THRIVING IN YOUR FINANCES IN SPITE OF THE HIKE IN FUEL

A few years ago, I came across the biography of Andrew Carnegie (one of the richest men of all time) by David Nasaw. It is a very fantastic read. What intrigued me the most about the book was the tragic story of Andrew’s father, William Carnegie. By trade, he was a handloom weaver of fine damasks; one of the thousands of that trade in Dunfermline, Scotland. For many years, these handloom linen weavers thrived largely through the American export market because there were no tariffs on linen (America had no linen weavers to protect). Hence, William Carnegie prospered greatly in his chosen craft. And then, without warning, calamity struck. The Panic of 1837 in the United States drained American coffers of gold, the medium of international exchange. Credit evaporated, banks failed, wages fell and unemployment soared. As in any economic downturn, it was luxuries – like linen tablecloths and napkins imported from Scotland – that were sacrificed first. Before long, William and his other colleagues were ruined. It was either they adapted to the changes or were left to rot in poverty. After a few years, William, Margaret, his wife and their two young sons Andrew and Tom emigrated to America with the hope that things would turn out for them there. On getting there, rather than being flexible, nimble in thinking, and open to new opportunities; William tried to continue his handloom trade there. But that didn’t work. No matter how much he tried to market his wares; people were not buying them. Yet, he remained adamant - unwilling to change. He kept on doing the same things again and again; and expecting different results. He refused to stretch himself, learn and grow; though he was a young man of 44 years. Needless to say, he died broke, discontented and unfulfilled.

The removal of the fuel subsidy is obviously unavoidable; if we would progress economically as a nation. However, it is leading to untold financial pains and heartache. Imagine a Gentleman/Lady earning N150,000 ($200) monthly; if their total cost of transportation to and from work is N60,000 per month prior to now; with the removal of the subsidy, they would be spending more than double of that every month. Yet, they would still need to feed, take care of family, pay children’s school fees, and pay house rent, just to mention a few. I dare say that every one of us is feeling the heat of this subsidy removal; it’s only the degree that may differ. Here are a few suggestions on how you can thrive in your finances in spite of the fuel subsidy removal:

First, Don’t Panic. I know that things may have gotten pretty tough for you lately. Personally, I have felt the heat too. But we must not panic. The usual response to such things as this incessant increase in the cost of living is to lament and complain endlessly. You and I must however not play the victim’s card. Agreed, things are rough here and there, but we must think in terms of solutions and not the problems. We must ask ourselves, “What can I do to mitigate the situation? One piece of the advices I give to my clients is to set up an emergency fund. It usually comes handy in such a time as this. Another thing I advise is to engage a Financial Advisor. There are a lot of things that you may not readily see that they would open your eyes to. I recently had a session with a gentleman who needed other sources of income. And within a few minutes, I was able to help him uncover six (6) different new streams of income that he could leverage immediately.

Second, be Mindful of Your Mental Health. Truth be told, many folks would fall into depression this season. Especially with the seeming sense of helplessness and hopelessness that is being felt by them. My advice for you is to be very mindful of the content you allow into your mind. If it is not going to add value to you, then discard the content. This is the time for you to intentionally cultivate a wealthy mindset. See yourself as very rich, no matter what your current bank balance may be reading. Believe with all your heart that you can never be poor or broke again for the rest of your life. When others are complaining about how bad things are, don’t join them. Don’t associate with those who perpetually complain or murmur. Keep believing that no matter what, things will work out for you. Some days ago, an old friend of mine called me on the phone and as we were catching up on old times, he suddenly asked, “Ben, how have you been surviving with this removal of fuel subsidy?” I said, “If they pound the yam of Nigeria inside a leaf, and cook her soup inside a groundnut shell; me I will be satisfied. No matter how bad things become in this country, I will thrive.”

Third, be Open-Minded. You must not make the mistake of William Carnegie as described in the story shared earlier. He refused to adapt and change when it was obvious that he would not be able to survive if he continued in his old profession. We must be adaptable and nimble-minded especially because new opportunities would emerge in seemingly unknown terrains. As I was thinking about the last administration, though it was a very unfortunate era in many ways; many people still made their fortunes legitimately. I submit to you that some people like us would also make our fortunes in this new Tinubu era. Hence, you need to be open to new opportunities. Be willing to study, learn, unlearn, relearn and grow. The bigger you become on the inside, the bigger the opportunities you attract to yourself. You also need to be ready to collaborate with others.

In conclusion, there are more potential positives than negatives to be obtained in the aftermath of this fuel subsidy removal. At the end of it all, it is what you see that you get. If you see things turning out well for you, they will. And if on the other hand you only see the negatives; that’s what you’ll get. Make a wise decision today.

I love you.

Benjamin Aduroja

Global Financial Consultant

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