PROBLEMS OF SINGLE INCOME STREAM

Many people complain endlessly about the salary they are paid that is insufficient and that is why they have a lot of financial problems.
I had to undertake a research to discover, if truly it is insufficient salary that is making people to have financial problems. My findings were amazing and I have come up with a solution that I will share with you.
There are three steps to solving the problem of insufficient income or salary that I have come up with.
• Cut your expenses.
• Live within your means.
• Make extra income.
Before the explanation, let’s look at the facts;
1. Your salary/income can never be sufficient for you because human wants are insatiable.
2. If your employer pays you all the money in the world as salary, you can never be rich, it’s true, all the money in the world cannot make you rich and does not make one rich.
3. Not everybody can start a business or run a business. Many employees used to see the money flowing into the office of their bosses without sitting down as well to calculate the expenses their bosses incur aside salaries paid to staff, before they conclude that they are poorly paid.
4. No matter where you work, be faithful. If your company does not pay you well, it’s been found that God does lift one above what company pays if you are faithful to the demands of your job function. But if you are unfaithful and the company does overpay you, God equally abandons you to your fate.
5. No millions or billions is made in one day. After-all Rome was not built in a day. Every big amount of money is made gradually. Do not try to make millions by defrauding your organisation. Remember the golden rule,’ what you sow is what you reap’.
Back to the three steps for solving insufficiency problem, again it is important to follow the steps in the order presented above. If your pay check is small, step one admonishes you not to look for extra income rather cut your expenses. That leads us to the first point.
CUT YOUR EXPENSES
Write down your recurrent expenditure and check the ones you could cut. Some people are collecting N20,000.00 as salary and they use recharge card of N7,000.00 every month, take transport of N6,000.00 and at the end of the month, they say the salary is insufficient. On a serious note, once you begin to consume recharge card above N3,000.00 every month, you better consider using post paid. One of the reasons so many people become poorer faster is because they earn income from a source and they spend it through many means as they fail to cut excessive means that are not necessary.
In spite of spending in several ways, some still in indulge and lose money in the under listed ways to a reckless abandon and become poorer still.
a. MAKING UNNECESSARY PHONE CALLS; unnecessary phone call is a call made when the need for it isn’t there. This include calls made to somebody you will be seeing soon and the matters to be discussed can wait until you see each other. These are very rampant among young persons. This is quite an easy way to lose money and get poorer than you think.
b. MAKING PHONE CALLS WHEN YOU ARE ANGRY; when you are angry, you are no longer in control and can get careless about many things even your money and as you lose it, you get poorer.
c. USING PREPAID THAN POST-PAID LINE; checking how much you use monthly in terms of prepaid
line, that is, try to keep all the recharge cards or vouchers you are using and see how much you use per month. Walk up to the telecom company you use or get one of their staff to help you confirm
What value in Minutes conversation the amount you spend per month? You will marvel at the revelation that would be passed unto you.
d. LEAVING HUGE AMOUNT IN CURRENT/SAVINGS ACCOUNT FOR MORE THAN 30DAYS: Any amount in excess of N200,000.00 mustn’t be left in your Current/Savings Account for 30days or more because better interest rate can be derived if kept in Fixed Deposit Account. All you need do is talk with your Account Officer on the processes and you begin to enjoy better interest on your money while it idles away.
e. CHEQUE BOOK/ATM CARD BEING HANDY: if you carry your ATM or cheque book around, you are most likely going to be tempted to be drawing from your account at the slightest opportunity. To overcome this challenge, carry your cheque book or ATM only when you have budgeted/planned for the amount to be drawn.
f. PLANNING YOUR JOURNEYS: whenever you travel unexpectedly that is not planned, you often spend more. So plan your trips before embarking on them.
g. POOR NEGOTIATING POWER: if you poor at negotiating of don’t even negotiate you lose money. All you need is have a mindset for negotiating on prices of anything you are to buy, even in a price tag store, ask for discount if necessary. You may surprised at the positive response that could pay in. Just negotiate properly.
h. OVERSPENDING AT CEREMONIES; some persons have a culture of buying up-to three different attire for a particular ceremony. Overspending at burial ceremonies, Child naming, Marriage or whatever will only leave you poorer. Some even go a-borrowing for ceremonies only to be sorrowing later when paying back. Take this, ‘you won’t die, if you don’t overspend on a ceremony, you will only be better off financially, so why kill yourself, cut your coat according to your cloth.
i. KEEPING MONEY AT HOME; the more money you have around you, the more probable the chances of spending the money in unbudgeted expenses. Try and discipline yourself on saving spare and unbudgeted sums.
j. BUYING WHAT YOU DON’T NEED; why spend N50,000.00 on a phone when N15,000.00 can get you something equally good for phone services. Some buy computers of higher configuration just to brag and they pay more of-course. Before you buy electronics, ensure you have thought it over and decided.
k. BUYING GOODS (FAIRLY USEDPRODUCTS) WITHOUT WARRANTY; some fairly used products come with as much as 12months warranty, these are good to buy, but some other don’t ever have a warranty, although they come cheap, however, you pay more on the long run.
l. BUYING SHARES WITHOUT UNDERSTANDING THE MARKET; The stock market has it’s dynamics, some people jump in for the benefits without attempting to understand the market. They lose money there-on.
m. BUYING PROPERTIES WITHOUT DUE DILIGENCE AND FINDINGS; when you buy properties without finding out the state of the property or putting your papers straight, you lose money.
n. WRONG LIFESTYLE; If you smoke, do alcohol and womanise, you certainly would be losing a-lot of money recklessly and pursuing poverty competitively. Correct your lifestyle and lust quickly and bounce back on track.
Four basic sources of expenditures include:
i.) Necessities;
ii.) Desirables;
iii.) Luxuries;
iv.) Wastages.