Money is a Tool
Money is not a God, but a lot of people have made it so. When they make a little they keep it at the most sacred spots of their wardrobes, as if it demands to be worshiped. Money is a tool, those who created it made it a medium of exchange and once it is not fulfilling its purpose, it looses its value! Use money, it is a tool. If you keep cutlasses and hoes without using them, they rust and loose value. If you use them, they rust and loose value too but you would have made enough of it to get another tool and hopefully you have 2 or three tools before the first refuses to serve you again.
Difficulty to let go is a bad sign
If you find it hard to part ways with money, something is not right. You have let the love of money overthrow you. Your heart has been captivated and you do not want to let go. You have been emotionally attached and you need freedom urgently. If you find it hard to part ways with money, you do not need more of it, you have had just as much as you can handle. Money is created as a means of exchange it is meant to move, those who pile it up always get into trouble. They could be robed or it could be destroyed. Moving money is the safest money!
No risk the worst risk
If you read my post on why the Bank is a bad idea, right now you would realize that no risk is the greatest risk. If you bury your money, you loose 17% of it. If you keep it in the bank, you loose 12% only. If you put it to good use, you never can tell what may happen. You may gain 12% or 17% or 30% or 60% or even 100%. You do not have a choice, you either make money or loose it. If you do nothing, you’re loosing 17%. Just remember that.
Inflation Rate: 17.20%
The inflation rate in Nigeria is put at 17.20% in August 2016. This is the worst it has been in the past 9 years. Let me tell you the implication of this: If you hold 100,000 Naira in your hands, at the end of one year you think you still have 100,000 but in actual fact what you have is simply 83,000 Naira. You have lost 17% of your money by doing nothing! (See More)
Interest Rate: 5.00%
If you decide to put your money in a savings account, you would be a bit luckier. The best interest rate in the country is being offered by Standard Chartered Bank and is currently at 5%. That means, with the current inflation rate, the best bank in Nigeria can only help you preserve 88% of your money. 12% is still going to be lost to the economy. (See More)
Banks, despite the poor interest rate and the excruciating inflation, still charge exorbitant rates for SMS. I noticed that some banks have started sending weekly updates and monthly updates. And so that they get more money from you, they send account statement and monthly summary in separate texts. It is terrible that we are made to pay for this text messages. When SMS still cost 15 Naira, this is what the banks charge. Now that texts are now free, we are still being charged the same amount. They make money with our money and still make us pay for reminding us how much money we gave them to make more money with!
If you need a good way to put your money into use, Holla!