Michael Onas – Editor
“A good man leaves an inheritance to his children’s children, but the sinner’s wealth is laid up for the righteous”. – Proverbs 13:22 (ESV)
A quick glance at various Nigerian newsgroups across America and Europe on a daily basis reflects the same similarities; death announcements of fellow Nigerians overseas and the need to transport the deceased home for burial, along with the need to provide for the bereaved family’s immediate needs.
“Failing to plan is planning to fail.- Alan Lakein”
I am continuously amazed that this is an ongoing issue within our community in the diasporas. There is a need for an ongoing (uncomfortable) dialog in every home beyond the basic day to day survival routines, on estate planning, final expense, wills and trust. Many of us are deliberately living beyond our means, while ignoring our basic core priorities.
Average cost of life insurance policy is far less than a cup of coffee, yet many people in our community do not make the effort to protect themselves and their loved ones.
“In this world nothing can be said to be certain, except death and taxes”.- Benjamin Franklin
Perhaps we are far too comfortable in knowing that Nigerians in the community will traditionally rally around each others in times of trouble, but WAKE KEEPING is not a sustainable estate planning strategy.
Rarely has any family been able to overcome the impact of a sudden illness, unexpected loss of a father or mother from donations collected at such events. Though your “COMMITTEE OF FRIENDS” might donate a lump sum to you or your family, it is usually a drop in the endless list of expenses. Following the burial, most sympathizers generally resume their own lives and the bereaved families are left to fend for themselves. Many widows have had their homes foreclosed and college plans for children indefinitely postponed.
“Financial peace isn’t the acquisition of stuff. It’s learning to live on less than you make, so you can give money back and have money to invest. You can’t win until you do this”. – Dave Ramsey
Nigerians are the most hard working people you will ever know. In many homes, wives are working the graveyard shift as nurses, whilst the husbands are working during the day, with minimal quality time with their children or vacations, yet most do not set aside their earnings for estate planning. If you have work related life insurance benefits, it is very likely that you are under insured. Many of us look back at Nigeria and wonder just how an entire nation with tremendous resources could be so badly mismanaged, yet the same identical template of mismanagement and lack of self prioritizing are present within the four walls of our homes.
“You must gain control over your money or the lack of it will forever control you”. – Dave Ramsey
Beyond the basic need for a honest dialog, there is also a need to encourage our community to approach and handle money differently. Spiritual leaders at various Nigerian churches and Nigerians who are in the financial field should frequently host and offer financial seminars towards educating our community as a whole on the importance of estate planning and basic savings of their hard earned incomes. Parents should encourage their children to save by going with them to banks to open savings account and putting their allowances away on a weekly basis to better understand the practical aspects of compounding interest and long term benefits of holding on to money.
“The habit of saving is itself an education; it fosters every virtue, teaches self-denial, cultivates the sense of order, trains to forethought, and so broadens the mind”. – T.T. Munger
There are far too many shopping outlets, malls and online stores with Gucci, Versace and Louis Vuitton accessories awaiting your resources, but in the end, none of these items will provide for your long term care, final burial in your village, nor provide for your family.
“Too many people spend money they earned..to buy things they don’t want..to impress people that they don’t like”. –Will Rogers
Various studies shows that Africans (not just Nigerians) generally have an unhealthy and disposable relationship with money, when compared to other ethnicities across the globe. Perhaps we could blame it on, well, choose an excuse from the followings; colonialism, slavery, lack of unity, lack of self love, lack of self discipline, materialism, misplaced priorities or all of the aforementioned…you get the idea. #WakeUpNigeria #WakeUpNigerians #WakeUpAfricans
