Are you making enough money? It’s either a YES or NO!

Are you making enough money? It’s either a YES or NO!

Aug 09, 2020

3 mins

Augustine Ogwo

Augustine Ogwo

...It is often said that the average Nigerian is one terminal illness away from poverty. Sometimes, it could be a natural disaster like a flood or maybe just unplanned expenses.

At surface value, this is quite a tough question to take on. You may have heard economists talk about the insatiability of human wants.

At surface value, this is quite a tough question to take on. You may have heard economists talk about the insatiability of human wants.

Since human wants are insatiable, it seems almost impossible for anyone to agree that they are making enough money. Even the richest people on the planet are still striving to make more money.

Grammy-nominated Nigerian artiste, Burna Boy even sang about how one of the world’s richest black people, Aliko Dangote is still striving to build more wealth. “Dangote Dangote, Dangote still dey find money o”.

Although you may never agree to have made enough money, let’s check out some yardsticks which will help you in determining if you are on the right track or not 🤔.

Emergency funds

It is often said that the average Nigerian is one terminal illness away from poverty. Sometimes, it could be a natural disaster like a flood or maybe just unplanned expenses.

To this end, it is important to plan for various unforeseen circumstances. You can’t completely plan for emergencies but you can always set aside some money as an Emergency Fund and top it up periodically.

If you can’t maintain an Emergency Fund, you are probably not making enough money yet.

Indebtedness

Are you always in debt? Are you always needing a credit card to cover for your expenses? Do people have panic attacks when they see your incoming call?

If your answers to the above questions are NO, you are doing well 😉.

On the other hand, if your answers are YES, you are definitely not making enough money.

It is important to understand that being in debt might not be a bad thing if the loan was used for mortgage or investment purposes.

However, if you are constantly borrowing money for survival, it means you need to boost your income.

Savings

Does your account balance experience some growth at the end of every month? Are you able to grow your savings periodically without hassles? Are you able to save more than you planned to?

If your answers are in the affirmative, you are on the right path to making ‘enough money’.

Are you that person whose account balance goes to zero or is always witnessing a decline before the next paycheck? You aren’t making anywhere near enough money yet.

Prompt payment of bills

Are you the type of person who gets to pay their bills once they are due? Do you schedule periodic payments to beneficiaries with apps like Eyowo? If you are in this category, you are doing well, oiin.

If you can’t automate your bills payment without fretting, you are probably not making enough money yet.

Charity

If you’ve been contributing to charitable causes like HelpNow.ng, you are definitely making enough money.

Even if you aren’t making enough money, you can still donate what you can to charitable causes while working hard to boost your income.

If you currently do not make enough money, you can always diversify your sources of income.

If you already make ‘enough’, be like Dangote and remember there’s always more to make.

Not to worry, we will be sharing more tips in the coming weeks.

Do you currently make enough money or you aren’t close to that yet? Let us know in the comment section.

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