Real estate expert Mr Sunday Ogunmade has advised local government workers to manage their income prudently to secure long-term financial stability.
Ogunmade, who is Chairman of Satef Homes and Property, gave the advice on Tuesday at the Nigeria Union of Local Government Employees (NULGE) Lagos State Women Summit held in Ojo.
Speaking on the theme, “Wealth Creation As A Premise To Finish Rich,” he stressed the importance of cultivating a savings culture and avoiding wasteful spending to ensure financial security after retirement.
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,” he said.
Ogunmade said wealth genotype has to do with the mindset, the believe of people about money, hence, one could be Affluent Shopper (AS) or Asset Addict (AA), depending on how money was managed.
He said that becoming an AS would make one to spend frivolously, while being an AA would enable one plan for the future.
“Anybody that does not plan to have house at old age will become a tenant, and eventually a liability to the society.
“You can you agree with me that anybody that is a tenant at 65, such a person will become a liability to the community, not even to himself or he retired back to the village.
“So, what we are telling the women at NULGE at this present time is for them to take care of their wealth, of their money.
“They might be receiving salary that is meager to them, but if they take conscious belief, conscious action about how to spend their money, then it will be a great attitude for them in the future.
“That is why I say you should buy land anywhere you are, you can buy it, so far the land is genuine. If you buy a plot of land today, keep it for 10 years. By the time you retire, definitely that money you are going to sell the land, will take care of your gratiuty.
“You will not become a liability to your husband, because either we like it or not, biology will set in. There be a time that you will not have financial freedom again,” he said.
