Book Review|| Money Won’t Make You Rich

The problem is not in how much you earn but in how much you spend. To the extent to which you’re able to reduce your expenses, you’re able to accumulate wealth – Sunday Adelaja





Author: Sunday Adelaja. 

Genre: Christian, Personal Finance.

||How I came across the book

On a visit to one of my friends last year, I stumbled on the title and decided it’s a must read.

||Expectations 

While I’m familiar with the Author’s name, it was my first time reading any of his books…so I had my fingers crossed about what to expect. 

||Lessons

A lot of good lessons to be honest…let me highlight a few without copying out the entire book…lol.


What Money is:

– Money is a good slave but a bad master.

– Money is a reward for the production of goods and services. 

– Money moves in the direction of value. The more value you add, the more money you’ll make. 
– If money means to us more than a piece of paper, we are depending too much on it.


What Money is NOT:

– Money is not the same as wealth. If you could have all the comfort that wealth brings, you won’t need money. 

– Every money that comes your way has a source. In actual sense there’s no free money.


Money vs Wealth:

– Wealth is not a miracle, it must be created. It is wickedness to desire what you did not work for.

– Wealth is not a matter of gamble or chance. Lottery is a fool’s way of making money.

– Wealth does not come by working harder or longer, it comes by applying the right principles.

– Income does not determine wealth, knowledge does.

– Knowing the secrets of wealth creation is more important than any monetary handout.

– One principle of wealth creation is to seek to resolve problems and give good service.


On Saving & Investments:

Fools waste money, the mediocre spend money while the wise invest money.

– Savings always add up if we are committed to it.

– Your savings plan should be simple and definite.

– Concentrate on having more assets and investments than you have liabilities.

– Gain takes time. Don’t be in a hurry to reap the benefits of your investments.


On Discipline, Budgeting and Lending:

– Money doesn’t tame desires, only discipline does.

– Personal Integrity is measured by how much you are able to hold on to the promises you make daily to yourself.

– Any amount we put aside from our salary is the only amount we actually get.

– Develop a budget and live by it. A good budget brings order, plan, and focus to your finances. 

– Budgets help you keep your expenses in check. They remove unexpected expenditure from your life.

– Never lend out what you’re not ready to lose or donate. You’re not a bank. 

On Greed and Contentment: 

Greed is the enemy of contentment. It makes you want something so badly that you are willing to violate the rights of others to get it. 

– Greed makes us want more than we can handle. 

– Money will not make you happy, value makes you happy. 

– Godliness with contentment means having a deep gratitude and appreciation to God for what you currently have. 

The Rich vs The Poor: 

True millionaires shun get-rich-quick schemes!

– Rich people have an investment mindset while the poor have a consumer mindset. 

– The rich acquire more assets while the poor acquire more liabilities. 

– The rich are accountable for their money while the poor spend carelessly.

– Successful people love work, the poor only believe in luck.

– The rich do not really work for money, their money works for them. 

– The rich take note of opportunities but the poor overlook them.

– True millionaires live below their means. They would rather live without than buy things on credit.

– A true millionaire knows how to maximize time, talent and resources.

– While the poor are obsessed with having more money, the rich often trust in their own riches rather than God. 

The Christian and Money:

– God is not a philanthropist on a poverty eradication campaign, he is a businessman who entrusts wealth to his faithful stewards. 

– God wants to meet our needs, not satiate our greed. If we measure our lives only by our possessions, we have no more hope than an unbeliever. 

– Money will destroy us if that’s all we are seeking. Money is just a means, not an end.

– God’s kingdom principles apply to money as much as they apply to anything else. 

– God wants us to be rich so we can carry out his purposes, which includes reaching out to the unsaved.

– When God blesses us with money, let us remember it’s God’s.

– If we are not faithful with little, God cannot entrust us with much.

– We can’t blame God for being poor if we refuse to make use of the opportunities he brings our way.

– When you have money working for you, you have the time and opportunity to work for God. 

– A believer should be content living with little as well as with much. 


Personal Finance Rules:

– Do not take a loan if you don’t have a capital that exceeds the loan.

– Never spend on what you can do without.

– Save at least 10 times of whatever you spend on pleasure. 

– The quality of your life is the quality of your thinking, you cannot make a lot of money if you think you can’t.

On Financial Knowledge and Opportunities:

Prayer will not save you from financial ignorance, knowledge will.

– Financial knowledge is like a magnet that attracts more riches. 

– Never stop learning. Continuous Education is the minimum requirement for achieving success.

– Opportunity comes when it comes, and often unexpectedly. We cannot guarantee opportunities, but we can guarantee our preparedness.

– The amount of money people make is a direct result of the amount of knowledge they have.


On Hardwork, Vision and Fulfilling Your Calling:

Master your field. If you’re casual about life, you’ll remain a mediocre.

– Every time you meet a need, you fulfill your calling.

– You alone have the ability to share the knowledge you have gained, for no one else has lived your life.

– Each individual was uniquely designed to meet another individual’s need. No man was created an island.

– Hard work should be enjoyed not endured. Only after you’ve worked hard, should you make time to relax.

– Great people become great by discovering other people’s problems and providing solutions to them.

– What gives us ultimate joy is not the profit of our labor but our contribution to mankind.

– Vision leads to provision. Money flows in the direction of vision. 

– People who achieve success in life never postpone or procrastinate with their vision.

– Don’t compare yourself with others. Compare yourself with your calling and destiny.


On little beginnings and overcoming obstacles:

– Just like a ladder, the higher you go, the more effort it takes to acquire success.

– Those who can minimize the distance between decision and real action are those who become great. 

– The person who does the barest minimum while expecting to accomplish the maximum, is setting himself up for failure. 

– An excellent spirit causes you to go the extra mile. 

– The best way to attack fear is to go ahead and do what you’re afraid of doing.

– Problems can be powerful tools that push people into discovering new ideas and hidden potentials.

The Three Laws of Money:

The first law of money is multiplication.

The second law of money is retention.

The third law of money is investment.


||Conclusion

If you do not already know what you need money for, then you really do NOT need it.


||Challenges

This was a moderately voluminous read and I think in trying to emphasize some points, the writer was quite repetitive. 

While he made many great points, I do not agree with everything he wrote (maybe because I’m yet to get to that level of financial understanding). 

||Recommendations

A good roadmap for every young believer commencing the journey into personal finance.  
***

I hope you enjoyed this review. 

:::requ1ne:::

    ❤️❤️❤️

HouseJob Chronicles: Financial Wisdom 101

Well, this series was supposed to be all fun but this particular post may take on a serious tone.

Let’s talk about that thing called SALARY!

I know my salary is my business and your salary is your business, but when all is said and done, you can be a great doctor and still be broke.

That’s why I’d like to share some of the insight I’ve acquired, mostly by experience with you.

Since I’m no expert, this post is as good for me as it is for any Newbie House Officer.

That said, let’s dig in.

Now that you have a job, it feels like you have finally arrived.

It is not funny when a few months into HouseJob you start going broke left and right, and just as you finish clearing one debt, another one accumulates.

Here are a few tips that have helped me stay financially sane:

1. BEGIN WITH THE END IN MIND


Sounds cliché, right?

Trust me on this one, your salary can develop invisible wings and fly away overnight.

As a doctor, you should have clear-cut SALARY GOALS.

And the best time to decide that is before you earn your first salary!

What are your immediate Post House-Job plans?

*Port abroad?

*Write Primaries for residency in Nigeria?

*Take a well-deserved trip to Dubai?

*Get married?

*Buy a Car?

Whatever it is, you’ll probably need a substantial amount to follow through.

The average Naija Houseofficer has a “take-home” of 100k (minus taxes and other deductions).

So what will you do with all that money?

Spend it all? Or Save some of it?

What will be your Spending:Saving Ratio?

50:50?

20:80?

10:90?

60:40 is comfortable and works well for me.

So find out what works for you, and make it work.

2. HAVE A BUDGET

Maybe you never had a budget as a medical student because pocket money was not an issue.

Now that you’re earning your own pay, it’s wise for you to have a basic budget.

It’s hard to plan a budget, it’s even harder to follow through.

The goodnews is that a budget should serve as your guide and not your master.

Before that alert hits your phone, get a pen/notepad and write out your budget.

* How much goes for feeding/groceries?

* How much for utilities? transport? rent?

* How about emergencies?

Having a budget may not make sense to you initially, but soon you’ll realize its importance.

3. BE GENEROUS BUT APPLY WISDOM


Here in Nigeria, doctors are a big deal as far as an average family is concerned.

In some families, a doctor is seen as a beacon of hope to alleviate all forms of financial distress.

While there is nothing wrong with meeting some of the financial needs of your loved ones, don’t throw caution to the wind and think you can solve every money related problem that arises.

You’re not the GREAT Provider.

It is even more tricky for guys, when “baes” of different sizes and shapes are involved.

Bros, your name is not Santa Claus. Receive sense in Jesus’ name!

Before you became a doctor, there were needs. Now that you’re a doctor, there are needs.

God forbid that you lose your medical license or fall ill, there will still be needs.

Wisdom, is profitable to direct.

4. BEWARE OF 419

Everyone wants to get richer and doctors are no exception.

Doctors are easy targets to scammers in the name of investors.


If you’re a Nigerian living in Nigeria, you’ll know that Passive Income is the trending thing.

I’m no expert in the world of Multilevel marketing or Cryptocurrency, but I’ve seen people put in a whole lot of money with zero returns.
It can be devastating.

My point is, don’t say YES to every invitation to invest. Double check any idea you’re being offered and do your home work before you launch in.

May you not fall a victim of 419. Amen.

5. DON’T WORRY, BE HAPPY.

When all is said and done, your present salary is not enough to fulfill all your future dreams.

It’s very tempting to want to save to the last kobo and live like a peasant during housejob.

That however is unwise.

You’re not in this world to suffer. 

You worked hard for this money (remember the many years you spent studying tirelessly in school), so you deserve to enjoy it.

Flex a little. Shop for some new clothes or shoes. Go on a mini-vacation. Give yourself a treat from time to time.

Don’t WORRY about the future. After all, no one is guaranteed of tomorrow.

Save what you can. Give what you can. Invest what you can.

And spend the rest like a boss.

6. MONEY IS NOT EVERYTHING.

You know this.

I know this.

We all know this.

But for some weird reason(s), we like to think/act the opposite. 

As if everything depends on money.

You worth much more than your pay check. Remember this. 

So even if you don’t earn enough, to save, invest or spend as you like-the value of your life is definitely more important to God than your salary.  

***

For wisdom is a defence, and money is a defence: but the excellency of knowledge is, that wisdom giveth life to them that have it. Ecclesiastes 7:12 KJV

Cheers!

:::requ1ne:::
❤️❤️❤️