Popular business mogul and billionaire, Late Aare Bolu Akin Oulgbade advised on financial prudence and how to live within one’s means. He highlighted the benefits of saving and investments.
Some people asked me because I have always said that Cash is King, for my advice on how to make Cash as King in their lives. Above is my response.
Whatever money you make or receive, spend 25% on savings, spend 50% on yourself, your wife, and your children, taking care of needs and some wants, spend the remaining 25% on investments in business that you like for a second cash income or on a property for a second cash income or on the stock market for a second dividend cash income.
Under no circumstances should you spend the 25% that you are saving and you should not touch the interest on the savings, but leave them in the savings account for cumulative interest.
The money in your savings account will be your money to be spending as your pension when you retire at either 65 years or 70 years. If you do not live to 65 years, then the accumulated cash in the savings account will be useful to your wife and children after your death.