You Are Broke


First and foremost, I will like to submit to you that your vision of your future determines how you spend your income of today.

The above is indicative of how you want that future to be like. What kind of life do you want for yourself, spouse and children? What kind of impact do you want to make in the life of everyone connected to you? For example, one of the questions that I do ask myself is “What kind of retirement do I want for myself in the future, and how much can I live on in retirement?”

Using my personal life as a case study, the pot of gold that I keep is carefully apportioned into 3 parts to cater for present and future needs.

  1. Ordinary saving. This is the saving I put aside on a constant basis, no matter how small this is, I set it apart. I call this smiley pot.
  2.      Emergency saving. This is what I put aside for eventuality. What I use when I am called to make a payment for emergencies. I call this honour pot!
  3.      My investment saving. I call this my risk pot. I use what is in this pot to take 'risks'. It goes into any dealings I want to invest in, to increase my capital base. Note I don't go into foolish investment or too high-risk investment.

I advise that the level of the 3 above must be at your discretion and yet based on the capacity you have and what you want your future to be. The above 3 savings principles then attract the next 3 principles:

  1. Never borrow when you can tough it out. Debt is a killer of prosperity! If you are already in debt, fashion out ways to pay it off. This is not a lesson on how to pay off your debts. There are many books that deal with this.
  2. What you don't spend is not spent! Savings account don't eat money. My mum taught me this whilst growing up. Do not waste money on stuff you can’t justify as a need. Wasting your money on the 'want of life' will make you 'wanted' by creditors! Stuff like holidays, designer clothes, Hire Purchase, on cars and other stuff wont let your savings add up. You don't need them if you can’t afford them.
  3. Money doesn't fall from the heavens. You have to work for it. The more you want, the more you work. Increased income comes by increased thinking. Great ideas have come from little thoughts. Take advantage of your power of positive thinking and put that idea to work.

In conclusion, if you don't have savings as above, either in the smiley pot, honour pot and risk pot, when you run out of that income (you can run out by losing your job through sack, illness, or retirement. If any of these happen with no income coming from any other source? What do you have left?  If the answer is nothing, then you are broke. 

May you never be broke! Start saving now.

NCC Edmonton


65, Church Street, 
Edmonton, London, N9 9PY. 
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