recession

ANOTHER RECESSION IN NIGERIA: If We No Make Money Wetin We Gain?

What is your answer? I know what you’re thinking, that’s what I’m thinking too, but in a slightly different way. Nigeria has stepped into another phase of recession, and there’s probably nothing people need now more than money. At the same time, there is nothing as scarce. A line of Davido’s hit song Fia: ‘If you no get money, hide your face’ began what I call a financial tension among youths. Victor AD heightened it a year later with the release of his song ‘Wetin We Gain’ that made young people expect a brand-new Benz. Isn’t that great?

financial stress 

Well, kinda. Money in itself is not spectacular, but it is what it can do for you that’s really important. Money is important for many reasons, aside from trying to impress a girl or showing off on social media. Money helps you gain the necessities of life. It goes further and gives you the liberty to choose from various alternatives. A poor person doesn’t have the option of a tea or coffee in the morning. With money, you even get to decide what country to have your tea or coffee. You’re able to determine your lifestyle and class. On the other hand, when you don’t have enough money, the choices available to you may not exactly be choices at all. Money can make your life incredibly comfortable. The house you dream about, you can buy it, the car, the cloths, shoes, islands and every other flashy stuff. Wow, money must be so cool then?

cool money

Uhm… Yes. You’re probably wondering why I hesitated to say Yes. It is because there’s something just as cool and essentially important. Are you cringy already? Achieving your life’s purpose, that’s what I’m talking about. I’ll use Abraham Maslow’s hierarchy of needs to drive my point home. The needs in Maslow’s hierarchy include physiological needs (food and clothing), safety needs (job security), social needs (friendship), self-esteem (social freedom), and self-actualization (being the most you can be). So, the highest need in the pyramid of needs is that of self-actualization. Many other authors such as Stephen Covey share his view. And upon deep soul searching, you’d discover it is quite true, we yearn for something beyond money.

Society, or maybe money itself has made us think that it makes the world go round. From money itself we can discover how false this believe is. Read the beginning of the second paragraph again. Now let’s tweak it a little. You are not so spectacular on your own, but it is what you can do for society that makes you really important. We all think of how/what we can GET from the world, only a few people think of what we can GIVE to the world. I caught you, you’re thinking of money again because I said give. No, it’s Purpose. Purpose is what you do that gives you inner fulfilment and satisfaction. Purpose is why you’re made.

Maslow

I already established that money is cool and necessary, especially in a recession. From the Maslow’s hierarchy, you’ll notice that most steps before self-actualization require money to attain. That makes money quite a big deal. “If you no make money, wetin you gain?” Here’s the problem; first, the mindset used in pursuing money, second, revering money as the most important thing. Sadly, most people live to make money instead of making money to live. There’s a saying, “make money or die trying.” Really? When you die, all the money you’ve made go to others without your permission, not just that, the money no longer bears your name. But when you consciously live your life trying to fulfil your purpose, to attain self-actualization; you consciously give yourself to others. In that way, you live forever.

to live forever

Aside, Mansa Musa I of Mali, (I’m pretty sure you didn’t even know that he was the richest man that ever lived) nobody is remembered for their money. They are remembered for what they did, and how they made the world better. Money is great, we all need it, I mean, you need some of it to get a copy of my book. But at the same time, we shouldn’t lose sight of the fact that we’re made for a purpose. Gradually make progress towards fulfilling your purpose while striving to make money. Some are lucky, while giving to society, society gives back. That’s mostly the case anyway. So, instead of trying to get a Benz by all means but do something worthy to earn it. Something that makes the world and people around you a little better and happier.

Lastly, here are some bonus tips on how to survive a recession:

  1. Have an emergency funds wallet.
  2. Establish your budget and pay up debts (especially if you’re owing me).
  3. You should downsize to a more frugal lifestyle during a recession.
  4. Diversify your income.
  5. Diversify your investments.
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