December 26, 2010

How Sound is your Financial IQ?

One of the greatest problems that is plaguing our nation is the fact that we are very wasteful. We do not know how to conserve resources. We are a generation of spenders, we have always learnt how to earn money, and spend it as fast as it comes.
Believe you me, if you want to be rich, you must be ready to learn and unlearn. You must be 
willing to learn new things, while at the same time you have to discard those things that you learned while at school that is now obsolete, and that is no longer working. Here are some of those things you need to learn as fast as you could:
  1. How to make more and more money?
  2. How to spend less and less?
  3. How to avoid wasteful spending?
In order to gauge your Financial Intelligent Quotient, I want you to provide answers to these thought-provoking questions.
  1. Why do most banks choose to hire cars and vehicles through leasing instead of 
    buying their own outrightly?
  2. Some block-making industries won’t buy their own trucks outrightly but instead 
    they hire trucks to convey their products only when they get orders for their products. What have you got to say about their decision?
  3. If you were to choose between a thousand naira that is appreciating with a compounding daily of 50% daily for a year and the option of having one million naira now, which one will you choose?
Please feel free to send your reply to my questions.
I remain yours truly,
Caleb B.Adewole.

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