01 Nov 3 Money Lessons We Learnt from Subomi Plumptre
Developing a savings culture is a premium skill that everyone NEEDS.
From classrooms to religious centres, to board rooms, we are told the fabled tale of a once rich man who lived so lavish a life that he was soon a wretched pauper simply because he didn’t save.
Not because he got defrauded, didn’t invest, or didn’t grow his wealth.
He just didn’t save.
We’ve gotten new information:
Turns out if your money works while you work (and play), you can live your fabulous life and still not ‘perish’.
3 Money Lessons We’ve Learnt from Subomi Plumptre
Here are some money lessons we’ve learnt from leading African Strategist, Subomi Plumptre.
1. Money isn’t supposed to sit in the bank
Looking at the zeroes in our bank account should be a method of stress relief and we get the need to watch your money pile up, sadly that’s not how you get wealthy.
Expenses aside, your money should be actively working to help you build wealth or positively impact the world.
Your money does not do much sitting in your bank account, maybe for the bank, it does but definitely not for you. Make your money work for you.
2. Money is a means to an end
In her article, Subomi says “The reason why many malfunction when they see money is, they never defined what that end is – what they want to use money for, beyond buying houses, cars, clothes and sex.”
Money is not the destination, money is the vehicle with which you arrive at the destination.
Ask yourself, if you get gifted 100,000 USD, what would you do?
Do you have a business in mind, a venture you are certain of its viability? Any concrete plan for the money? If you don’t have a plan for the 200USD you are currently earning, odds are you wouldn’t when you are higher up the financial ladder.
To quote, “Money that is not planned for will easily be spent or lost. In your youth; you should pause the laulau spending to create an investment plan. The portion allocated for clubbing can then continue to be spent.”
3. Get business partners before the big funds come:
Healthy finance is great, it helps you make very informed decisions, provides you with the comfort of options and gives you a bigger reach.
However, with investments, having ‘loose funds’ when starting out clouds your judgment. Odds are you are willing to pay more for goods and services than you normally would if you had less, look out for aesthetics other than value and give away too much equity.
So, when investing in a new industry take out time to do some valuable research on the major players in the industry and who you should be in business with.
A good way to decide this is to look out for partners who advise you on practical ways to save money, and how they generally behave towards money.
Build with people that understand money and money management.
There are so many money lessons we should all develop and this is only the tip of the iceberg.
Just like this article, we have a plethora of resources to guide you on this adult journey. And even better, our mentors have so much knowledge they are willing to share with you.
So, sign up and take adequate steps to accelerate your career.
You can also check out our post on 10 money management tips for young africans.