by Eric Blair | |
Hint: I think not |
Almost every child growing up in Nigeria with self-made well-to-do parents have heard the stories of how their parents had to work hard to make it in a country where there is no support from the government. We heard stories like having to walk 15 miles every morning to get to the only school in the village. We heard stories of having to walk to streams of water every morning to get water for the home early before going for lessons.
Many parents in Nigeria had it difficult from the start apart from a select few who were born into rich families. At that time, most parents met each other when they did not have much, and today they are well-to-do, and are able to afford to send their children to the best schools, buy them the best cars, pay for their vacations to visit countries around the globe, and do many more. It is important to remember that most of the parents doing all these today for their children had nothing at the beginning. So how do most young adults stack up in comparison to their parents?
Many young adults complain about unemployment and limited opportunities which are rightfully so, however, when given the opportunity, what do they do with the money? They mostly do not know the difference between what you can afford and what you can buy. They begin to try to impress strangers who had no hand in their success, spending exorbitantly, and having an entourage. So what happens when something goes wrong unexpectedly?
They are back to the kerb running to their parents for money because they had no savings. For instance, having $30,000 in your bank account does not mean you can afford an item that cost $25,000 if it cannot make more money for you [e.g. a new car]. When you make such purchases, you cannot blame the devil if you lose your job tomorrow because you basically lived your life on the edge. The worst part is that, if their parents lived that way, they would probably have had nothing to be able to sponsor their education and get all the fancy stuff they get for their children.
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I once met a friend’s dad and I was surprised that he travelled by road to come visit his son. This man had sponsored his kids to study abroad for years but was still able to comfortably travel by road to save up the extra cost he would have incurred traveling by air however, I meet many young’uns my age who will proudly tell you that they cannot travel by road anymore.
The worst part is that these young’uns have nothing attached to their name and are probably unemployed but they are already striving to live a life they cannot support financially. Recently during the change of government policies that affected the Banks in Nigeria, there was a banker who was among the unfortunate individuals who lost their jobs. He just did a wedding and spent all his savings on the wedding.
Monday morning, he’s at work, and he’s shocked as he finds out he has been fired, after just clearing out his account to do his wedding. Now this was unfortunate, but it all comes down to poor planning. Weddings in Nigeria can get very expensive when you plan to impress your new family members and friends but doing it with all the $50,000 saved up in your account to impress people shows poor financial management and unfortunately, he got a wake-up call on Monday morning.
Parents with millions of dollars in cash and assets still bargain when they are out to buy goods or services but when it comes to the young adults, they spend more than their parents monthly, purchasing goods and services without even bothering to bargain in a country where bargaining is the norm. Parents are usually surprised when they find out that their kids who still collect money from them purchase items they themselves would not buy because they find these items to be expensive even for their standards, and this is how many young adults live in Nigeria.
So do you still think the Children will be as rich as or richer than their parents? Maybe a few of them would be but for most who had well-to-do parents, we don’t think so based on the current patterns of their spending habits. It is common news to hear of a young adult who ran through an inheritance of millions of dollars in less than three years. So control your spending, realise that you don’t need to impress strangers, cut off the entourage [Celebs keep up appearances to make a living], and work hard. Please leave your comments below. Cheers
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The worst part is that these young’uns have nothing attached to their name and are probably unemployed but they are already striving to live a life they cannot support financially. Recently during the change of government policies that affected the Banks in Nigeria, there was a banker who was among the unfortunate individuals who lost their jobs. He just did a wedding and spent all his savings on the wedding.
Monday morning, he’s at work, and he’s shocked as he finds out he has been fired, after just clearing out his account to do his wedding. Now this was unfortunate, but it all comes down to poor planning. Weddings in Nigeria can get very expensive when you plan to impress your new family members and friends but doing it with all the $50,000 saved up in your account to impress people shows poor financial management and unfortunately, he got a wake-up call on Monday morning.
Parents with millions of dollars in cash and assets still bargain when they are out to buy goods or services but when it comes to the young adults, they spend more than their parents monthly, purchasing goods and services without even bothering to bargain in a country where bargaining is the norm. Parents are usually surprised when they find out that their kids who still collect money from them purchase items they themselves would not buy because they find these items to be expensive even for their standards, and this is how many young adults live in Nigeria.
So do you still think the Children will be as rich as or richer than their parents? Maybe a few of them would be but for most who had well-to-do parents, we don’t think so based on the current patterns of their spending habits. It is common news to hear of a young adult who ran through an inheritance of millions of dollars in less than three years. So control your spending, realise that you don’t need to impress strangers, cut off the entourage [Celebs keep up appearances to make a living], and work hard. Please leave your comments below. Cheers
More: The countries with the most Natural resources
More: The most corrupt nations in the world