Wealth is a mindset, being economically and financially empowered lies majorly in the ability to see and act on opportunities and possibilities in every situation that comes our way, and in the circumstances we find ourselves. Across the world and across all cultures, wealth is known as an indicator of economic empowerment; the means to
Wealth is a mindset, being economically and financially empowered lies majorly in the ability to see and act on opportunities and possibilities in every situation that comes our way, and in the circumstances we find ourselves. Across the world and across all cultures, wealth is known as an indicator of economic empowerment; the means to wealth and the drivers of the economy are dependent on various factors which includes but are not limited to location, time, season, sectors, policies, trading, business climate, education, innovation, and governance. All these imply that attaining a certain level of economic stability that progresses to wealth comes with a wide range of knowledge and deliberate actions; keeping in perspective that whatever is focused on, expands.
As a “frontline seater”, it’s no longer news that the world is surviving through a pandemic that has plunged almost every part of its moving social and economy strata into an abyss of stagnancy, regression and chaos except for the untouched “virtual world”. Suddenly, the world has become more digitalized; spinning and booming on virtual connections across all sectors globally. However, despite this unprecedented circumstance, we cannot afford to wallow for long in its negative effect but actively take charge and steer the ship to our favour. Therefore, as young doctors – a powerful subset of the population with the most potentials for sustainable development – we must stay on top of our game, remain relevant, and continually contribute to our individual economic growth and overall global development.
There are various types and means to empowerment, they occur on different levels but what is common to all are some crucial questions needed to be asked to create a clear and concise pathway. These questions include but are not limited to “What is my current income or financial state?” “Why do I need to increase my income?” “Where do I hope to be in five to ten years?” “What am I doing presently or planning to do to arrive at that point or achieve my goals?” “What are the likely challenges to prevent you from achieving that goal?” and “What do you spend your income on?” Or in a paraphrase, the “Where am I currently? What am I worth? Where am I going? What do I want? and What am I doing?” – mapping questions.
While I let you come up with answers to the above technical questions – to take stock of your current economic state – I would like to share some tips on becoming empowered economically. First, to be financially or economically empowered is to be financially educated. Diligently, find out relevant information that governs spending, accounting, obtaining funds for various use, personal or not, and stick to them religiously. Keep a record or copy of all financial transactions for future reference and have a thriving “investment” or keep other job options open which you can fall back to.
Some aspects to invest include Shares with banks and companies, Treasury bills, and Mutual funds, all of which should be after expert and professional consultations and advice. Other options are Relations and partnership business, Farming, Cooperative, Petty trading, Handcrafts, Research activities, writing books, Estates, houses and landed property, training – from which honorarium could be gotten as a resource person and so on. Other ways to earn extra income as a young professional could be from official trip allowances which are highly dependent on positioning, consultancy after work hours, this is dependent on expertise. Other unpopular opportunities available for lump sum investments are, Arrears of salary increment, Promotion and promotion arrears, Cooperative, Inheritance, looking within, and discovering that unique quality or idea you possess that can generate income for you, that is, venturing into entrepreneurship.
There are basic skills needed to run profitable entrepreneurship and as young doctors with mainstream potential, structured planning is needed. Self-developing and empowerment processes required to excel include “Marketing (your)self”; which entails being diligent, respectful, friendly, confident, a good communicator with seasoned telephone, e-mail, meeting, note dropping, and other essential etiquettes. Likewise, being organised and following up on opportunities that present themselves while networking with people of similar interests. Marketing product is also important and this can be done by ensuring a good location for business and maintaining it for a long period of time, leveraging on digital and social media marketing, having a business logo and card with functioning contact, Advertising through traditional media such as fliers, newsletters, magazines, signpost, bulk SMS. Also, ensure your prices are friendly and competitive, always uphold good quality and good customer service, this boosts your brand’s presence and promotion.
Medical Insurance, proper saving and financial investment schemes are also means to economic empowerment for Doctors. For example, a feasible and sustainable financial plan for health and retirement would be to work towards saving at least 0.5M NGN (500,000 NGN) annually from a young age. For example, if you start from age 31 with a steady commitment to this plan, you’d be a “millionaire” in 2 years, and with a continuous effort of amassing wealth and making your income generate more for you, by 40 you’d have saved 5M NGN, and at 50 years, 10M NGN. By the time of retirement at 60 years you should have 15M NGN or more. This could be extended to other currencies and commodities. Please be advised that long term savings are safer in hard currencies.
Adopting preventive health services such as Routine Medical Examinations, immunisation, screening tests, healthy eating, exercise etc., to avoid unwanted expenses on diseases and health conditions, also help save a lot. Likewise, some other things to avoid include anything or income that you would have to defend by “lying” or any form of deceit – beware of filthy lucre; avoid a culture of begging, borrowing, dependency, covetousness, and envy – Godliness with contentment is great gain, do not acquire debt; avoid a culture of opulence, acquiring clothing, jewelry and other material things above your means; avoid waste in food, time and energy.
Economic empowerment is important; it gives financial and social stability to the young, extending to the general populace and must be dutifully invested in.
Dr. Agoyi Mary O.
MB; BS Lagos, MSc. PH. In View (USW)
References:
Dr. Oseji M. I. MB.BS, FMCPH, FWACP, DTM&H, DHSM, MPH (HSR), Consultant Public Health and Community, Physician/Health Services Researcher; National President, Medical Women’s Association Of Nigeria; Founder/Executive Director, Public Health Impact Research Centre; Permanent Secretary, Delta State Ministry Of Health, Asaba; “Strategies To Economically Empower Female Adults And Youths For Health”; www.mwan.org.ng
Mopelola Kola-lawal, “Wealth without Borders Summit 2020 – an online summit where 12 Finance & Investment Experts around the world reveal secrets to building sustainable wealth globally”; www.mopelola.com/wealthsummit
www.bing.com
Published by the IMJC team — telling the medical stories that mainstream media miss, without bias, prejudice or favour.
