
Mistakes of Esau: 10 Harmful Habits That Ruin People's Destiny
Do you feel like you're repeating the same mistakes and missing out on your dreams? Mistakes of Esau: 10 Harmful Ha…
Do you feel like you're repeating the same mistakes and missing out on your dreams? Mistakes of Esau: 10 Harmful Ha…
Global
Trend: The Decline of the Middle-Income Class and Its Impact on Economy and
Politics in no small measure. The unfortunate situation is the shrink is more
to the poor side of things than the rich side of things. The poor are not just getting poorer; the
number of the poor is also increasing astronomically. This phenomenon has been
in a consistent fashion over the years, and it has consequently threatened the
stability of the world economy and politics. What is the way forward you may
ask? The aim of this article is not just to highlight the problems, but to
prefer solutions that are far-reaching to both individuals and the community of
people as a whole. We're fully aware that nothing we write in this post will
stop the worst from happening because no one but God can. This post is about reawakening the
consciousness in ordinary people like you and I so that we are not victims of
the changing world. Different
governments of the world are still dillydallying whether to accept crypto or
not and how to regulate it should show you that the politicians and governments
cannot transform fast enough to be able to protect you from the shock of the
pending recession and the aftermath of the war in Ukraine and God forbid world
war 3
Whether
you like it or not, there is a major crisis on the horizon. Unfortunately, no government or political
party has the solution to the problem; not Peter Obi, for the Nigerians hopeful
of his emergence as the president of the Republic of Nigeria. Not even Donald Trump of the USA can solve
the pending economic crises of the United States.
The
world as it is today, should show a special interest in the US economy because
of its strategic position in the world’s political and economic system. it is
even worst for Nigeria my home country because of the over-dollarization of the
Nigerian economy. In reality, the world becoming two class income society
staring us in the face, you are either poor or you are rich, no more middle
ground, and it is a serious problem in our hands. You are either part of the problem (poor) or
part of the solution (rich).
Things
don’t just happen, there are a number of factors that contributed to this
trend, and they include:
The rapid pace of technological advancement
has made it difficult for some middle-class workers [with low educational
qualifications] to keep up. As new technologies emerge, some jobs become
obsolete, and workers need to be reskilled or retrained in order to find new
jobs. This can be a difficult and costly process, and not everyone is able to
make the transition successfully and timely.
The
gap between the rich and the poor has been growing in many countries, and this
has made it harder for people to move up the economic ladder. This is
especially true for those who are already struggling to make ends meet. That is
why we keep repeating it; the poor are getting poorer, you know the rest of the
line.
The
rise of globalization has also led to a decrease in manufacturing jobs in
developed countries, such as Nigeria, as businesses have moved their operations
to countries with lower labour costs, constant and affordable power and a generally
favourable business environment. This has disproportionately impacted the
middle class, as many middle-class workers were employed in manufacturing.
The
shrinking middle class has a number of negative consequences for the world
economy and politics. Some are obvious while some are not, but getting hooked
to this blog and on our social media platforms will regularly keep you
informed. Some of the obvious impacts include:
A strong middle class is essential for
economic growth. Middle-class consumers have more disposable income to spend,
which drives demand for goods and services. This creates jobs and stimulates
economic growth. When the middle class shrinks, it can lead to slower economic
growth as seen around the world in recent times.
A strong middle class is also essential for political stability. Middle-class citizens are more likely to be politically engaged and demand good governance. When the middle class shrinks, it can lead to political instability, as people become more frustrated with the status quo.
I
have been alive and conscious since the return of democracy in Nigeria in 1999
and one thing I have discovered is that things get worst with each
government despite the political campaign promises. The price of goods and
services has gone in only one direction - UP! Whereas the politicians get richer
and richer but the citizenry gets poorer.
Here is the twist: election years in Nigeria have been marked to be the year with the most cash flow in Nigeria's economy. The politicians doll out the cash to buy and induce voters. It is the time most people in the corridors of power usually ‘cash out’ big. Generally, the economy is lubricated a bit more and most Families have more cash to spend, the market women are happier going to the market because there are more buyers. But, months into a new government, prices of commodities go up beginning with fuel pump prices, and Naira to Dollar exchange rate, coupled with various degrees of increase in tax and introduction of new ones here and there. What happens next; the affiliate labour unions threaten strike action but the leaders of the various unions soon settle with the government officials. Thereafter the people will shout and mumble among themselves for a while and get used to the new reality. Life then continues as usual till after the next election year as we are expecting in 2023. Even before the commencement of campaigns for the elections, the political party's primary polls has already been reported to have the highest rain of dollars more than it has ever been seen in the history of elections in Nigeria. But will more money solve the problem of poverty in Nigeria? Will collecting back this money stolen by these politicians solve our numerous money problems? What do you think? Let us know in the comment section.
Most people believe that money answers all things, I do too. But the problem of poverty is that it is not a thing. Poverty is one problem that money does not solve because of the many underlying causes; chief among them is lack of education. Even Jesus Christ, the Messiah did not say to give the poor money rather he says to give the poor information (education). He says in Luke 4:18,
The Spirit of the Lord is upon me because he hath anointed me to preach the gospel to the poor;
That
is why Noble Solutions is about financial education for all. Moving on.
The
problem with the money the politicians are throwing at the people is that money
without education only creates more poor people and keeps those who were ab initio poor poorer longer. I mentioned the money power play between the
poor and the rich in my book; Mistakes of Esau.
In the book, you will see how the rich retrieves the money they give to
the poor, who is poor as a result of lack of financial education and leave them poorer than they were. Take it from me; the only solution to poverty
is financial education not throwing money at the poor. Not even dashing them
with sowing or grinding machines, not by giving them wheelbarrows or even
motorbikes as it popularly done by politicians during election campaigns here
in Nigeria under the pretends of empowerment.
But they know those things they give out for votes won’t change their
lot eventually. They can give out
anything and spend any amount to win election but what they will never give the
people is education. That is why they
are not disturbed that the country’s universities have been on strike for
several months now and they are still carrying on as though nothing is wrong.
Nigerian politicians and indeed African leaders deliberately use poverty as the tool to induce loyalty in other for them to perpetuate themselves
in power and they know if the people should get education, they will lose their
grip on them. So they are doing everything to make sure the people don’t get
mental emancipation. ASUU can remain on strike all they want nothing will
happen but let NUPENG, PENGASSAN or any other oil workers union go on strike
and you will see the speed with which the government will meet their
demands. That will tell you where the
priority of the government lays.
The political, economic and financial well-being of any people is always directly correlated to their financial literacy (education) level. The S&P’s Global Financial Literacy Survey defines financial literacy as the ability to understand essential financial concepts in making informed decisions about saving, investing and borrowing. Check the standard of living, life expectancy and general wellbeing of the countries with the highest financial literacy level and you will see the strong correlation between financial literacy and poverty. For instance, the top 10 Most Financially Literate Countries include Denmark, Norway and Sweden at 71% respectively. Canada at 68%, Israel at 68%, United Kingdom at 67%, Germany at 66%, Netherlands at 66%, Australia at 64% and Finland at 63%. United States of America is fourteenth at 57% literacy level but compare the standard of living and the poverty level there with that of their Mexican neighbours, which stands at 32% to make more sense of what am saying.
In Africa, Nigeria is at 26% being the one-time world poverty capital with a life expectancy below 55 years and 53.5% living below the poverty line of $1 a day - Wikipedia. The only country in Africa that is above 45% literacy level is surprisingly Botswana at 52%. Lack of financial education coupled with greed is the reason Ponzi schemes and scam investment programmes thrive in Africa, especially Nigeria. Financial education will teach you how to invest, what to invest in and when to invest. All three factors must align in profitable investment decisions. P square sang in a song and said.
If I no get money I get who to borrow
But things are changing faster than you can imagine and soon you will not have who to borrow because those you are looking up to are also distressed financially. Even the banks are hardly lending in Nigeria.
The
Impending Recession, if allowed will mean a serious problem that needs to be
addressed. There is no easy solution, but some possible steps that can be taken
to protect your financial future, include but are not limited to:
The
importance of a good financial education cannot be over-emphasised for not just
investors and entrepreneurs but for career men and women as well. Beyond knowing how to protect your financial
future, knowing where to invest, how to invest and when to invest, you also
need sound financial education is also important in helping to ensure that
people have the skills they need to find good jobs in the 21st-century economy.
This is the
most important thing you can do to get your finances under control. Avoid impromptu buying no matter your reason. Say no to the pressure from marketers who use the FOMO strategy to lure buyers. A budget will help you track your income and
expenses, so you can see where your money is going. Once you know where your
money is going, you can start to make changes to your spending habits to align
with the changing time and reality. Budgeting will help you cut back on
unnecessary expenses. This could include things like eating out, going to the
movies, or buying new clothes and other non-essential wants.
Get a
second job or side hustle to help you bring in extra money to meet the
increasing demands occasioned by the hike in prices of commodities.
Some have
some items stacked up in their storehouses that they will never use again.
Selling those items out at this time to raise more cash won’t be a bad idea.
This could include things like furniture, clothes, electronics, etc.
This
account which is separate from your savings account is to be used for expenses
only. Only put money budgeted for daily, weekly or monthly expenses in this
account. Beyond helping you to stay on
budget it also has some security benefits. Having a separate expense account
help you save and guard your other funds and not expose them to unsuspecting criminal
and POS/ATM fraudsters. More on that is days to come.
If you are
struggling to get out of a financial, it may be helpful to get professional
help from a financial advisor or counsellor. They can help you create a plan for finances and how to create wealth. Ask for help from family and friends. If you
are struggling to make ends meet, don't be afraid or shy to ask for help from
your loved ones. There is a saying
A closed mouth is a closed destiny
Finally, we have seen that people are not poor because they lack money but because they lack financial education. I will end with this quote from Thomas Jefferson
…material abundance without character is the surest way to destruction
Event to watchout for this September:
Happening This September: Marriage Fitness Coaching
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