Self-Devpt. Nuggets™

Those who have experienced severe lack of money and gone on to become financially successful often display frugality and prudence in handling money. The authors of “The Millionaire Next Door” reported from their over 2 decade study of mostly self-made millionaires across America, that majority of them built their wealth slowly and from scratch too.

Getting rich that way takes time and great discipline too.

We are told that many of them enjoyed long years of marriage and in most cases the couples actively collaborated to find ways to both save money, and also grow the money they saves.

Many had/have a penchant for seeking bargains in shopping for clothes and other consumables. They rarely chose to buy from expensive high end stores patronized by free spending celebrities and career persons living high consumption lifestyles.

Today, I had a meeting with Professor Idowu Oladele

He co-authored the paper I recently got approved for international publication on use of Excel-VB Software Development for Feed Formulation by Smallholder farmers and Extension Specialists.

The last time we saw each other was in 2005, when I’d visited the University of Ibadan (Oyo state, Nigeria) to get my transcript.

During our conversation, he’d shared his experiences in academia with me, and I’d left with a copy of his extensive and very impressive resume. Some weeks later, in consultation with him, I’d created a web based version of that resume and hosted it on a sub domain on my website.

He would eventually move to a university in Botswana, while participating in various international projects.

Today, he is the Director of the School of Agricultural Sciences at North West University, in South Africa.

We’ve come a long way. Keeping in touch since we both graduated in the same set, in 1992, from the department of Agricultural Extension Services of the University of Ibadan. We came top of the class back then.

Today, our collaboration on an international level marks the beginning of a new era. There is so much value we can add to smallholder farmers across Africa.

We went outside the hotel grounds to have lunch.

While speaking with the attendants, we noted that the price for virtually every item on the menu was really high.

For me, it was way too high. Those who have read my first article about why I relocated to Benin Republic will have noticed my deliberate emphasis on low cost of food in that small country.

Dele made a valid point that we were only going to eat there for that day, and would not return afterwards. I agreed with him, but noted that it still pained me anyway, and that if I’d been alone (and the one paying), I’d have chosen to go elsewhere.

Like I told him, it’s not just about the money.

For me, I find it greatly upsetting that food should differ so sharply in pricing between two neighbouring countries. That’s why anytime I visit Nigeria these days, and I have to buy food outside the home, I feel like I’m throwing money away.

My experiences with lack of money, and the discovery that I can get good quality food, in Cotonou, at almost a third of the price I pay in Nigeria, makes it hard for me to do otherwise.

For me, that money could be put to better use, if not saved away for the future. Dele expressed agreement with what I said by recalling a Yoruba saying that water dripping slowly, if left to continue, will eventually fill up a room, should it find no outlet to escape through.

At that point I let on that people have criticized me for being miserly, or even stingy with regard to money.

In response I’ve often told them the anecdote I read about John D. Rockefeller.

One day, John D. Rockefeller used a pay phone to make a long distance call. He’d put in a number of one dollar coins to cover his call. By the time he was done, and he checked how long he’d been on, he realised he’d used up less time than he’d estimated he would. His calculations showed he would get at least one dollar change back from the machine.

But after he hung up and waited a while, nothing happened. So he knocked on the pay phone, shook it, thinking the coin got stuck. Still no money came out.

Determined, he dialled the operator and said “Hi. I just made a call and spent less time that I’d put coins in the pay phone for. But despite all my efforts, it’s refused to produce my one dollar coin change!”

The operator apologized and said “Can you tell me what your name is Sir?”

He was about to say “John D. Rockefeller”, when it occurred to him that being a millionaire, the operator would be shocked to discover he was the one complaining about a mere one dollar of change!

So he said “Never mind. I’ll let it go.” And he hung up.

John D. Rockefeller explained that in the Rockefeller family, every child from a very early age is taught to have a very high regard for the smallest unit of money.

They are made to realise that every dollar adds up, and must therefore be well accounted for when spent.
This attitude is what has helped the Rockefeller family preserve its massive wealth from generation to generation.

I have adopted that mental attitude, and actively coach my kids to do the same thing at every opportunity.

When you can eat a good, satisfying meal for N100, why spend N200? Why not spread that N200 over 2 decent meals?

And it’s not just with food. In every area of life, the same rule should apply.

Anyone who wants to build long lasting wealth will adopt this approach to handling money.