Many people are familiar with the saying, “money is a good servant but a bad master.” But what does it actually mean? Essentially, if you use your wealth wisely and make it work for you, it can serve you well and help you become even wealthier. However, if you let money control you and spend more than you can afford, it will become your master and you’ll eventually find yourself broke.
Unfortunately, many people are better at spending money than making it last. They may have enough money to buy something, but that doesn’t mean they can actually afford it. For instance, imagine you just made a profit of 2 million Naira from a job. You see a second-hand Range Rover for 1.9 million Naira at a car lot and decide to buy it because you want to impress others. But in reality, you can’t afford the car’s maintenance, fuel, repairs, and other expenses. As a result, the car becomes a very expensive liability that you can’t get rid of easily.
Alternatively, if you want to become wealthy, you need to invest your money in assets that can multiply your earnings. For example, instead of buying a Range Rover, you could use the same 2 million Naira to purchase a 24-seater bus and hire a driver to provide transportation services. With time, you could purchase more buses and grow your business until you’re making 2 million Naira every week. Once you’ve built up enough wealth, you’ll be able to afford any luxuries you desire, including a Range Rover.
The key to building wealth is to invest your money rather than spending it all. By denying yourself some luxuries in the beginning and allowing your money to work for you, you’ll eventually be able to afford the things you want and more. In short, it’s better to let your money work for you than to spend it on things you can’t afford. Investing your money in assets that generate income is the key to becoming wealthy. It may require some sacrifice in the beginning, but the rewards will be worth it in the end.
So, remember to treat money as a servant, not a master, and invest your seed rather than eating it.