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| Veteran On-Air-Personality turned Politician & Ogun State (Western Nigeria) Comissioner for Information & Strategy, Otunba Adedayo Olumide Adeneye |
What! Surely we
all spend our own money? No, we don’t. As we get richer, the need to have
others spend it for us grows stronger. Believe me, it becomes a real risk to
hand things over and lose value and wealth because of it. It is so easy to
figure that because we are busy and someone offers, it is a good thing to hand
over. I have noticed that the successful rich don’t hand over anything; they
carryon paying attention to detail all the time.
all spend our own money? No, we don’t. As we get richer, the need to have
others spend it for us grows stronger. Believe me, it becomes a real risk to
hand things over and lose value and wealth because of it. It is so easy to
figure that because we are busy and someone offers, it is a good thing to hand
over. I have noticed that the successful rich don’t hand over anything; they
carryon paying attention to detail all the time.
Obviously there
might come a time to hand over as we grow too old to administer our own affairs
but until then, give up nothing.
might come a time to hand over as we grow too old to administer our own affairs
but until then, give up nothing.
Examples? Of
course; I have a friend who has considerable wealth and who is happy to hand
over his spending to anyone around him who offers to do it for him. His
gardener buys all his equipment, including mowers and chain saws and the like.
Top of the range? I should say. This gardener is driving around on mowers that
are the gardening equivalent of a Rolls
Royce. My friend just signs the cheques
and the gardener is laughing all the way to the tool shed. My friend also pays
caterers to come in and organize meals every time he wants to entertain. Again
he signs the cheque and the caterers
supply him with a complete dinner party. Ah, but I hear you say, ‘So, what? He can
afford it.’ Yes, indeed he can but he is also:
course; I have a friend who has considerable wealth and who is happy to hand
over his spending to anyone around him who offers to do it for him. His
gardener buys all his equipment, including mowers and chain saws and the like.
Top of the range? I should say. This gardener is driving around on mowers that
are the gardening equivalent of a Rolls
Royce. My friend just signs the cheques
and the gardener is laughing all the way to the tool shed. My friend also pays
caterers to come in and organize meals every time he wants to entertain. Again
he signs the cheque and the caterers
supply him with a complete dinner party. Ah, but I hear you say, ‘So, what? He can
afford it.’ Yes, indeed he can but he is also:
“Don’t give anyone authority to sign personal
cheques. Don’t use a personal shopper. Set people proper budgets. Get them to
submit proper proposals for spending. Check the small print. Check everything.
Question everything. Stay on top. Stay in control. And if you want my advice –
no joint accounts ever. There’s no need for it in this day and age”
• Being ripped
off repeatedly
off repeatedly
• Not getting
good value for money
good value for money
• Slowly losing
control over his own financial affairs
control over his own financial affairs
• losing the
respect of his employees and hired service companies who see him as a bit of a
joke – too much money and not enough sense (it would be all right if he was
aristocracy as you expect it of them but he is a self-made rich person).
respect of his employees and hired service companies who see him as a bit of a
joke – too much money and not enough sense (it would be all right if he was
aristocracy as you expect it of them but he is a self-made rich person).
He’s the same
when it comes to buying a new car. He just rings up the showroom and they
deliver what he wants. Trouble is they frequently deliver what they’ve had
sitting in their showrooms for too long and can’t shift. Ask him about the pink
Bentley he bought that no one else
was going to touch in a million years. I tease him and ask him if the showroom
had a big glass office where they could sit and see him coming.
when it comes to buying a new car. He just rings up the showroom and they
deliver what he wants. Trouble is they frequently deliver what they’ve had
sitting in their showrooms for too long and can’t shift. Ask him about the pink
Bentley he bought that no one else
was going to touch in a million years. I tease him and ask him if the showroom
had a big glass office where they could sit and see him coming.
You’ve got to retain control of your own spending if
you want to retain control over your finances – and dignity. No pink Bentleys for you. Don’t hand out credit
cards. Don’t give anyone authority to sign personal cheques. Don’t use a personal shopper. Set people proper budgets.
Get them to submit proper proposals for spending. Check the small print. Check
everything. Question everything. Stay on top. Stay in control. And if you want
my advice – no joint accounts ever. There’s no need for it in this day and age.
you want to retain control over your finances – and dignity. No pink Bentleys for you. Don’t hand out credit
cards. Don’t give anyone authority to sign personal cheques. Don’t use a personal shopper. Set people proper budgets.
Get them to submit proper proposals for spending. Check the small print. Check
everything. Question everything. Stay on top. Stay in control. And if you want
my advice – no joint accounts ever. There’s no need for it in this day and age.
From The Book; The Rules of Wealth by
Richard Templar
Richard Templar
(Read Rule
98 of Rule of Wealth tomorrow on Asabeafrika)
98 of Rule of Wealth tomorrow on Asabeafrika)
Read-to-Wealth Series
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