Recently, I read Ogilvy on
Advertising by David Ogilvy in a bid to improve my copywriting skills
and I stumbled on this phrase; “what you learn is more important than what you
earn”. It struck a chord in my heart because my first job’s remuneration is
pathetic.
Like most fresh graduates on the
first official job, my experience is limited and there is no place than my
income statement that clearly shows it. Er, except of course in the office
where I am surrounded by professionals with half of my lifetime as experience.
Basically, little experience and limited skill equals little bargaining power.
Though I must admit when I was
negotiating my remuneration the thought of a couple of hundred thousand
shillings excited me. (It slipped my mind that those shillings must pay for all
my living expenses and fun too.) The moment the managing director mentioned the
figure I eagerly agreed.
Reality bites into my wallet
A few months on the job, I realized
that my income statement was nothing to write home about. Let alone send a
stipend to my loved ones, and that is when the end-of-the-month gloom set in.
Faced with the depressing reality that I have bills to pay and not enough
money, I sank myself into debt. Yes, I sent out a SOS to anyone who cared to
listen and give.
It took me no time, to start earning
a negative salary and to be in a borrowing cycle. By the last week of each
month I was on my knees (literally begging God for a miracle). And to add
insult to injury, it seemed my friends and colleagues had lots of money to
spend on life’s little luxuries- designer perfumes, new cars, custom made
jewelry and trips around the world. The best trip I could give myself was from
my office to my home!
My wallet fights back
But, I got out of debt by learning
to live on what I earn and accepting my limitations. I started saving and
making little investments. So when I stumbled on this book, as Oprah says it
was an “Aha” moment. My focus had been wrong. I was consumed with amassing
wealth instead of learning. It’s not
what you earn but what you learn that counts.
What’s more, you will get more kyeyo deals at
better fees. (Yes, if you feel your employer doesn’t pay you enough moonlight!
A quote from David Ogilvy.)
Too many fresh graduates are so
focused on ‘living the life’ – partying hard, spending money on a whim and
showing your swag. Just because so-and-so has a fancy Toyota Rav 4 and you only use a Rav 2(your two feet), doesn’t mean
anything!
Well, you would ask about
ambition and the multi-billionaires with Mercedes Benzes? Those high
flying people in business and the professional world are wealthy because they
have amassed skill and experience. It also took those chaps years to accumulate
their wealth. I choose to believe I will get there by learning more.
A few tips to keep money in your
pocket
Since reading Ogilvy on
Advertising my eye is on what I can learn not what I earn. My
research on the internet and in financial books turned out these gems:
1.
Don’t spend on impulse: plan for
whatever you need. It may seem cool to splurge but you’ll it regret when you
have to walk home or miss lunch. Budget, budget!
2.
Save at least 10- 30% of your
earnings. This is very painful for me, because everything seems more urgent so
I raid the bank. I kicked this in the butt by getting a fixed deposit account
and a standing order to ensure it goes into that account.
3.
Pay off your debts immediately.
Another painful thing, it is so sweet to receive but payback ain’t nice.
4.
Find a housemate: after years
of living with your folks or relatives, I know it’s the last thing on your mind
to stay with them longer. However, living with family can help you save some
money till you are financially stable. Or you can get a housemate to share the
rent. Sigh, still struggling with this one because am selfish when it comes to
my personal space.
5.
Start a business: my best friend got this right she saw she
didn’t need a lot of capital to start her snack business. Now she delivers
snacks to her work colleagues every morning and makes quite a profit.
6.
Cut down on your outings: you don’t
have to scrap it, just cut back. You don’t need to club like a Fresher unleashed on humanity or drink
like a fish.
7.
Watch the little things: you would
be amazed to see how much those tiny expenses amount to. I have soft spot for
buying airtime daily because it is only 1,000 shillings and I adore muffins.
However, I realized that this cost me as much as my rent at the end of the month.
8.
Set financial goals: this is my
favourite, I love writing down my plans but struggle to execute them. Be real,
write goals that are feasible.
9.
Spend less than you earn: it sounds logical but it needs discipline. If
you spend more than you earn, you don’t need to be financial guru to figure out
you will be broke.
10.
Be happy. Ok, I did not find this in
a financial book I just discovered that if you stay positive, somehow good
things come your way.
In a nutshell; learn all you can, do
all you can and earn as much as possible.
(These tips were adapted from www.studenomics.com and www.associatemoney.com)
(These tips were adapted from www.studenomics.com and www.associatemoney.com)
This article first appeared on
http://the360network.com/
