Are you under financial pressure?

OCTOBER 1, 2014
 BY USIERE UKO


Author of ‘Practical Steps to Financial
Freedom and Independence’, USIERE UKO ,
writes about how people create financial
pressure on themselves
All of us have experienced financial pressure
at one time or the other. For many, it has
become a permanent state, almost normal.
Many parents who were not financially ready
for the September 22, 2014 school
resumption date (announced by the Federal
Ministry of Education) heaved a sigh of relief
when some states including Lagos postponed
resumption to October due to concerns over
Ebola. Still, some wished it could be
postponed further till month end as that
would relief some of the financial pressures
they are currently under.
It is tempting to think that the financial
pressures we experience are external
circumstances we have no control over. We
lose sight of the fact that the financial
pressure we currently face are choices we
made (often without thinking through) which
is manifesting in the pressure we are facing
today. We do have control over it, by
choosing to act differently. The same mindset
that got us into trouble cannot get us out. If
what you are trying to swallow is threatening
to swallow you, it is better to cut your coat
according to your cloth. I remember vividly
during my childhood when I attempted to
chew and swallow a piece of meat that was
too big for me; I choked on it as tears came
to my eyes. The only way out was to bring it
out and further cut it into smaller pieces. You
can make a quality decision that nothing will
put you under pressure, including financial
demands. Simply do what is within your
ability and let the heavens fall.
Self imposed financial pressures
Almost all financially pressures arise out of
financial illiteracy. It is a sign that funds have
been misappropriated. If it was public funds,
the EFCC would have to get involved. It did
not just jump on you. Outside the estate
where I live, is a neighbourhood of one
bedroom apartments also known as ‘face-
me-I-face-you’. During Sallah celebrations,
the whole street turns into an abattoir. There
is a full cow slaughtered in front of every
compound. Meanwhile within the estate, the
‘poorer’ residents slaughter rams. I tell my
children each time we drive past these cows
that those folks are richer than us living in the
estate.
We don’t stop to think before we spend. We
count our chicks before they are hatched and
go into things that could have waited while
we better manage what we have. Often,
money that would have been used to build a
solid financial foundation is sunk into an
abandoned project. The money is not
bringing returns while we end up more broke
than before, even owing on top of that. The
interesting thing is that rather than learn a
lesson, the moment money comes into our
hands again, we embark on another project
which soon becomes abandoned as well.
One of the most common personal financial
crimes committed by everyday people is not
having savings but spending all earnings.
Anytime someone comes to us with a sob
story, we empty our savings to ‘help’. We
hardly stop to review if the person has really
been helped or our money has gone down
the drain yet again.
When a major need shows up at our door –
major car repairs, medical bills, house repairs
etc – it is then our turn to go begging,
making the begging circle complete.
The pressure of not offending others
If you are like me, you dislike offending other
people, especially people you look up to. I
used to think when people come to me that I
am their last resort, that if I don’t help,
something bad may happen – someone will
die, get stranded, heads will roll and blood
will flow. Since I stopped giving in to
emotional blackmail, I have come to see that
nobody died, that actually counselling the
person sometimes works better than
weakening the person by giving him fish.
You will be sitting in your house trying to
balance your budget and someone very close
to you comes with ‘aso ebi’ priced through
the roof. You don’t need another attire, you
don’t even like the colour and very likely will
never wear it again after the event. You have
no budget for it, but you don’t want to offend
someone, so you dip your hands into your
savings. A friend wants to start selling things,
and insists you must buy to encourage her. A
friend needs some money to balance up the
children’s school fees, pay hospital bills etc.
We feel compelled to help so as not to offend
others. This is self imposed bondage which
has financial and other implications on us,
and those we are ‘helping’.
Friendship and money does not mix well.
Borrowing money from friends is an abuse of
friendship. It is not the job of friends to
borrow people money. It is the job of banks,
which has the liquidity and personnel trained
in administering loan portfolios. A friend can
help another in need, but the friend must
have the capability to do so. A weak bank
that bails out another simply means two
banks going into distress. In the parable of
the wise and foolish virgins in Matt 25 (Holy
Bible), the wise virgins who had extra oil
refused to give away their back up hence had
enough when the bridegroom eventually
showed up. If they had given in to emotional
blackmail, both the foolish and the wise
virgins would have ended up foolish and out
of oil.
The Lord is my insurance
Many people believe that bad things do not
happen to good people. God is their
insurance and in the unlikely event that
anything happens, they can always run to
friends and family who are nice people and
are always willing to help. This is another way
we invite financial pressure on ourselves
when incidents happen.
A lot of folks do not insure their homes and
valuables. Many have third party insurance
also known as ‘let my people go’ on their
cars. The Lord provided money for the car
and will insure it all by himself. Deep down,
they are scared while driving that nobody hits
them and when they go to an event, the
quarrel with the parking attendants while
trying to ensure that they park in a safe place
where they can keep an eye on the car, as if
the car has no comprehensive insurance
cover. Many struggle with the car keys with
gun totting armed robbers and some do not
live to tell the tale.
The same applies to health insurance. Rather
than get a complete health insurance cover
for the family, we try to cut corners, skip
annual checkups and practice self medication
while we have money to spend on expensive
party attires and adult toys. We load
ourselves with sugary drinks and junk food
and pray for healing when our body reacts to
the abuse.
Financial pressures do not fall from the sky. If
you are wondering who is behind the financial
pressures that has been tormenting you, you
don’t need to look for a prophet or seer.
Simply go to the nearest mirror and take a
good look. The face frowning back at you is
the culprit.
To be continued…


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