Lagos: Real estate expert Mr Sunday Ogunmade has charged Local Government (LG) workers with ensuring judicious income management for long-term financial stability.
Ogunmade, the Chairman of Satef Homes and Property, gave the charge at the Nigeria Union of Local Government Employees (NULGE), Lagos State Chapter Women Summit, held at Ojo on Tuesday.
He spoke on “Wealth Creation As A Premise To Finish Rich.”
Ogunmade said it was important for workers to ensure savings and avoid unnecessary spending to achieve financial stability when they retire from active service.
According to him, some workers spend their salary without saving and even use their money on liabilities. “Stop buying liabilities on credit. Liability is what you spend your money on, and it does not give you money in return,” Ogunmade said.
Ogunmade said wealth genotype concerns mindset or people’s beliefs about money. Hence, depending on how money is managed, one could be an affluent shopper (AS) or an asset addict (AA).
He said that becoming an AS would make one spend frivolously, while being an AA would enable one to plan for the future.
“Anybody that does not plan to have a house in old age will become a tenant and eventually a liability to society.
“You can agree with me that anybody who is a tenant at 65 will become a liability to the community, not even to himself, or he will retire back to the village.
“So, what we are telling the women at NULGE now is for them to take care of their wealth and money.
“They might be receiving a salary that is meagre to them, but if they take conscious belief, conscious action about how to spend their money, then it will be an excellent attitude for them in the future.
“That is why I say you should buy land anywhere you are. You can buy it, and so far, the land is genuine. If you buy a plot of land today, keep it for 10 years. By the time you retire, that money you are going to sell the land will definitely take care of your gratuity.
“You will not become a liability to your husband because biology will set in whether we like it or not. There will be a time that you will not have financial freedom again,” he said.
