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Why your parents are wrong about money

Financial advice given by your parents may today no longer be workable since the world and activities have since evolved.



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The desires, perceptions, and mindsets of people often change as the world evolves. In finance, this also plays out; certain financial concepts that had been successful in the past do not have a place in the financial scope of today. As a millennial, you are faced with technological innovation that has affected every area of life, including finance. Due to this, a few financial resources have opened up, while the economic environment has also shifted.

READ: It’s time to Power Up your Aspirations

This means that, in this present financial climate, ideas that worked some time ago may have become outdated and ineffective. Many individuals develop certain values and mindsets that impact their financial lives when it comes to money. Because of the financial experience they have, the exposure or guidance they get about money from their parents, these values are created.

READ: Financial skills everyone should master (1)

Many parents strive to incorporate skills and abilities into various areas of their children’s lives. Most of them, particularly advise their children in the area of finance, on how to make money and live comfortably, while others rarely address money problems with their children.  The advice or guidance provided by parents on money is focused on what worked for them, which may be incorrect or misleading based on the evolution since their time. Your economic growth cannot be assured by the notions your parents hold about finance. It is therefore important to recognize and replace these convictions with well-informed and timely decisions.


READ: The painful sting of buyer’s remorse: How to prevent or get over it

Some of the misguided ideas parents have about money include:

It is not important to discuss money

Many parents rarely have conversations with their children about money or household needs and how they are met. They believe that it is not necessary to relate their income, expenses, and financial goals to their children. This leaves the children with little or no knowledge of how to prepare, handle, and use their money.

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(READ MORE: Side hustles you can start in 2020)

Having a degree signifies having a career

Quite a number of parents pressure their children to go to school on the grounds that this alone ensures their prosperity and financial success. Although it is valuable and laudable to obtain a college degree, it does not inherently guarantee financial stability for everyone. A college degree can offer a few financial advantages, but it should be seen as an opportunity to obtain profitable knowledge and experience, not as a key to a job. The chances of securing a comfortable and attractive career are getting slimmer with the growing number of college graduates. Accumulating sound knowledge of economic and financial management is therefore important.

READ: Money mindsets that rich kids learn from their parents

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Stick to a job and save up

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The idea of making money for most parents is to secure a job that makes ends meet. They typically do not welcome or mention the concept of harnessing a diversified income strategy, as this is a sign of inconsistency for them. This attitude restricts the children from seeking jobs only to gain enough for survival without investigating the financial resources that are made available to achieve their financial goals.

READ: How to redeem your unclaimed dividends in Nigeria

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Investment is risky, avoid it.

Most parents, for fear of losing money, will caution their children against investing in financial schemes or institutions. Here is the deal, investment is risky. An assessment of the feasibility of the investment program and the potential of a return is therefore required to be carried out by people before investing.

READ: Ethereum suffers biggest one-day percentage drop since March 12, 2020

To gain financial stability you have to learn how to financially analyze your position and handle your money appropriately. This cannot be achieved by adhering to your parent’s loving but misleading financial tips or ideas. It can take a while to unlearn these values, but it is important to make your own decisions about your finances, as this will help you to remain responsible and accountable for your money.

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Personal Finance

7 Reasons why you need to start getting thrifty

By growing your savings, you can have a comfortable life whilst working towards financial freedom and an early retirement.



10 ways to save and make more investments

Do you earn a comfortable salary? If yes, then yay! Life’s good.

But even a Warren Buffet or a Jeff Bezos still knows the value of being thrifty. It is a sure way of staying worry and stress free, regardless of any financial crises that might take you unawares in the future.

READ: How to land an 8 figure job in 2021

Advantages of Thriftiness

You must understand that thrifty is not the same as stingy. Oh no. It’s something entirely different, and even more so, should be sought after.

On the one hand, stingy means being miserly, refusing to make your life easier and hoarding the resources you possess.


READ: 5 Things you must do to get a promotion in 2021

However, to be thrifty entails managing your money habits and learning to save. This could include:

  • Spending less on non-essentials.
  • Getting better value at a low cost
  • Avoiding borrowing to satisfy leisure purposes (such as buying a car, funding an extravagant wedding, going on pleasure trips, etc.)
  • Borrowing only when in dire need or for investment purposes, and so on.

READ: The best free budgeting tools to help you manage your finance

Without much ado, let’s get right to the benefits:

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1. You Become Resourceful

You develop a keen sense for accomplishing more with less – a useful trait, you might admit, in any individual, be it man or woman.  

In a world of hardship and increasing scarcity, we all must learn to value what we have and use them wisely.

As the saying goes, “He who spends his money carelessly tends not to have it for long.”

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READ: Investors’ demand for Nigerian stocks climb, as portfolio investment gains N223.4 billion in 4 months

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2. You Understand What Matters and What Doesn’t

Often times, we might get carried away by what our peers are doing and try to mirror these trends.

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But don’t forget to cut your coat to your size. Bother less about impressing your friends. Nor should you allow yourself to be swayed into purchasing things you don’t really need (which may even cost you more money in the long run).

READ: How to avoid debt despite economic challenges

Practicing thriftiness enables you live within your means. You analyse your lifestyle and measure your spending habits to suit your earnings.

You give priority to more important things like taking care of your family, living a comfortable life, and investing for your future.

3. You are More Prepared in Times of Emergency

Spending wisely means you will have something to fall back on in case of an emergency. If you always empty your account and live from paycheck to paycheck due to bad money habits, you will find yourself in a prickly situation should you lose your job or face some other unforeseen event.

READ: Personal Finance Culture: The 4 Cs of Financial Success 


4. You Have a Happier Relationship With Your Spouse

Money problems are some of the top causes of marital strains. Therefore, being financially responsible makes you better able to carter for your family and prevent getting into squabbles with your spouse.

5. You Worry Less About Incurring Debt

Spending wisely implies you won’t face the unpleasant situation of borrowing to carter for your basic needs. You sleep better at night knowing Mr. Ade won’t come banging on your door come morning, demanding you pay him back.

READ: To become a millionaire, set these benchmarks

6. You Invest More

Being thrifty helps you increase your savings, which you can then use to make profitable investments. You therefore get closer and closer towards achieving financial freedom and retiring early.

READ: Nigerians react as port haulage cost reportedly increases to N1.3 million

7. You Become More Disciplined

Managing money wisely makes you a better person all round. You may ask how. Here are a few ways:

  • You take better care of your health since you know falling sick will cost you.
  • You feed better by cooking your own meals rather than eating out.
  • You maintain your personal belongings, including cars, work tools, clothes, etc., and ensure they last longer.
  • You keep your living space tidy by not accumulating clutter – You purchase only the things you need, and sell or give away items you no longer use.
  • You are able to pay off your debts promptly and give yourself a good reputation.

READ: Christmas and budgeting: How to control your spending during this festive season


Being thrifty means you use your money and resources wisely. It ensures you don’t live from paycheck to paycheck and that you have something to fall back on during a rainy day.

By growing your savings, you can have a comfortable life whilst working towards financial freedom and an early retirement.

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Personal Finance

How to grow rich with wealth-creating relationships

To create wealth from your close relationships you must first become valuable to them.



How to grow rich with wealth-creating relationships

One of the popular questions I get asked all the time as a Financial Expert is this. What is the fastest way to create wealth and get to the top? I almost always have one answer to this question and it is to build wealth creating relationships. And here is why. All the wealth in the world is created in the context of a relationship.

READ: How to make your ideas breakthrough in the business world

This means that without relationships wealth cannot be created. According to Charlie “Tremendous” Jones, a one-time legendary speaker and author, you remain the same person year after year except for the people you meet and the books you read. So if becoming wealthy is important to you. You must master the art of creating wealthy relationships. Creating wealthy relationships is important because it helps us solve important problems.

READ: How to enter retirement with financial confidence

The truth is there is an unequal distribution of wealth and advantage in the world.  This means that to create wealth you need other people. Other people have the answers, deals, money, access, power, and influence that you need to create wealth. And without their cooperation and support, it is hard to create wealth. To create wealth, two or more people must agree to solve problems for each other. And it is only when these problems are solved that wealth is created. Thus wealth is created in the context of a relationship. And the element in a relationship that makes wealth creation possible is trust. Trust is critical for wealth creation and the most trusted relationships in the world are close relationships. Thus, developing close relationships is the fastest way to create wealth.


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But if close relationships are the answer, why are we not all wealthy?

The answer is simple

Not all close relationships are wealth creating in nature. Certain close relationships are actually set up to make you poor.  But before I show you the close relationship that can make you wealthy. Let me first define what a close relationship is.

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A Close relationship is any relationship that is bound by mutual interests, mutual environment, mutual source, or mutual loyalties and beliefs. Close relationships are formed in private and sometimes exclusive environments. The nature of these environments encourages engagement that leads to close relationships.

READ: Networking, way to success in Nigeria

Examples of Close relationships include family relationships, friends, Classmates, Work Colleagues, Club members, Neighbors, Estate Associations, Parent associations, Events, Gyms, etc. The environment that forms these relationships is embedded with Trust, Safety, and Relaxation. This gives members the justification to connect with other members and engage with them. Relationships formed under closed environments are the best because they can convert total strangers into friends in minutes.

So now that you know what a Close relationship is let me show you the two kinds of close relationships.

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There are two kinds of Close Relationships.

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The First is the wealth-draining Close relationship. And the second is the Wealth creating close relationships.

The wealth draining Close relationships is any relationship that drains wealth. It comprises family relationships, friends, and religious organizations. These relationships use up capital because embedded in them are problems that can majorly be solved using money. Wealth-draining relationships may provide emotional support but it is the most difficult relationship to create wealth from and here is why.

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First, most people are from average families and poor homes. This leaves them with little or no room to create wealth. Second, most wealth-draining relationships are set up to drain wealth. Members of this group encourage one another to do things for each other for free. This entitlement to free is the single biggest reason why wealth draining relationships fail at creating wealth. Third wealth draining relationships have a set impression of you. And it is hard to take you seriously when you change this impression. To create wealth with speed you must focus on close relationships that are primed for wealth creation. These relationships are the wealth-creating relationships

Wealth-creating relationships are like business relationships. They comprise relationships with your co-workers, Club members, Neighbors, Estate Associations members, Customers, Parent Association, Vendors, Professional associations, Events, Gyms, etc.

Members of these groups are open to learning about new information. Discovery New opportunities, and meeting new people. And they rarely solve problems for each other using money. The way this group solves problems is to point each other in the right direction. They connect each other to people, businesses, and organizations that can help them. And support one another through difficult crises. all for Free. But there is a ways to this in exchange for wealth.

Thus for a close relationship to be wealth-creating, it must have three main components.

The first component is the presence of people with problems to solve or Goals to achieve. The second component is the willingness of these people to pay for solutions that can help them solve their problems. And the third component is people that can solve the problems. These are the three components that can turn ordinary relationships into wealth-creating relationships.

So now that you know how to turn ordinary relationships into wealth-creating relationships. How do you create wealth from them?

To create wealth from your close relationships you must first become valuable to them. Becoming valuable to them means finding out what they want and developing the skills to solve their problems. Helping your close relationships solve problems is the only way to help yourself.


Unfortunately, only a few people know how to do this comfortably.  Many would rather remain on their own than talk to a close relationship. But if wealth creation is important to you. You must develop the confidence to talk to your close relationships. Thankfully talking to a close relationship is less threatening than talking to a total stranger.

So how exactly do you create wealth from close relationships?

To create wealth from close relationships there five things that you must do.

The first thing is to Target the right relationships. The second thing is to create value that is relevant to these relationships. The third thing is to grab their attention. The fourth thing is to Build wealth-creating Rapport. And the fifth thing is to exchange the value that can make you wealthy. Below I explain each of the steps in detail.

1.Target the Right Relationships

Targeting the right relationship is simply identifying who you want to become valuable to and what means value to them. There are two people you need to be valuable to if you want to create wealth. The first person is your close relationships. And the second person is the solution provider. To be valuable to your close relationships you need to know who they are, what they want, and what they are willing to pay for. And to be valuable to solution providers you need to know what they are willing to pay you for. Your goal is to identify the people that can help you create wealth and understand what they need to support you in your wealth-creating journey. Targeting is thus all about identifying who you need to become wealthy.

2.Create Relevant Value

The only way to become valuable to a person is to create value that is relevant to them. Value creation is all about creating value that is relevant to your close relationships and solutions provider. To create the value you need to do two things. First, you need to develop high-income skills. And second, you need to develop certain abilities.

There are three high-income skills you need to develop if you want to be wealthy. The first skill is creativity or innovation skill. The second skill is Relationship building skills. And the third skill is marketing skills.

To create wealth you also need to develop certain abilities. There are five abilities you must have to become a wealth-creating persona.

So what are these five abilities?.

The first ability is Attitude. All wealth-creating persona have a positive attitude. They have a healthy world view of themselves, other people and the world. The second ability is clear Communication. All wealth-creating persona express their ideas, in clear simple language. They also ask meaningful questions and listen to other people’s ideas. The third ability of a wealth-creating persona is self-Leadership. Self-leadership is the hallmark of effective people leadership. And Wealth creating personas live by example. The fourth ability is Confidence. All wealth-creating persona have a healthy self-esteem. They exude confidence and are magnetic to their target audience. And the fifth ability is Character. Character is the bedrock of Trust and Trust is essential in every relationship. These are the five abilities that turn a person into a solid wealth creator

The key to success here is to develop the skills and abilities you need before you form wealthy relationships. You can also partner with someone that already have these abilities and learn in the process. This is important because first impressions matters in every relationship. And once a wrong first impression is established it is irredeemable. Creating wealth in trusted relationships with the right skills and abilities is thus the fastest way to unlock your income potential and wealth.

3.Grab the Right Attention

One of the fastest way to grab anybody’s attention is to give them what they want. People are attracted to what they want in the same way a Fish is attracted to the right bait. Attention-grabbing is thus all about understanding what your close relationships want and to give it to them. Without the ability to command this sort of attention you cannot create wealth. To grab the attention of your close relationships you need to position as a friend and helper and not a sales Man. Salesmen grab rejection only Helpers grab attention. To position as a helper you need to focus on your close relationships and not on yourself. You need to identify what they want. Choose wealth-creating problems. And genuinely be interested to help them.  To discover wealth-creating Problems you need to ask problem revealing questions. This the only way to identify problems that can make you rich. Attention-grabbing is thus all about coming to your close relationships with solutions they are already programed to accept.

4.Build Wealth creating Rapport

The process that begins every relationship is rapport. Building wealth-creating rapport is thus about developing the ability to connect with, converse with and add value to your close relationships. And there are two ways to create a great rapport. The first way is through positive connections. And the second way is through meaningful Conversations. To create positive connections you need the right non-verbal cues. Non-verbal cues like smiling. Confident Posture. Confident walks. Body language, Smell, and Touch are great rapport builders. Creating positive connections is critical if you want to build wealth creating relationship. Conversations take the relationship further from just connection. And conversation has to be wealth-creating to create wealth. To create wealth-creating conversation you have to be able to lead one or participate in one. The components of a great wealth-creating Conversations include introductions. Getting to know the other person. Establishing alignment in perspective and value.  Asking the right questions. Identify wealth-creating problem. And asking for permission to suggest a solution. When you develop the ability to build rapport with ease. You become a center of influence. Becoming a center of Influence is great because it increases believe. And make your close relationships want to act on what you say. This is a powerful position to be in if you want to create wealth.

5. Exchange Value that can make you wealthy

The value exchange process is the final process in the wealth-creating and problem-solving value chain. Value exchanges occur when a close relationship decides to become a customer. This decision creates a series of value exchanges. First, the customer exchanges cash for the solution that they desire. Second, the Business owner accepts cash in exchange for the desired solution. And third the value connector or helper accepts a financial reward in exchange for their connections. Everyone wins and this ends the problem solving and wealth creation process.

To create wealth with speed in the age and era where wealth creation is elusive, you must develop close relationships. Developing close relationships that create wealth is the best short-cut you can take to wealth.

If you need help developing wealthy relationships or optimizing close relationships to create wealth. We can help you. To get help send an email to [email protected]

The hardest way to create wealth is through complete strangers. You need close wealth-creating relationships to get Rich.

About author

Grace Agada is The Senior Financial Happiness Director @ Create Solid Wealth. She is an Author and Column Contributor in Six National Newspaper. She is a contributor at BellaNaija, Nairametrics, and Proshare and she is on a mission to help working-class professionals and CEOs become more financially successful. To learn more about Grace and how she can help you send an email to [email protected]

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Personal Finance

How to land an 8 figure job in 2021

If you are interested in getting an 8 figure job in 2021, here’s your perfect guide.



The highly anticipated 2021 is here and running its course already. After a tumultuous 2020, which saw many people around the world loose their job or had their salary slashed; there would be a lot of job hunting in the days to come.

With the unemployment rate put at 27.1% in Q2 2020, you can be sure that the vacancy space will be filled with intense competition. However, there is a space where few play – at the 8 figure salary level.

READ: A look at how much Nigerian banks paid their staff in 9-month 2020

It’s somewhat like a tradition to write down what you aim to achieve in a new year; but in reality, the playing field becomes uneven when it comes to achieving them.

Our jobs are a significant part of our lives and most times, our life goals revolve around them. We all work to earn the best that we can so as to live our best life.


READ: Legit ways to make money with your phone

If you are interested in getting an 8 figure job in 2021, here’s your perfect guide.

Landing an 8 Figure Job in 2021

Making a giant leap into earning such an amount is not easy. To start with, if you do not have a good amount of experience, don’t expect a miracle to happen. You have to start small, especially if you intend to hack the corporate world rather than entrepreneurship.

Strategically gather experience that would qualify you for an 8 figure job. No employer will employ a professional with zero years of experience and pay him or her 8 figures.

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READ: NIS generates N39 billion in 12 months, may lose 2% to on-going probe

Which jobs pay 8 figure salaries?

Jobs that pay 8 figure salary are mainly managerial level positions (CEO, CTO, COO, etc). Rarely would you get a minimal experience job with a salary that high. That being said, a few of the highest-paid professions include the following:

  1. Petroleum Engineering: Oil is one of the most profitable industries worldwide and the most profitable in a country like Nigeria. Some professionals who work in the oil industry comfortably earn 8 figures, especially those offshore who are generally petroleum engineers.
  2. Surgery: It’s no secret that surgeons are highly paid. This is due to their specialty in certain areas of medicine.
  3. Law: Quite a number of experienced lawyers earn 8 figures; however, it depends on the organisation and position.
  4. Programming: With the country and the whole world going digital, programmers’ importance and demand are extremely high. They are also paid good money for it. Just like the new saying goes, “tech is the new oil.”

READ: 5 Things you must do to get a promotion in 2021

Other high-paying professions include, but are not limited to, Chartered Accountancy, Airline Companies (Pilot), Civil Engineering, etc.

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How to land an 8 figure job in 2021

If you intend landing an 8 figure job in 2021, then you must fit the necessary criteria:

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  • Get a bachelor’s degree.
  • Postgraduate and professional certifications to boost your chances.
  • A wealth of experience and knowledge in the industry and specific job role.

READ: Why you must plan for retirement, even as a student

How to position for an 8 figure job in 2021

  1. Start by establishing yourself as an expert in your field: People don’t buy products, they buy brands. The same rules apply to seeking a job. Build your brand and market yourself as an expert in your industry. Create a niche for yourself and have a voice in your field. You can do this by speaking at conferences, making posts on social media or job sites like Linked-in, owning a blog, or writing a book, and picking up freelance jobs. Doing this would help you gain exposure and recognition to top recruiters and head hunters. Also, your brand perception would mean that they would consider you for managerial positions. Recruiters always want the best and most prominent or well heard of, at the very top managerial positions.

READ: Tayo Oviosu, the journey from Software Engineer to Pagatech

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  1. Expand your skillset actively: The trick about landing an 8 figure job is that you must be ready when it comes, because such opportunities don’t come often. Start now, prepare like you are already in contention for the job. If you have a superior, walk up to him and ask to learn more about your field. Request permission to tag along on new projects, and don’t be afraid to take on new challenges.
  2. Develop leadership skills: At the very top, although your expertise is important, something that is arguably valued more is your leadership skills. This is because you’d not be doing a majority of the groundwork but rather managing those doing it. Hone your skills by mentoring entry-level employees or lead a training seminar. Also, take up positions in professional associations or non-profit organizations outside your workplace.
  3. Set your precise goals: Before you start looking out for opportunities, create a detailed list of prospective places you will like to work at and actually earn 8 figures. You can also do extensive research on the company to ascertain their ability to pay what you desire.
  4. Go out there and take risks: If it fits your billing and you want it, go for it. It is essential that you go outside your comfort zone and even apply for jobs that might be a step higher. Do not focus on your shortcomings, but rather look at what you bring to the table. Know how you can add value to the company and show them you are a problem solver.

READ: Okada ban: Here is what MAX boss said about alleged N25 million licensing fee

Bottom line

Getting an 8 figure job is not a straightforward path and it requires intentional efforts to put yourself in the best position for it. Despite how much of a stretch it seems, it is not impossible. As long as you are willing to develop yourself and grow to what they expect of you, be sure to get a call sooner or later.

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