Rule 9: Decide What You Want Money For

Otunba Olasubomi Balogun, accomplished Banker & Founder, FCMB
This is part of
your defining, setting an objective process. There is no right or wrong
answers. For example, making a fortune and spending it all on cocaine seems, to
me, like a foolish thing to do. But that’s personal. You might find a problem
with me spending mine on a decent Chateauneuf du Pape. We all spend on
what we think will satisfy us, make us happy. We all choose our own pleasures
and it’s not for me to sit in judgment on anyone else.

So what do you
want the money for? Why do you want to be wealthy? The answers you give will
tell you a whole lot about your hidden money myths and how you really see
money.
Sometimes it’s
very simple: we have a dream and need the money to fulfill it. The dream comes
first. Gerald Durrell had wanted a
zoo since he was a small boy and wrote 36 bestselling books which helped to
fund his zoo (on the island of Jersey). What’s your dream?
It might not be
that simple, however. I asked a close acquaintance why she wanted to be
wealthier the other day and the results were quite revealing. She said she
wanted to be ‘better off’ so that she could give her children more. And in
giving them more, they would stay at home longer. And if they stayed at home
longer, she wouldn’t have to face a possible old age alone. So basically she
wants to be wealthy to stave off loneliness. 


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“I like my toys – cars and boats – but have found
that my investments in such things hasn’t increased as my income has gone up. I
still like old cheap sports cars and old boats that need plenty of maintenance.
My motivation isn’t to be able to spend loads on new things”

Another
acquaintance said he wanted to get wealthy so he could have adventures. When
pressed further it seemed his adventures were the ‘running away’ sort where he
could be young, free and single again.
Is money really
the answer for either of these people? Is it for you?
When you know
what you want greater wealth for, think also about alternative ways to meet
your needs: I said earlier I wanted to be wealthy so I could pay for medical
care for any close family member that might need it. I could invest in some
simple medical insurance to cover that instead.
Consider also
what you don’t need more money for. I like my toys – cars and boats –
but have found that my investments in such things hasn’t increased as my income
has gone up. I still like old cheap sports cars and old boats that need plenty
of maintenance. My motivation isn’t to be able to spend loads on new things. I
don’t need more money to buy new cars and boats.
Do you really
need as much as you think? If so, fine, you just need to be sure and be clear
about it.
So what’s your excuse? What do you want money for?
Set your own agenda, my friend, and keep it to yourself. And whatever you write
down – and I do recommend you write it down, it makes it so much more real –
keep it secret, keep it safe. It is a useful exercise to look back on one day
and see if your dream and achievements match.
From The Book; The Rules of Wealth by
Richard Templar
(Read Rule 10
of Rule of Wealth on Monday on Asabeafrika)


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