I never know I'm going to attend financial education training today at government house. I wasn't with pen and notebook for it. During the training, I felt like, I never know anything about money before. No wonder learning never stops. I thought I know how to manage money, how to spend only on my need not want,but today, I learned that even in my need, I should give myself 30 minutes to think if really that is my need or want.
This financial literacy training was a paid training but I attended it free. See me see opportunity. Husband and wife who is running supermarket in Uyo had challenge in their business so they were introduced to an accountant to train them on how to manage money in a business. According to the Man they started the business 5 years ago with 10 million naira but today, the capital is not up to 3 million naira again. He said, we need help. Now see the questions that the accountant asked them to find out where there problem is coming from before they will acuse someone for nothing.
- Where is the location of the business?
- Do you remembered the day you started the business?
- How many people were living with you then?
- Are you in a rented house or is your own house?
- Is your children still in school,if yes, how many of them and their classes?
- How much do you spend on food each week?
- How much do you spend on hospital, monthly?
- How much do you spend on clothes every month?
- How many family members or friends have you lend money from this business since last 5 years?
- How many of them paid back and how did they pay you back?
The question was so numerous that I can't count all. You know this couple was like, does all this matter in running a successful business and he asked them again. How often do you take stock of what you have in your shop?
This one hour training with just few people has opened my eyes on what managing finances really is. I was exposed to my mismanagement of money today to the point I said, if I had learn this 5 years ago, I would have been a better person today than who I am today.
I was just smiling at myself on mistakes I made on managing money. Financial literacy education is really for everyone not only business owners. A student, house wife, carpenter as long as money enters your hands, you need financial advice. There is one touching question the accountant asked, he asked, do you have clothes,shoes, watch, silpas, jewelry, hat, car, house that you don't use in 6 months. If you do, you don't really need those things. You bought it as want not need. He emphasized that need is what we can't do without. Need is what we need daily not yearly.
Lesson
I have learned so much from another person advice today. Although I didn't go there for this but I said, thank God I did. It was so interesting to me that I have to ask the accountant, how much should I pay for you to come and educate everyone in my family. Financial literacy education is not something to joke with. I'm telling you the truth. Here on hive, those who had financial training will do better than one who do not even if their earning and circumstances is the same. How to manage it is the key, how to invest it and invest wisely in another factor of growing wealth.
Business is meant to grow not to collapse, yes if one is running a business without taking record year after year, you can see that the grave of the business is by the Conner. I felt satisfied after the training and have made plans on top the one I had already made to grow my business from one level to another.
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Indeed financial education is something everyone needs. I think I've learned one of two things here today.
Thanks for sharing.