Nairabet Owner, Oloye Akin Alabi, Instructs On Financial Discipline After An Odd Encounter

Nigerian Entrepreneur and business enthusiast, Oloye Akin Alabi,  as an aftermath of his encounter with someone, was prompted to take to Twitter to teach financial discipline to his followers. The founder of Nigeria’s first sport bookmaking company, Nairabet, went on to say the biggest problems humans face with finance is wanting to live above their means.

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The businessman said someone he knows just got a good job, and came by asking to be loaned some cash in order to get a new apartment and car befitting for his new status. This did not add up in the opinion of the Nairabet boss, and he decided to address the subject with his Twitter followers.

Read what he had to say below:

“Someone I know who just got a good job that will pay him N950k monthly. Last night, he was looking for a loan. He said he needed it to get a new car and a new apartment that befits his new status? What happened to living within your means? #Thread

This is the biggest problem humans face with finances. Not being able to live within one’s means. While it’s important to continually seek to expand your means, living above what you earn will make you struggle financially, no matter what you earn.

If you earn a N1m monthly and your monthly expenses is N1.2m you will struggle. Yes, you might live better than the person earning 50k but your mind will never be at rest. You will be running from pillar to post and that can cause depression.”

So this guy is about to start earning 950k monthly and he immediately wants to move out of his “room and parlour”. Why? Why can’t he wait till he earns the money for some months, put it together and then buy a car and rent a new place?

Someone told me that a lot of members of the National Assembly are in debts. I’m told that as soon as they get sworn in, they take loans from banks immediately. A classic case of not being patient and not living within ones means. Despite the rumored earnings, many are broke.”

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The thread continued with the serial entrepreneur using his personal journey as case study, saying he lived within means and with contentment to be able to achieve all that he has now.

continue below:

“15 years ago, I didn’t have the things I have today. Looking back, I wonder how I was ever happy with the little things I had then. I never went to events or hang outs where drinks were expensive even when my mates did. And I didn’t feel any home inadequate. Not for a second.

How can someone earning 100k be buying 30k drinks? Except you have a back up of earnings, what manner of madness is that? If you have to drink, buy alomo and mix with origin and go to where they are doing “jump” in your area or better still, just sleep.”

I know a lot of people think it’s impossible to live within their means. See, if 10% is taken away from your earnings maybe in a form paycut, you would still survive. Don’t wait for the paycut. Be sensible with your finances.

In conclusion, many people are prepared to give excuses why they can’t live within their means. That’s their headache and not mine. But I assure you that if you imbibe the principle today, it will help you greatly even when you become financially solid. End.”

See screenshot below:

In the end, it just really gets down to financial discipline, and patience; with some planning to get there according to the Nairabet boss.

 

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