Financial Education: Tapping Into The Core Fabrics Of Many Ignorant Societies.
Statement Of The Problem
I got a reply to one comment I made on a certain post here on Hive and I saw a user in question associating being staked or powered up to being rich. While I found the comment really laughable I discovered that a lot of people are totally ignorant of what the word "rich" actually means, but why is this? Not having the right financial education.
Truth is, the effect of financial education is so underestimated, it taps into the root of so many modern societies struggling hard to keep up with the dynamism of the world. For example, in so many Nigerian societies, it's thought that buying a car before building a house is foolhardy, while this might be true in some certain situation, it's totally not true in every situation. Take a look at the world currently, people who own cars and own driving license can actually become an Uber driver.
I once talked to an Uber driver who earns more than $120 per day in Nigeria, in Nigeria earning this is big, you're comfortable even if this is your main hustle. Truth is, most of the jobs people underrate in Nigeria are some of the highest paying gigs, people are so caught of with the illusion of working in an air-conditioned environment, they often equate this comfort to grandeur which they automatically see as the true definition of "having money".
This is because in Nigeria, we frequently associated some jobs to being rich. One of these types of jobs is the banking sector. Truth is, some local drivers and Uber drivers earns more than most top bank managers, but because people typically associate quality of job to the end result is why a regular graduate will choose to be a bank clerk rather than be a driver or a home tutor.
The Issues With Status Misplacement
This is one of the reasons why people don't understand the meaning of being rich, wealthy comfortable, average or even poor. Now back to why it's regularly felt that owning a car before owning a house is foolhardy. Nowadays, owning a car brings one versatile, firstly, you stop spending on transportation. (In Nigeria, after food, spending on transportation is the next big thing.)
Secondly, you move at ease, business proposition becomes easier, especially for someone who is into a business where they need to move a lot. Another thing is, car rentals have become a thing. People rent cars for their wedding and even rent cars for events. Another aspect of monetization is through Uber, which is totally a big deal when done properly. Then, should we even begin to debate the essence of comfort in increasing our productivity on a daily basis?
This isn't to say there aren't negatives to owning a car before owning a house. Some people buy cars without thinking about maintenance or how to properly put it to use beyond its original use case of comfort which they've bought it, and it ends up becoming a liability rather than investment. A car isn't totally a liability, so also it isn't always a proof of one's financial capacity, this is evident in so many sophisticated societies, but this is far from the case in Nigeria.
A lot of people find it difficult to measure what wealth truly is and this is because of their inability to properly apply some economic concept in real world use cases, does it boil down to being educated and having a degree? No. It's one of the reasons why so many people are educated, but they're not smart or intelligent in real-time situations. Mentality is another thing that plays a key role in what people believe as fact or truth.
Mentality & Money
"Facts" are different from "truths". A person might seem or look rich. This makes it a fact on the surface, but it only becomes true when it's been verified with proof. A lot of people attach "status" based on what they see. I live in a country where what you wear speaks volume of your financial status. This is a mentality that is also held by the people who are supposedly educated, while this spells so much of our educational institution I believe mentality taps into the very fabrics of every sector affecting the belief originally held by people and erroneously changing it.
I live in a society where people don't just fake it because they want to make it. They're faking it because there are many others who care to know their worth. Being broke or poor makes people look at their fellow humans like as if they're the real definition of failure. This is why people become wannabes and follow bandwagons. The wrong set of mentalities are some reasons why some finds it difficult to be financially educated.
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Financial education is so underrated, if I had learned earlier what I know now, I'll be miles away but it is never late to start learning.
It definitiely is, but the truth is we eventually learn with the kind of exposure we eventually garner with time. In a sophisticated society, it's actually a priority.
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I don't think everyone would learn though even with exposure, people are different and what might be a learning process you wouldn't be to another.
Exposure is totally different from another. I learned through exposure and experience. With the right and impactful exposure people eventually learn.
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Exactly what I am saying.
Yeah, thanks for the comprehensive comment.
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Thank you 😊
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You hit the nail on it head, if everyone could understand things this way, I believe there will be an improvement about the finance in the country..
Just like you said, everything is not all about white collar job, but the majority of people craving to be there, forgetting that there's something they can do that is better than banker.. just the fact.
If buying a car will will be of good benefit for you economically, there's nothing bad about it and vice versa, like I will always say, everything in life is all about finding our balance.
Financial ignorance has led majority to make mistakes, and there's lot to learn from this article, like I really grab something from this.
Thanks for sharing .
I don’t know why people have this believe that you must show off for them to believe you have money, some of us are still trying to make a living and we have more important things to face than showing off. At the end we must do what Favour us irrespective of what people are saying
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Hahaha, I guess there's this internal satisfaction that comes from showoff. It's probably a Nigerian thing. Best way to convince many that you've made it is to showoff. But then what people don't know is, living beyond what others thinks or feels, takes one very far.
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Very very far, when you live a life that you can afford, save on time, eat on time and sleep on time. Enjoy the process without pressure
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People just need to understand that things might make more sense to actually get because it will pay off. I saw all the credit card churning videos but I never joined in because I don't like to spend that much. At least I would not spend enough often to justify all the cost of doing so nor do I travel enough to make it worth it.
However it does work for some people and if it does, I see no reason to look down on them.
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Exactly, sometimes one might spend wisely buying a car, for another person, it might be a terrible decision. Some of these decisions depends on whether it's actually worth it or it isn't.
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I think this things are caused by the societal norms we grew up with. And because some of them are tagged good/bad, we accept it with our full open hands not considering that these norms are not backed by any facts whatsoever.
There was this day I was going through my neighborhood and overheard a discussion on this topic. This guy said... "Left to me, I'll buy a Sienna or Bus, let the worst happen".
I slowed down to understand their argument. The guy was saying, He can live in the bus, earn his means and transport himself without stress. The only stress would be fuel, maintainance and feeding which he can definitely take care of. Lol. I found the idea amusing but It spoke volumes.
A man who rides bike in our area just finished building his own house. It came as a shock to me. I knew him to sleep in a general shack that bike men use and lock up his bike. One time, i summoned courage and asked him how. He trusted me because as he said, I like to mind my business and not a problem person. Also, my mom is very well known for frying Akara in our area. He's our customer. In a day, he could make about 10k if he does his business well. That why he'd been hesitant on renting a place is because the whole money would go there and he was very secretive knowing that it's not everyone who like or wants your progress. He's now on his way to wed at age 38... To be honest, I'm still a bit shocked. He'd been riding the bike for 10 years now as he couldn't get a job after earning BSC, Masters and even PHD.
Phew! This is quite the revelation. Honestly it's always good to get to hear about financially educative stories such as this. These exposure is what actually educate and teaches people. Now the general norms we believe are actually changing. Having a car these days doesn't signal flamboyance whatsoever. The tides are changing and most norms about the society are totally Changing. I can relate to the guy who wants to sleep in his sienna, honestly people who go the extra mile nowadays are the ones that attains their financial goals.
It's quite wonderful to relate to these stories
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Yeah. You can imagine how I feel