Making Sound Financial Decisions: Open A Bank Account

Making Sound Financial Decisions: Open A Bank Account. Part 5

Now here is a mystery: studies recently undertaken on small holder farmers, showed that a farmer who opens a bank account, is more likely to have money to buy seeds for the next planting season, than one has no bank account. Surprised? This is part of the mystery of wealth.

The new Prime Minister of India; a man respected for his ability to bring millions of people out of poverty, has just embarked on a campaign to get millions of their poorest citizens, to open bank accounts. Surprised? This is part of the mystery of wealth.

The Chinese have long understood, the importance of SAVING. It is the savings of millions of Chinese people that has driven their economic miracle.

The Minister of Agriculture of Nigeria, Dr Akin Adesina, a close friend and colleague, has embarked on a major campaign to get small scale farmers in that country to open, mobile bank accounts. Experts, including myself, believe that it will bring millions out of poverty. Surprised? This is part of the mystery of wealth.

When people open bank accounts, it changes their mindset. It makes them, want to save something. I know some of you, working in the diaspora, send money home. That is good. Now here is a piece of advice, to add to your wisdom:
Get them to open bank accounts, and send your money through the account. Then ask them, to save aside 10-15%, of whatever you send them! every month.

A brother said to me, the other day, “how can I save, if I spend 70%, on transport to get to work?”

“Either move closer to the work place, or buy a bicycle”, I replied, “what you are doing is not sustainable”.

Do you have a bank account?
Open another one.

Source Strive Masiyiwa