“I cut my hair because I’m about to change my life.”
The above was the already-made answer Victoria had for anyone who asked her why she had cut her long, beautiful black hair. She just turned 27 and she wore her new look with so much pride. Not only that, she had just returned from a much-needed vacation in the Balkans. I noticed, and so did her boss and family, that she looked slicker and smarter than usual. I wondered if this had something to do with her new age, or maybe this was just Victoria being Victoria.
She is a somewhat mischievous lady who loves to grab attention occasionally by doing strange things.
Because she had not given me a concrete reason for cutting her hair, and because I still needed more clarity, I asked her, “how does getting a haircut make changes to your life and what changes are you willing to make?” She replied emphatically, “I spend more time thinking about the consequences of my actions than the decision itself.’’ To her, this meant, she would not deliberate much on why she should cut her hair or how it made her look but rather on the effect it had on her. And to me – that’s the point! According to her, and I am compelled to agree, doing daring things can have a positive impact on you, most times. Your thinking changes, your confidence is boosted, and generally your inputs are appreciated.
What happens at 30?
For some people, turning 30 can feel like a big milestone. But to me, I feel that what is more important is that people should approach 30 with the right mentality – about money/investment, family, and life in general. Since, it is assumed that our teens and twenties are for learning, our thirties should be for practising and for taking responsibilities. We know that most of the issues that hinder people from reaching their full potential can be any of these three things: Lack of purpose, poor financial literacy/investment mindset or lack of proper management skills.
Choosing to dwell on proper investment mindset and financial literacy, I asked Victoria, ”Why do some people have so much in their early years but so little or nothing in later years of life?” Her reply was short and simple, “money comes, money goes.” Really! I exclaimed! Is that the way it should be? Should money be allowed to go as it comes? That can only happen to those who lack financial literacy and proper money management skills. The summary then is that in life what we decide to do with our money and how we spend it determines who becomes wealthy or poor in the long run.
Below, we give some positive mindsets about money that should be adopted early in life; more importantly, before you clock 30. And please bear in mind that the people who make it big in life do not just do so by chance: you too can adopt their mindset.
1. Compounding wealth and discipline go together
Compound wealth is wealth generated from the ability of a sum of money to grow rapidly over time by the repeated addition of earnings to the principal sum.
This is clearly the oldest trick in growing wealth. Why? Because real wealth increases when compounded. Not just that, real wealth is successfully multiplied with strict discipline in place. Remember, money does not grow in a blink! So, a disciplined mindset is needed. We at Coronation want you to develop it so you can compound your wealth successfully.
Bottom line is wealth grows over a period with strict discipline in place.
2. Nothing is too small
If an additional income increases the size of your capital, it is still relevant.
Do you reject an offer without first going through the provisions?
Do you write off a business deal without carefully considering what you stand to gain from it?
So, we want to submit that if a project falls under your area of interest, talent or passion, you should accept it, even though the gain from it might not be too big. Even the slightest opportunities to make money should never be ignored. After all, little drops of water make up a big ocean! In relation to multiplying wealth, this can never be truer.
3. Time is valuable
The future starts today, not tomorrow. Pope John Paul II
Proper time management is essential if one is interested in becoming a success at growing wealth. Time, we are often reminded, is money! Most successful people know the importance of efficient time management, which explains why they spend their time mainly on productive and profitable ventures. They apply time wisely and make the most of it. We must understand that what we do with our time every day determines how wealthy we can become in life.
Spending our time on things that don’t have positive impact on our future will only lead to regret and penury in later years. People who adopt the mindset of proper time management will have a lot to show for it in the long run.
We conclude this by imploring you to spend more time thinking about the ‘consequences of your actions’ (like Victoria) with regards to how you spend your time and money today.
Think investment! Have you heard of Coronation’s Mutual Fund? You can invest with as little as NGN 20,000 and earn as much as 11% interest. This is a good passive income that comes from doing practically nothing. This also speaks to my second point of not dismissing “any additional income that can improve your capital’, again, “little drops of water make an ocean’.
Your future starts today!