I bring to you 21 things I learnt from the International Youth Destiny Summit (IYDS) 10th Edition.
Have self control over the temptation of luxury. The opposite of luxury is necessity which means you can live without it. Don’t get something luxurious if you don’t need it.
Count the cost; not only for starting, but also consider finishing and maintenance. Success not maintained is worse than inherited poverty. Make sure you have the means to end what you started.
Set your priorities right. Know what matters and do them first.
Make right investments. Don’t make an investment just because everyone is doing it, only do them if it’s right for you.
Don’t let money dictate to you. Money is a servant, use it, don’t let it tell you how to be used.
It’s better to save money than to be sorry. Better to keep your money than use it for something you would regret later.
It shouldn’t only be what your money can afford but also consider if your time, wisdom, knowledge and heart (peace of mind) can afford.
Avoid greed. Before buying or making an investment, ask yourself if it meets a need or a greed.
Avoid anxiety traps. Don’t purchase things because you believe this is the best time to buy something even when you have no need for it and it ends up being a waste.
The more liabilities you acquire, the more sorrows you acquire. Work on minimizing your liabilities everyday as they don’t bring you any profit.
Acquire assets at the right time all the time. Untimely acquisition of asset is a liability. Time is more important than size.
Learn to convert liabilities into assets. If you can sell your liabilities for a small profit, it’s better than keeping them and having a loss.
Develop the passion for helping humanity, it’s fulfilling. You don’t need a lot of money to give. Just give out the little you have.
Don’t compromise on security. Be security conscious as you acquire wealth. Don’t leave your assets, even little ones unguarded at any time.
Be futuristic but rationale. Buy and invest for the future, but make sure you know enough to know that you would benefit from it.
If it’s expensive, it must be worth it - Don’t think like that. A lot of people believe expensive things are quality things, but that’s not always true.
Rationality versus poverty mentality. Don’t be poverty stinking in your mindset. Your should know the difference between not buying something because it’s not rationale and not buying because you are too poor.
Take care of yourself. If you are not well, you cannot work well. The poor considers everything vanity including good health.
Work smarter, and not harder so you can conserve energy and time. If hard work pays, the people down the ladder in a company would earn more because they do actual hard work.
Learn to invest your resources appropriately. Don’t put all your eggs in one basket. Know how to diversify.
Don’t leave out the God factor. God himself shut Noah’s ark protecting them from the flood.