful in this regard.
*Avoid debt like a plague. Always live within your means.
*Pace yourself as you spend the remaining 80% of money so that you are not stranded before the end of the month.
*Do your work well. Render quality service in your job or business if your expectation is to be paid well.
*Put away on a daily basis every loose change in your hand or bag inside a financial freedom jar or bag in your house.
*This money is never touched except to take it to your savings account in a bank or invested to bring in more money to you.
*This daily savings effort serves to build and develop money-saving consciousness in you. When it becomes a habit, you will never stop and you will never want to stop.
*The very act of saving money changes your character. It develops self-discipline in you.
*It makes you more controlled and confident. It gives you a greater sense of self-mastery.
*Saving your money rather than spending it makes you a wiser and more thoughtful person in every other area.
*It also serves as a money-magnet, drawing to you and to that bag or jar other money or cash that need to be saved by you.
*The more you save, the more money you will attract, like a more powerful magnet attracts pieces of metal from greater distances.
*It further serves to provide focus for you in a particular area, your savings. And what you focus on grows.
*Pay attention to the four net-worth factors:
Income (active and passive),
Savings,
Investments, and
Simplification (Simplifying your lifestyle and avoiding extravagance and outward shows.
*Getting involved in scams and get-rich-quick schemes. They may be too good to be true.
*Telling people how rich or comfortable you are. Robert Kiyosaki says, “It is very dangerous to let people know that you are rich.” There are many financial predators in the world. Be discreet about your money plans and net-worth.
*Lending people money. You can give them what you can afford and not what they are asking for.
*Getting into debt yourself. Live within your means.
*Greed and fear when investing.
*Bad friends, bad advice. Avoid them.
*Investing or committing your money in what you do not know about.
*Waiting until you are rich or comfortable before you start saving or investing.
*Buying liabilities as if they are assets.
*Getting married without ironing out these details about money before hand with your partner.
1. Real estate:
Harv Eker said, “Don’t wait to buy real estate. Buy real estate and wait.”
2. Stocks:
3. Establishing a business:
4. Writing and publishing good books:
5. Producing and marketing good songs:
6. Joining a network marketing company
Remember, opportunities
abound.
