Reducing consumption, taking bold steps, necessary for surviving in today’s economy, says Adeyeri
Rotarian Abayomi Adeyeri has admonished Nigerians to reduce their personal consumption and be ready to take bold steps to survive the current Nigeria’s economic dispensation.
He gave the admonition during the Multi-Club Learning Seminar, organised by the Rotary International, District 9110, with the theme: “Creating Hope Through Knowledge Capitalisation,” which took place at Dowen College, Lekki, on August 24, 2023.
Adeyeri, an experienced banker and financial expert, who is also the author of the book – Multiple Bold Steps – is one of the facilitators at the seminar.
He said: ” It takes financial discipline and intelligence to navigate through this economic situation we are in as a nation. Inflation is eating deep into incomes and you should be able to understand your rich ratio. This is the relationship between what you have and what you need. You are only poor when your rich ratio falls below one. This not a time to have a big appetite when you are not yet there financially. We must learn how to augment what we need so that what we have can accommodate them conveniently to maintain a modest rich ratio.”
Adeyeri added that every household needs to take bold steps to increase their personal income, saying: “Your cash flow should determine how you spend and what you acquire. With this simple formula: Production – (Consumption + Maintenance), your production less your consumption and maintenance is equal to what you are left with. Consumptions bring about corresponding maintenance costs. Avoid unnecessary maintenance costs by cutting your coat according to your clothes. The basic needs should be prioritised.
“Your income is your production; therefore, you need to look at various investment vehicles to deploy in moving from a linear income earner to residual and then finally a portfolio income earner. The book contains analysis of steps to take to be financially free.
He further explained: “Simplicity of achieving wealth was being able to earn more than you spend. If someone spends exactly what he earns, he has a ratio of one. If you earn twice what you spend, your ratio becomes two, and on the other hand, if you spend twice what you make, your ratio is 0.5.”
“A simple calculation but one in which so many people do not understand how to break down to a ratio, a number. You need a ratio greater than one to amass wealth.
“Though the economic situation is not how we want it to be, we can only make the best out of this situation when we are determined to damn failure and embrace success by taking bold steps. You may fake the steps initially, but as you proceed by taking further steps, you will suddenly realise that your steps are in the right direction, taking you to your desired destination.”
Present at the seminar are important members of the Rotary Club from various clubs and notable individuals from Rotary District 9110 namely, District Governor Ifeyinwa Ejezie, Past District Governor Jide Akeredolu, Past District Governor Kola Sodipo, the President of the Rotary Club of Lagos where Abayomi Adeyeri is the current Chair fundraising- Major General Abiodun Role (Rtd),
President-Elect Adetunji Lamidi who is the Managing Director of FCMB Microfinance Limited and Elder U.K. Eke the immediate past Group Managing Director of FBN Holdings Plc.
Recognition award was given to two members of the Rotary Club of Lagos amongst others by the District Governor namely Elder U.K Eke and Abayomi Adeyeri for their support for the success of the seminar.
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