PROFESSOR CHRISTIAN IKEOBICHAPEL OF GRACEFEDERAL UNIVERSITY OF AGRICULTURE, ABEOKUTA
In this seminar, we willdiscuss the following:1.What is Money?2.Some key facts aboutMoney.3.What the Bible teachesabout Money.4.Laws about Money.5.Educating Yourself aboutMoney.6. How to Attract Good Money toYourself.7. Pitfalls to Avoid about Money.8. Windows of opportunities tomake good Money.9. Identifying yourself on Moneymatters.10. And Much Much More…
Money is the“current medium of exchangein form of coins andbanknotes; coins andbanknotes collectively”.-Dictionary
Money is the“current medium of exchangein form of coins andbanknotes; coins andbanknotes collectively”.-DictionaryMoney also means“the assets, property orresources owned by someone orsomething; wealth”.-Dictionary
Money is the“current medium of exchangein form of coins andbanknotes; coins andbanknotes collectively”.-DictionaryMoney also means“the assets, property orresources owned by someone orsomething; wealth”.-DictionaryMoney also means“financial gain, or payment for workdone or wages”.-Dictionary
*One’s Attitude To Money.*One’s Mental Blueprint On Money.*How One Manages One’s Money.
• There is the need for you to manage your money.• You either manage your money or your money manages you.• You can tell a lot about someone by checking the way he orshe manages his or her money.• All human beings need to learn how to manage their money.• And they need to learn how to manage their money very earlyin life.• Money management is generally not taught in schools.
*Think about film stars, professional boxers, professionalfootballers.*Just earning big bucks did not make them rich!*Workers and employees erroneously believe that for them to havemore money, they must earn more money. And they go to anylength to achieve their aim.*Earning more money will not make anyone rich.
I am disturbed by what I see around me –*People earning big money when they are in active service,and later having to beg for their pensions and new jobs whenthey retire as if their lives depended on them.
*Joseph in Egypt, managing Potiphar’s wealth and household,and later managing the economy of Egypt in both good andbad times.*The parable of the talents (Luke 19: 11 – 27).*The story of the prodigal son who wasted his inheritance,part of which was money.
*Stage of dependenceYou are depending on your parents or relatives for money and for your up-keep.*Stage of independenceYou are on your own, taking care of yourself financially, all by yourself.*Stage of ResponsibilityYou are not only taking care of your financial needs, you are also taking care ofother people’s financial needs.
*Stage of dependenceYou are depending on your parents or relatives for money and for your up-keep.*Stage of independenceYou are on your own, taking care of yourself financially, all by yourself.*Stage of ResponsibilityYou are not only taking care of your financial needs, you are also taking care ofother people’s financial needs.There is the need for you to lay the right kind offoundation for your future success.Money management skills are important for yoursuccess in all three stages, especially the last two.
*Money is important for your daily living: food, clothing,shelter, etc.*Money is important for your relationships.*Money is important for you to fit properly into your plans.*Money is important for your self-esteem.*Money is important for your children’s self-esteem.*Money is important for your spouse’s self-esteem.
*Money is not the most important thing in life, but moneyaffects everything that is important in our lives and in ourworld.*Money affects our standard of living, health, and education.*Studies have shown that poorer people have poorer health,poorer education, and a shorter life span.*Which one do you want?TO HAVE MONEY OR NOT TO HAVEMONEY?
*Money lubricates your life and makes it run smoothly.*Money lubricates your relationships and makes them worthwhileand enjoyable.*Money matters are one of the issues spouses quarrel about themost.*When money is absent or scarce, love is strained or restrained,health is endangered, frustration sets in, ambitions andaspirations are relegated, visions are questioned, commitmentsare renounced, and promises are denied or unfulfilled.
“Unless one is wealthy, there is no use in being a charming fellow.Romance is the privilege of the rich, not the profession of theunemployed. The poor should be practical and imaginative. It isbetter to have a permanent income than to be fascinating.”- Oscar Wilde
“Unless one is wealthy, there is no use in being a charming fellow.Romance is the privilege of the rich, not the profession of theunemployed. The poor should be practical and imaginative. It isbetter to have a permanent income than to be fascinating.”- Oscar Wilde“Love is deniedexpression by poverty”– Wallace D. Wattles
*Someone said“Money or wealth gives power and influenceto those who have it”.
*You ought to be reasonably ambitious tohave it.*You can do more good with money than youcan do without it.
*Money brings freedom! Freedom to buy what you wantand freedom to do what you want with your time.*Money allows you to enjoy the finer things in life as wellas giving you the opportunity to help others have thenecessities in life!*Having money allows you not to have to spend yourtime and energy worrying about not having money.
*The psychologist, Frederick Herzberg called money a“hygiene factor”.*Money is a sanitizer. It sanitizes your mind and frees it ofmoney worries.*You need enough money not to worry about not havingenough money.*People with financial problems think and worry about moneyall the time. They have little emotional or spiritual energyleft over to spend on the world around them.
*Money is a result! We live in world of cause and effect.*A lack of money is a symptom of what is going on underneath.*One’s outer world is simply a reflection of one’s inner world.*10% of people in the world make 90% of money in the world.*90% of people in the world are left to struggle for theremaining 10% of money in the world.*You have to know how to demand and increaseyour own share of the money!
*Money is everywhere! You can make it big wherever you are.*Money is floating around the world in abundance wishing to belocated and harnessed by human magnets that are worthy of itspositive response.*Money is not scarce! Money does not get depleted.*We live in an abundant universe. This is a world of abundance:abundance of money, abundance of land, abundance of people,abundance of opportunities, abundance of ideas, abundance ofabundance!! There is abundance for everyone!!!*It has been said that trillions and trillions of dollars exchangehands each day in the world. We need to latch on to this systemthat is not discriminatory in the world of money.*Money does not care about your colour or gender, or race ortribe or degree or height or creed.
*Have itching hands. They are not comfortable until they spendand spend.Someone said “The chains of habit are too light to be felt untilthey are too heavy to be broken.”For spenders, spending money is a habit too heavy to be broken.- Spenders spend until they are spent.-They spend their money and want to spend other people’smoney also.-They have little practical regard for tomorrow and its demands.-They are familiar with begging and begging tricks! Don’t fall fortheir antics.-They spend their money on toys, gadgets, and liabilities: thingsthat do not bring in money but take money from them.
*They compete with friends and even non-friends on theacquisition of status symbols.*When you befriend a spender, you may be creating problems foryourself.*If you marry a spender, you may be laying the foundation for yourfinancial woes.*If both you and your spouse are spenders, financial strains areinevitable in your home.*Don’t get married without knowing where you and your partnerstand on these issues and deciding which strategies to adopt inmanaging your money as a couple.
*Are shrewd. They have a conscious plan to save part of theirincome every month.*Are builders. They save and build and leave a nest of assets forthemselves and their loved ones.*Are investors. They buy assets regularly and strategically,things that bring in money and returns to them. They save andinvest for themselves and their loved ones.*Robert Kiyosaki, the famous author of “Rich Dad Poor Dad”,advises that people should acquire assets using money fromeach pay packet.*Are self-motivated and self-driven. They do not spend theirmoney to impress others.
*Are business-conscious. They continually look for opportunitiesto add to their nest of assets and businesses.*Are goal-setters. They set goals on their savings plans and ontheir asset-acquisition plans.*They do not buy toys, gadgets and liabilities except when theycan really afford them in line with their long-term financialgoals.*W. Clement Stone said: “If you cannot save money,then the seeds of greatness are not in you.”
*The Principle of Saving states thatIF YOU SAVE AND INVEST 10% OF YOUR INCOMETHROUGHOUT YOUR WORKING LIFETIME, YOU WILLBECOME A MILLIONAIRE.*Almost everyone who eventually becomes financiallyindependent has made it a habit of saving part of every paycheque and putting it away for the long term.*Are you a Saver or a Spender?
*Money is a defence! (Eccl. 7: 12). When you have it, you are safe!*Money answers all things (Eccl. 10: 19).*You need the wisdom of God to make money (Eccl. 7: 11). Godgives us power to make wealth (Deut. 8: 18).*You can make money in both good and bad times. Isaac prosperedin the period of famine. Joseph prospered in both good times andbad times.*You can be very spiritual and holy and still be very rich. Poverty isnot synonymous with spirituality. Money respects God and moneyrespects God’s people that manage money well.
*Money is not evil and money is not the root of evil! It is the loveof money that is the root of all evil (1 Tim. 6: 10).*Avoid nursing resentment against the rich (Eccl. 10: 20). That isagainst your desire to be rich yourself.*God wants His people to be very rich. He gives us richly all thingsto enjoy (1 Tim. 6: 17). He gives us the power to get wealth. Hewants us to have life and to have it more abundantly (Jn 10: 10).*Tithing is cardinal to your prosperity (Mal. 3: 9 – 10).
*The principle behind educating yourself about money and moneymanagement skills is that your income or your money can only growto the extent that you do.*Warren Buffett said, “The more you learn, the more you’ll earn.”*Someone said, “The best investment you can make is an investmentin yourself.”*Robert Kiyosaki said, “It is not stocks real estate, mutual funds,hard work, gold or money that makes you rich. It is what you knowabout stocks, real estate, mutual funds, hard work, gold and moneythat makes you rich. It is information, knowledge, wisdom, andknow-how, also known as your financial intelligence, that makesyou rich.”
*Financial intelligence is also emotional intelligence. WarrenBuffett, the world’s richest investor, said, “If you cannot controlyour emotions, you cannot control your money.”*Without financial knowledge, people look for someone to tell themwhat to do. And bad advice can be worse than no advice.*Proper financial education helps to re-programme you mentallyand psychologically about money, wealth, investments, and theways they can be properly managed to bring more gains.*This re-programming process is very important if you must moveforward in the area of attracting more money into your life.
How do you educate yourself about money?*Buy and read good books, newspapers and newsletters aboutmoney and management skills regularly, books like Rich Dad PoorDad, Retire Young, Retire Rich, The Millionaire Next Door, Thinkand Grow Rich, Secrets of the Millionaire Mind, etc.*Attend good seminars on money management regularly, even if itmeans paying your way to attend. That is money well-spent.*Visit and consult good websites on money management such aswww.richdad.com*Read biographies, articles, and stories about great men andwomen who made it big in the world of money. Read about WarrenBuffett, Bill Gates, Robert Kiyosaki, Carlos Slim, etc.
*Get a good mentor or coach on money matters and consult himor her regularly.*Change your self-limiting views about money, wealth, andwealthy people. Be positive about money.*Appreciate what you want for yourself in those that have it.Appreciate rich people. Celebrate them and their wealth.*Put into immediate practice what you learn from these media.*Join a good investment club (or form one with people of likeminds) and learn and grow along with others of like minds in afun-filled atmosphere.
1. The law of compound interest:When savings grow arithmetically up to a certain massive level, ittakes on a power of its own and begins to grow at exponentialrates.The point that money begins to grow at an exponential rate for anindividual is called THE TIPPING POINT.At this point, monetary inflow assumes a momentum of its own andflows down to you endlessly and unceasingly.
This is also called The Law of Accumulation:As you save your money and you invest it with your own emotions ofhope and desire, that money develops a force field of energyaround it and begins to attract more money into your life to go withit. You will start to receive small bonuses and unexpected increasesin pay that you will add to your savings.2. The Law of Focus:What you focus on grows.When you focus on savings, your savings grows. When you focus onyour job, your job grows. When you focus on spending, yourexpenditure grows.
3. Parkinson’s Law of Money:Expenses will always rise in direct proportion to income, bringingzero or negative balance at the end. For one to be rich, one mustconsciously, deliberately and regularly break Parkinson’s Law ofMoney and save every addition to one’s income.4. The Law of Intention:In money matters, you get what you truly intend to get.5. The Law of Mind and Money:Money is not seen with the naked eye. Money is seen with the eye offaith. Your financial possibilities are limited only by your ownimagination and the way you apply it to the world you live in.
6. The Law of Attraction:Like attracts like.When you complain about lack of money, you invariably attractlack into your life. You have to stay far away from people whocomplain about lack of money.7. The Law of Income:You will be paid in direct proportion to the value you deliveraccording to the market-place.There are four factors that determine your value in the market-place: supply, demand, quality, and quantity.Never have a ceiling on your income.
8. The Law of Investing:Investigate before you invest.The only thing easy about money is losing it. Resolve to understandthe investment before you part with your hard-earned money.9. The Law of Conservation:It is not how much you make that matters, but how much youkeep. Some people make much money but don’t keep it!10. The Law of Abundance:We live in a universe of unlimited abundance where there is plentyfor everyone who knows how to get it.
*Change your negative ideas and blueprint about money. Bepositive about money and about how things will turn out for you.*Desire money. Desire wealth. Desire to be rich.*Determine how much money you want to have and exactlywhen to have it. Write it down as your goal and resolve to pay theprice necessary to realise your goal. Brian Tracy said, “You can’thit a target you can’t see.”*Give at least 10% of your income to God and charities.*Be a saver and not a spender. Save money every month,irrespective of your needs, challenges and responsibilities. Savefrom every income and pay packet.
*Pay yourself first. Save before you spend. Save at least 10% ofyour income. Do this by direct debit or bank advice.*Invest. Buy assets. Don’t buy toys until later…*Invest every return on your assets.*Defer gratification. Robert Kiyosaki said, “Many people sacrificea richer tomorrow for a few bucks today.” Simplify your lifestyle.*Pray and look out for more opportunities to make money.*Change your friends, if they are not helpful in this regard.*Avoid debt like a plague. Always live within your means.
*Pace yourself as you spend the remaining 80% of money so thatyou are not stranded before the end of the month.*Do your work well. Render quality service in your job or businessif your expectation is to be paid well.*Put away on a daily basis every loose change in your hand orbag inside a financial freedom jar or bag in your house.*This money is never touched except to take it to your savingsaccount in a bank or invested to bring in more money to you.*This daily savings effort serves to build and develop money-savingconsciousness in you. When it becomes a habit, you will neverstop and you will never want to stop.
*The very act of saving money changes your character. It developsself-discipline in you.*It makes you more controlled and confident. It gives you a greatersense of self-mastery.*Saving your money rather than spending it makes you a wiser andmore thoughtful person in every other area.*It also serves as a money-magnet, drawing to you and to that bagor jar other money or cash that need to be saved by you.*The more you save, the more money you will attract, like a morepowerful magnet attracts pieces of metal from greater distances.
*It further serves to provide focus for you in a particular area,your savings. And what you focus on grows.*Pay attention to the four net-worth factors:Income (active and passive),Savings,Investments, andSimplification (Simplifying your lifestyle and avoidingextravagance and outward shows.
*Getting involved in scams and get-rich-quick schemes. Theymay be too good to be true.*Telling people how rich or comfortable you are. Robert Kiyosakisays, “It is very dangerous to let people know that you arerich.” There are many financial predators in the world. Bediscreet about your money plans and net-worth.*Lending people money. You can give them what you can affordand not what they are asking for.*Getting into debt yourself. Live within your means.*Greed and fear when investing.*Bad friends, bad advice. Avoid them.
*Investing or committing your money in what you do not knowabout.*Waiting until you are rich or comfortable before you startsaving or investing.*Buying liabilities as if they are assets.*Getting married without ironing out these details about moneybefore hand with your partner.
1. Real estate:Harv Eker said, “Don’t wait to buy realestate. Buy real estate and wait.”2. Stocks:3. Establishing a business:4. Writing and publishing good books:5. Producing and marketing good songs:6. Joining a network marketing companyRemember,opportunitiesabound.