They don’t want to “sow today” and “reap tomorrow”, instead they’re looking for the scheme that will make them an overnight so-called “big boy”, and such a mentality will not solve the unemployment/economic crisis hitting our nation. What Nigeria needs at this time is a generation of young people who are willing to put their hands to the plough and work, knowing full well that they may not be instantly gratified. Every business takes work and time in order to become successful and just like the examples I have stated above such as McDonalds, Facebook , Virgin and Tesco, the youth of Nigeria can take solace in the knowledge that hard work definitely pays off in the end.
The youth should stop following the Jones’s by living beyond their means in an attempt to keep up with their peers. They don’t have to buy the latest phone or drive the latest car, but rather they should learn to invest and re-invest their money until they get to a place (economically) where they can buy those things without flinching.
The litmus test for economic expenditure is as follows;
The litmus test for economic expenditure is as follows;
• If you have not yet built your own house then you should not drive a car worth more than N2 Million Naira
• Before you spend N10 Million Naira on a car, you should make sure that you have at least N100 Million Naira in the bank. Cars are not investments but liabilities and they lose value quickly. If you buy a brand new car for N20 Million Naira today you can rest assured that within 1 year that car would have lost almost 40% of its value. That means that you would have lost close to N8 Million Naira in just 1 year
• Live below your means and stop following the Jones’s. You don’t always have to buy the latest phone in the market and besides, new phones come out every month so you can never win that race no matter how hard you try.
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