Financial literacy is the ability to understand how money works in the world: how someone manages to earn or make it, how that person manages it, how he/she invests it (turn it into more) and how that person donates it to help others.

It has become a long standing culture for the Nigerian government to always borrow. We borrow to consume and not to multiply. When money is borrowed for investment purposes, there is a certainty of future accrual of benefit as a result of such venture. However, when borrowed for consumption, there is a protracted increase in the amount borrowed. This kind of debt is due to financial illiteracy.

  A good number of Nigerians, despite being financially buoyant are financially illiterate. Even Nigeria as a country is rich but not financially educated.Financial education”  is a way of learning the positivity one can achieve from his finance. Financial education reduces ignorance and dispels fear of tomorrow.

 Many Nigerians are positive thinkers without adequate plan or preparations.   Since Technology keeps advancing ,Technology keeps eliminating jobs. Soon the unprepared or financially uneducated individuals will have to dance to the music.
What most Nigerians called good education  is merely book training for a job/career, but most often, real education starts after graduating from schools. Education is evidenced in its practice and practicability. This is why employers usually ask every applicant for years of experience. For many graduates, they think they are through with education once they graduate from an higher institution. But truth is this, Most Nigerians are academically, professionally and religiously educated but financial uneducated.

It’s only the few that are economically educated that seems to realize that the global financial crisis such as rising & falling of crude oil & naira depreciation is bigger than any leader or country can solve.  Well, there is this grand illusion that an average Nigerian voter has. They actually believe that their elected politicians can solve their financial problems or can act as their mythical god mother that will just wave her hand and their financial problems will disappear; while forgetting that people also struggle financially in countries with the most buoyant economy.

Truth be told, the government has its duty, but this does not negate the fact that we citizens have ours too. That the government refuses it’s own duty also shouldnt make you and I absolutely irresponsible. You will all agree with me that Nigerians have this habit of pushing their problems forward to the government. Expecting the government to solve what’s supposed to be their personal problem. Some Nigerians get to the extent of expecting the government to clean up their own environment. They live in dirty surroundings and blames the government for it.

Learning how to handle your streams of income is your responsibility not the government’s. Learn the art of investment, learn the art of saving, the art of spending, budgeting and planning. Then you will find it easy to convert that “small income” into large well of fortune.

The key to having a stable future is by getting financially educated
Here are few books you can read to enhance your financial literacy.
Rich Dad, Poor Dad (Robert Kiyosaki)

Rich Dad’s Cashflow Quadrant: Rich Dad’s Guide to Financial Freedom (Robert Kiyosaki)

The Richest Man in Babylon (George S. Clason)

Think and grow Rich (Napoleon Hill)

The Millionaire Next Door (Thomas J. Stanley)

I Will Teach You To Be Rich (Family Sethi)

Your Money and Your Brain (Jason Zweig).

We all need to curb the entitlement mentality of the government, Why not start an independent portfolio so that you can control what happens to you after retirement while bearing in mind that Financial education is the pathway to building a formidable empire of wealth.

Author: Odeyemi Qawiy Bamidele a.k.a Bamson