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GENERATING WEALTH IN TIMES OF RECESSION by Emmanuel Amanyi

This article contains excerpts from Possibilities Magazine; Vol. 2, No. 1. Click here to download magazine

A recession is a significant decline in activities across the economy, lasting longer than a few months. Its effect is visible in industrial production, employment, real income, wholesale and retail trade. The technical indicator of recession is two consecutive quarters of negative economic growth as measured by a country’s gross domestic product (GDP).

Our dear country Nigeria seems to have been going through this for some time now. It is an obvious problem, many groups and individuals are affected. But it is not an excuse for penury. In fact, it is an opportunity for some to grow. I know several companies and individuals that have grown bigger as a result of the current recession.

Genesis 1:14-18, 8:22. Changes in times and seasons is a constant in our world. There will always be years of plenty and years of lack. What you do with the plenty could determine your lot in the years of lack. The story of Joseph in Egypt (Genesis 41:1-52) stands out in the explanation of this principle. Joseph had great management skills. Under him, Egypt faired well, saved well and wasted less in the years of plenty. From their abundant savings, Egypt was not stranded in the years of lack. In fact, Egypt had great economy as they enjoyed much foreign exchange. Egypt was prepared for recession. The preparation saved them and generated much wealth for them in recession. Preparation is key in being on top of the situation (recession). At one level of success, begin to plan how you can survive without your current means.

Without the invention of alternative sources of light, we will be stranded at night when the sun ceases to give its light. Night has no effect in your compound if it is flooded with light. Valid ideas overrule the effect of recession. It was Joseph’s idea of savings that overruled recession in Egypt.  You can trust God for ideas that will put you in a vantage class this season.

Psalms 1:11-3 A tree located beside a river is not troubled by dry season. Some people are immune to recession. This is because of proximity and access to the Source of life and every good thing. JOIN US!

Order for New Book: FINANCIAL INTELLIGENCE FOR YOUNG PEOPLE AND STRAT-UPS. Click here to order

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FINANCIAL INTELLIGENCE FOR YOUNG PEOPLE: Part 1

This is an excerpt from my new book: FINANCIAL INTELLIGENCE FOR YOUNG PEOPLE AND STARTUPS.

Financial Intelligence means mastering the art of handling money. You can determine your financial outcome instead of being controlled by it, regardless of people’s unending wants and needs. Money has a language and until you can speak the language of money, you may earn much but lack productive cash flow. Financial Intelligence suggests that you can productively engage money to work for you and produce expected yields.

With the present economic recession, it is paramount to give attention to the following financial intelligent strategies;

  • GET A REGULAR PAYING JOB

A regular paying job is not necessarily a monthly earning job; it is a job that ensures periodic and constant income; it may be monthly, weekly, daily or even quarterly payment. Get involved with an organization that you work with on full time or part time basis and secure a regular channel of income. No matter how young you are, get something legitimate that puts money in your pocket regularly. NOTE: Having this as your only channel of income is not enough!

  • WORK AT CREATING MULTIPLE STREAMS OF INCOME

A financial expert, Albert Aina said, “you need at least four channels of income to be financially comfortable”. Whatever services you can offer or talent/skill that you possess can be another money-engine. No matter how much you are paid, do not get comfortable with one or two channels of income. Learn to invest in new ventures, partnerships and entrepreneurship. Get my Empowerment DVD, “Creating Multiple Streams of Income” for diverse investment strategies and how to run them simultaneously.

  • LIVE WITHIN YOUR INCOME

The human nature has a way of lifting lifestyle to meet with income level, except the individual deliberately enforces the killing his appetite. The key factor here is discipline. Learn to differentiate needs from wants. Never make any purchase until it’s a genuine need, especially if you are low income earner. Do not live in deficit. Be realistic with your present financial level, as you take steps to increase financial income. Kill your appetite. Do not live to impress anyone.

  • ALWAYS USE A BUDGET

A budget is a financial plan clearly stating your financial commitments and how your expected income will be shared to meet each stated need on the plan. A budget is effective only when it is drawn prior to financial spending or better-still, before the said cash arrives at hand. Below is an example of a personal budget of an employee who earns N75000 monthly;

Tithe:                         10%     (N7500)

Savings:                     10%     (N7500)

Feeding:                    25%     (N18750)

Housing:                   10%     (N7500)

Wardrobe:                10%     (N7500)

Education:                25%     (N18750)

Parents:                     10%     (N7500)

This plan is stipulated before the income arrives and for effectiveness, strict adherence is necessary. Your budget should cover your needs. Business start-ups should draw up budget to cover business needs and expenditures. These details vary with businesses.

To continue reading, order for my new book. Click here: FINANCIAL INTELLIGENCE FOR YOUNG PEOPLE AND START-UPS.