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May 26, 2019
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Menzgold And Classes To Be Learnt

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“Gold flees a person who would power it to inconceivable earnings or who followeth the alluring recommendation of tricksters and schemers or who trusts it to his personal inexperience and romantic needs in funding”. – The Fifth Regulation of Gold – George S. Clarson.

The primary time I learn this legislation, I used to be questioning how gold (cash) might flee. Nonetheless, I instantly found that gold flees after we lose it. An excellent mixture of the components on this legislation, trigger us to lose cash. They’re: “inconceivable earnings”, “schemers”, “inexperience” and “romantic needs”. Anytime folks lose cash in Ponzi schemes, these are the forces at play.

I’ve been privileged sufficient to facilitate a number of workshops organized by the Institute of Administration and Entrepreneurs. In a single such event in Wa final October, I used to be practically attacked by one of many members. Certainly, however for the truth that folks knew I used to be the facilitator, they might have thought I did one thing dangerous to this man.

What was his beef? I had admonished the members (who had been primarily authorities employees) to make investments, so they might enhance their incomes. I made the case that it was suicidal, as a person, to depend on one supply of earnings. I made different statements referring to entrepreneurship, funding and normal monetary literacy. Once we went for lunch break, this man adopted me up and mentioned; “Sir, actually you began very properly, however your conclusion was not good in any respect”. I requested him why! He mentioned; “Many individuals admonished us to take a position and after we did, we misplaced our cash”.

His dialog was very confrontational that when you didn’t know, you’d have thought we had been preventing. He wouldn’t even enable me to speak. I subsequently, allowed him to vent his anger and frustrations on me, as if I advised him to take a position his cash wherever he did.

At lunch, I sat on the identical desk with him so I might take heed to him and perceive his drawback a lot better. He opened up and advised me he had taken a mortgage and invested it in DKM and misplaced the cash. As if that was not sufficient, he took one other mortgage and invested it in Future leaders Microfinance and misplaced that one too. So when he heard me speak about investing, he thought I used to be a type of “Deceptive” folks to take a position and lose their cash. As of the time we had been conversing, he mentioned he was nonetheless paying the loans he took for these investments. Certainly, he concluded that he won’t ever make an funding in any respect.

Sadly, many individuals in Ghana are like this man who confronted me. They go to highschool, get hold of a number of levels, get themselves good jobs or companies and earn a living. However they don’t perceive something about cash. Having ‘tasted’ cash, they really feel how good it ‘tastes’, so that they wish to earn extra of it. Nonetheless, as a result of they don’t study something about cash and funding, something goes. And like this man they get annoyed by no means wanting to listen to something about funding; some even commit suicide.

Menzgold is however one of many dangerous funding schemes that occurred to us. Should you bear in mind fairly properly, there was PYRAM, then ONWARD funding, DKM, God is love US Tilapia and so forth. Menzgold is actually not going to be the final of them. They’ll all the time include little smiles on our faces and go away us with frustrations, hypertension and typically demise. They’ve left with us indelible psychological scars, which may by no means be erased from our minds. I promise you we are going to quickly brood over the Menzgold losses and soar into different ones. So how can we deal with the present difficulty and make sure that we don’t get burnt the subsequent time? Following are my humble solutions:

(1). Take Accountability to your selections. I wish to be blunt with the purchasers of Menzgold that they need to take duty for what occurred and STOP BLAMING EVERYONE, however themselves. I hear folks blame the BOG. They blame authorities, pals, relations and plenty of different individuals. Blaming folks won’t resolve the issue! The answer is to just accept that YOU precipitated the blunder! Did I hear you say the president ought to intervene? Whenever you had been incomes your returns, did you ever assume there was a president in Ghana? You in all probability thought you had been sensible once you had been having fun with your returns. Taking duty, particularly in midst of loss and ache, is the very best stage of maturity. You want this stage of maturity to go away behind Menzgold and transfer forward to the riches that await you. By no means enable Menzgold to ‘end’ you financially. Be matured!

Your mates and family members who referred you to Mensgold did it as a result of they wished you to earn a living. Not as a result of they wished you to lose cash. So that they did it out of affection and concern to your good. So if issues go dangerous, by way of no fault of theirs, you shouldn’t blame them. Thank them and transfer on. There’s a saying in my space that, “when rain beats you, you don’t beat each other.” Subsequently, you had been all overwhelmed by rain (the Menzgold rain). Don’t attempt to beat yourselves!

2. Learn. Thomas Carlyle mentioned; “What we turn into depends upon what we learn after all of the professors have completed with us. The best College is a group of books”. The Second factor to do is to hunt monetary literacy. I’ve all the time argued that Cash is in regards to the subsequent necessary factor after air! From beginning to demise, everybody requires the usage of cash. But, many are those that assume that cash is evil. They overlook of the mosques and Church buildings it builds, the orphans it cares for, the Bibles and Qur’ans it prints and so forth.

Cash lubricates {our relationships}. In its absence, households have fallen aside, sufferers have died, youngsters have dropped out of college and plenty of extra. Subsequently, there may be the necessity for us to study; “What cash is, Methods to purchase it, and Methods to deal with it”.

A technique to do that is to learn books on private finance. Books resembling “Grasp Your Private Finance” By Paul Kofi Mante; “12 Keys to monetary Success” by Stephen Adei; “How To safe Your Monetary Freedom” by Joseph Kyei Ankrah and my very own guide; “The Gospel of Wealth creation” can be of super assist to anybody who’s critically focused on understanding about and bettering his/her monetary literacy. Within the overseas entrance, you could possibly learn: “The Rich Barber” by David Chilton; “The Richest Man in Bibylon” by George S. Clarson and “Wealthy Dad, Poor Dad” by Robert T. Kiyosaki.

However there’s a drawback! Many Ghanaians don’t like studying. Many people like something however studying. As soon as we safe one diploma or one other, we are inclined to undergo from the vaccination principle of training. I believed I used to be additionally “vaccinated” till I used to be impressed by Uncle Ebo Whyle to learn. Then I noticed that I had cheated myself for fairly so lengthy.

The rationale I admonish you to learn these books is that nothing about cash is believed in class. If you’re a legislation scholar, you might be taught observe legislation and presumably earn huge cash. However not what to do with the cash – deal with and multiply it, nobody teaches you. Even the one educating you doesn’t know, so how does he educate you? I’ve found the significance of studying in wealth creation a lot such that I’ve included “Studying” as one of many 9 rules of wealth creation in my guide; “The Gospel of Wealth creation”. Whenever you learn you already know. And when you already know, you advantages from two (2) issues: the information acquired prevents you from being harm and you employ the information to amass wealth the best manner. Take studying critically and (to be within the phrases of some pastors) ‘your life won’t ever be the identical’.

(3). Uncover, use and profit from the magic of compound curiosity. Albert Einstein describes compound curiosity because the eighth Surprise of the world. You wouldn’t imagine how briskly compound curiosity could make you wealthy till you uncover and use it to your profit. Do you know that when you had been 35 years previous and also you invested GH₵367.02 month-to-month, compounded on the price of 15 per cent, you’d hit GH₵1,000,000.00 by age 60? Now GH₵367.02 multiplied by 12 (months in a yr) multiplied by 25 (years to age 60) equals GH₵110,106.00. The distinction of GH₵889,894.00 (i.e. 1,000,000.00-110,106.00) was collected by the magic of compound curiosity! If this isn’t fantastic, inform me what else is! What’s much more attention-grabbing is that the GH₵1,000,000.00 doubles to GH₵2,000,000.00 at age 65 (assuming you cease contributing) and quadruples to GH₵4,000,000.00 at age 70. That is what is known as ‘making your cash give you the results you want’. A few of these illustrations have been highlighted in my guide, “The Gospel of Wealth Creation”.

4. Be affected person. All the things value having is value constructing. You aren’t going to take a position in the present day and turn into a millionaire in the present day. So when you resolve to profit from the magic of compound curiosity, it’s essential to be affected person. There are going to be obstacles and temptations. The temptation to withdraw the cash and gratify your self; the temptation of one other ‘MenzGold’ promising heaven and delivering hell; or the temptation of feeling you could have arrived, when you haven’t even began in impact. But when you already know the place you’re going and why you’re going there, ‘no weapon common towards you shall prosper’.

In conclusion, Gurdip Hari mentioned; “Nearly all of mankind is in search of fast cash; they lack the persistence to comply with the best path in life and are taking shortcuts in a blind race that leads nowhere, a race that nobody will ever win.” I do hope you’d desist from looking for fast cash as a result of you’ll by no means win anyway. And make sure you use the best path, particularly through the use of compound curiosity to build up actual wealth. Do not forget that worry kills extra folks than demise. So don’t enable worry to cease you from investing once more just like the man in Wa. You solely want to take a position properly and ‘knowledgeably’.

You probably have leant one thing from this text and also you need ‘additional and higher particulars’ or when you want a replica of ‘The Gospel of Wealth Creation’, you possibly can contact me through 0268363341 or [email protected] Want you all the most effective. Thanks for studying this text.

Disclaimer: “The views/contents expressed on this article are the only real duty of the writer(s) and don’t neccessarily mirror these of Trendy Ghana. Trendy Ghana won’t be accountable or accountable for any inaccurate or incorrect statements contained on this article.”

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