The Wealthy Post is proud to present our very first feature. I am really looking forward to this because I want to learn from other people’s experiences.
Please contact me if you wish to be a part of this, either anonymously or publicly. Lets hear from Bibi, shall we?
Hello, my name is Bibi Babatunde-Ikotun also known as Bibilamour04. I am a faith and lifestyle content creator living in Toronto, Canada and I’m super happy to be sharing about finance today. I will be sharing 6 personal finance lessons that have influenced the way I see and treat money. You may or may not agree with all I say but I hope you learn something or at least my thoughts help you in one way or another
As a Nigerian, I grew up with the notion that “having debt is a bad thing”. It was very shameful to be associated with any type of debt.
While it is true for those that never pay back their debt, it’s not completely true that having debt is a bad thing. One thing my dad once taught me is that there are good and bad debts.
Good debt is using someone else’s money to build assets while bad debt is something you use for liabilities. In this case of debt, it is unwise to take a debt to buy clothes, a car (debatable), day to day consumer items because those are bad debts.
However, a debt for expanding your business, buying a property or anything that will help build your assets, it’s a good thing. So from me to you, don’t be afraid of debt but be wise in managing debt.
Many times, we argue that money can lead to happiness, and this is true however when it comes to wealth money isn’t the only thing that makes you wealthy
Don’t be afraid of debt but be wise in managing debt.
Your health is wealth, your community is wealth, and your mental health is wealth.
There is a lot more to wealth than money. In the process of amassing financial wealth, do not ignore your emotional, spiritual, family and other sources of wealth that make life colourful.
Money is amazing, but never at the expense of other sources of wealth.
For a long time, I believed that your lifestyle should remain the same when you earn more which may be true for people that already have a decent standard of living.
However, if your standard of living is subpar, it is important to improve your lifestyle because comfort is important for mental wellbeing.
There is a lot more to wealth than money. In the process of amassing financial wealth, do not ignore your emotional, spiritual, family and other sources of wealth that make life colourful.
This is not to say you should become reckless financially because you now earn more but to understand that seeking comfort contributes to your wellbeing.
This may look like having meals delivered, outsourcing your laundry and cleaning, and renting a home in a better location.
You don’t have to keep suffering when you can afford to not suffer.
There’s a caveat to this though
As a little girl, I was a firm believer in saving. The older I got, the more I realized that saving without returns is unwise.
Case in point, with the crazy state of inflation right now, millions saved in the bank would have depreciated as opposed to millions invested.
Other than your emergency fund, you don’t need to save any money. Liquidity is overrated especially for a young person.
Get your money in stocks, real estate and other reputable investment vehicles. Investment isn’t gambling, you have to do your due diligence before you purchase the stock of a company.
Don’t just go with the wind, do your research. And if you’re a lazy investor like me, get a firm to invest your money for you for a fee.
As a young person, it’s very easy to ignore the older you because you don’t even know who that person is yet. But here’s the kick, everyone will get old one day.
The choices you make from your first job matter a lot. If you’re reading this and you’ve not locked down an automated system for saving for retirement, you ought to consider doing that right now.
If your company matches what you save for retirement, take advantage of that “free money”, and start investing in your future.
Not everyone wants to retire at 50 or 60, retirement at 40 is looking very realistic for many people because of the way they consider themselves.
I didn’t start actively saving for retirement until I was 26 and I regret it. My case was because I lived in 3 countries for 5 years and it’s a reasonable excuse however it doesn’t take away the regret.
I am finally back on track with my retirement plan and I hope you are learning from this. I choose not to stay in the place of regret, but I forge ahead because why not?
I’m a Christian and I love the bible, it teaches me to be content with what I have.
One thing I know for sure is that being covetous never leads to anything good. Your life is a journey, don’t compare your financial situation with others.
Your favourite finance person might have made their first million at 21 and bought multiple houses at 30, this does not make you a failure.
Trust in your process, and don’t let the chase for money lead you down the wrong path of bad decisions. One step at a time, practice gratitude for what you have on the journey to what you want to have.
I hope you enjoyed this piece from Bibi. If you’d like to be featured, please contact me at nd@thewealthypost.com.
