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Saving: Essential Step To Wealth Creation

Saving: Essential Step To Wealth Creation

Since time immemorial, Man has always kept a part of what he had for future purposes, some seedlings from fruits bearing seeds will be kept for the next planting date, some offspring from their domestic animals will be kept for future reproduction. Since the early years saving has played a major role in keeping the balance and order of life intact.

Fast forward to the 21st century away from the hunter-gatherer and later agrarian lifestyle of thousands of years gone by, it is safe to say man is a well rounded Modern being with most of what comes into his hands as money either salary or wages on daily, weekly or monthly basis and out of it he is expected to save.

According to Wikipedia saving is succinctly put as "income not spent". It can also be referred to as money that we've decided to keep away from ourselves over a period of time to be used for future purposes.

One might ask what's the essence of saving?, the reasons are not far-fetched. First of all, saving is the foundation to wealth creation, it is the base upon which the pillars of wealth-making ideas stand, without it man cannot attain to the status of becoming rich. What do we mean when we say foundation, we mean paying oneself first at least between 5%-10%, preferably 10% should have been removed before the money undergoes any spending plan. Although for Christians I believe we should settle our tithes before then paying ourselves. According to the book: The Richest Man In Babylon For Today, it says, "A part of all you earn is yours to keep". We should endeavor to settle ourselves first before we do our bills, urge or desires as this will give us a sense of control over our financial destiny.

Also it encourages the healthy financial habits of prudence as well as budgeting. Saving can foster the habit of budgeting one's income in the sense that money to be saved, used to cover bills and spent can be apportioned properly to avoid frivolous and impulse buying.

Furthermore, it increases one's ability to seize advantageous opportunities. During poor economic situations, such as recession the Nigerian economy is currently experiencing, people tend to sell off properties such as buildings, lands, Vehicles etc at bargain prices just to have cash in hand, only those who do save can make use of such opportunities.

As the Chinese proverb goes, "The best time to plant your tree of wealth was 20 years ago the next best time is now". So start yourself on the journey of wealth creation by always saving a part of your income. Don't delay.

Written by
Isiramen D.
@Kumen_danik

About the Author

Kumen_danik

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Lagos State, Nigeria

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