The world’s system is such that you need other people and their resources to survive and be comfortable. All that you need to live a healthy, comfortable and secured life is not entirely within your control, hence, the need for continuous exchange and transaction – offering what you have for all you need.

Money is what represents value when it comes to exchange of goods and services. You have a skill, you have a service; you have a product that you want to exchange for something you lack but need? Money makes it happen. The barter era is no longer the primary process of value exchange, nowadays, you’ll offer what you have, receive money payments, then offer the money for something else you need.

Money has become extremely important to all mankind if one is to survive, live a decent life and even fulfil dreams, vision and destiny. Money has become quite key.

The truth about life is, as mankind, we all have the same needs, it is just the quality of satisfaction that varies. We all need food, we all need medical services, we all need shelter, we all need education, we all need relationships and associations, we all need clothes and of course we all want to be happy. As mankind, we all have the same basic needs, the difference is how we want them satisfied; hence, someone may be satisfied with a plate of rice of 500 Naira from a small roadside food joint, whilst some other person wants a plate of the same rice for 5000 Naira from a five star hotel. Their Individual satisfaction depends on how the rice is cooked, where it is cooked and how it is served and all these is a matter of cash.

We all want education, whilst some wouldn’t mind a Nigerian university, some others dream of the best universities in the world. The basic need is education, it is the quality we desire that determines how much we are willing to spend on that need and that will inform how much money we’re willing to make.

Apart from desiring different qualities of the same thing, the cost price of these needs can change at any time. The cost of food, shelter, education, clothing and so many important needs can change without warning. These value changes, you have no control over. You can’t influence the cost of food, shelter, education and even petroleum products in the market as an ordinary citizen, you don’t have that kind of power, so the only option you have is to ensure you keep increasing the quantity of money you have in order to keep paying and purchasing the quality of what you want no matter the rise in price in the market.

Now, my point is, if you are not directly responsible for you cash inflow, it will be difficult to pay for what you really want, you only have to settle for what your money can buy. If you’re also involved in only one type of trade or business, it may also be difficult increasing your earnings if the business or industry is slowing down or going through tough times.

Ladies and gentlemen, it is wise to study and pay attention to happenings and events around and from them, make intelligent decisions. A major challenge we’re facing as a nation is our reluctance to diversify our economy all these years. We operate a mono-economy whereby almost all our revenue is from one product and one source. The global dynamics and local challenges have unfortunately affected the price of this one commodity – oil and it’s unfortunately, a major reason for the recession.

What’s the lesson here, if you as an individual also depend on one source of income and all these years, you’ve been reluctantly diversifying your income into other ventures that can fetch you income, I’m afraid you may end up in an individual recession if this source of income fails.

Many today are operating a salary-mono-economy. Rather than invest the salary into other income-generating ventures, we are spending on things that can’t protect us in the event of a personal recession.

We invest in cars, gadgets, electronics, clothing, expensive rents, parties, clubbing and popularity contest in religious gatherings. In fact, using a mono source of income to build your personal house may not be the most intelligent thing to do as when recession sets in, you can’t eat the blocks, doors or roof.

A personal recession can set in when your mono source of income like salary or business type takes a downward turn. When you get fired from your job, when you experience a sudden pay cut, when you’re owed salaries for months, when your sales begin to drop or when the prices of goods and services keep rising against your stagnant income, you are foraying into a personal recession zone.

Nigeria survived the global recession-era of 2007 to 2009 during the US subprime mortgage crisis because we had enough savings. Savings may sound like a good option but it is not your best option as money saved up keep losing value against inflation. What your savings could buy 2 years ago, it can’t buy half of it today, so please don’t think you’re safe with savings.

Dear friend, it is time to diversify. Don’t wait until it’s too late. Don’t get caught up in a recession before you think of diversifying your mono source of revenue. Don’t wait till you get fired from your job, don’t wait until you’re owed several months salaries, don’t wait till your business starts to nose dive. Don’t get religious about common sense matters. Prayer is good, faith is good but wisdom is the principal thing. Don’t pray fear inspired prayers, pray for revelation and direction on what to do and how to do it, there is always a doing part to every prayer offered – In all your getting, get understanding.

Dear friend, you lack the moral credentials to blame successive governments that didn’t diversify our economy till now, if you also have refused to diversify your personal mono-economy. The lack of will they had is the same lack of will you’re also suffering from perhaps. The excuses they made may be the same excuses you’re making today.

Wisdom is the ability to learn from the bad experience of others so you don’t have to go through the same bad experience to learn the lesson.

Dear friend, if the future of your employment or business is not 100 percent within your control, it is time to diversify.

Dear friend, be smart, be proactive, do it now.

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