Mr Kosoko grew more frustrated with his current situation. He had more movement in his left arm and leg, but he had no zeal to do the exercises recommended by the physiotherapist. He felt out of control with his body, house, and finances. It hadn’t taken too long for him to remember the letter from the bank about his debt. The money he had given to Suleiman to invest in his poultry farm. He had been too thrilled about finding a level-headed young man who reminded him of himself to question his ability to do business. Suleiman needed ₦20 million, and he made sure he got it to invest in his business. Unfortunately, the young man’s naivete was too great to manage the scope of the business. His farm manager systematically stole hundreds of crates of eggs, diverted funds into his own poultry, and ultimately ran the business to the ground.
After seven months, Mr Kosoko realised that he no longer saw Suleiman as often as he used to. He’d been trying to mentor him through the loss, hoping that his youthfulness would help him to think through the problem, but the young men of this time were not made as tough as the young men of his time. It was one of the security men who pulled him aside and revealed that Suleiman had quietly left the country with a new bride. Coming home to see that Ken and his sons had betrayed him by bringing two young men to torment him was too much for Mr Kosoko to take. The only thing that could bring him any joy was his hope that the one true love of his life would give him another chance. Babatunde and Bolu’s mother was still alive. She had left him when his retail businesses were dwindling, and the best thing he could think of was to tell his sons that she had died. He couldn’t bring himself to admit that he couldn’t keep a beautiful woman or that he had lost her to a richer man.
After meeting her randomly at a supermarket some years ago, he began to nourish the idea that she could return to him. She could see that he was now accomplished and could take care of her, and this gladdened him. He had finally earned her respect. They began a discreet affair, seeing each other once every six months and skirting around the idea of being together again. It was for her that he kept the apartment upstairs. He hoped that one day, she would fully return and they would move upstairs, leaving their downstairs apartment for their adult sons. But he had a heart attack, and though she looked sympathetic, Mr Kosoko could tell that his first wife, Morenike, was losing respect for him, just like she did when his businesses failed all those years ago. On the hospital bed, he vowed to return home and begin building again. If he could earn her respect once, he was confident he could do it again. But when he returned home and the apartment was gone, it seemed his dreams were gone for all eternity. This was what Babatunde and Ken had truly done to him.
Reflections
Financial Freedom
Financial freedom means having enough savings, investments, and cash to afford the kind of life we desire for ourselves. It refers to a situation in which you are longer limited financially, where you can meet your needs with ease. It’s also about planning your long-term financial situation by actively saving for a rainy day or retirement. Financial freedom also entails strategically taking ownership of your finances. Attaining this level of financially freedom is never by mere wishes, aspirations or magic. It is a gradual process that requires diligence, consistency and hard work. Financial freedom means your money is working for you rather than the other way around.
How do you start your journey towards financial freedom?
Firstly, start from where you are: You can’t achieve financial freedom without taking the first step. Many people fail to start because they feel overwhelmed or think it is impossible to attain financial freedom. Where are you at the moment financially? How much debt do you have; how much savings/investments do you have?
Secondly,write down your goals: How much money (assets and income) would you need to pay for the lifestyle you want? What are your future financial obligations? Will you require a new house due to an expansion in your family? How much will you require for your children’s university education? And in what currency will it be?
Track your spending: An important step toward
financial freedom is tracking your spending. Know what you own and what you owe. You must know exactly how much money you’re spending, which categories you’ve overspent in, how much money is in all of your accounts and portfolio, and how much debt you have.
Begin the journey: The expression, “pay yourself first”, simply means putting a specific amount of money in your savings account before paying for anything else. This discipline will help you move closer to achieving financial freedom. You should take things a notch higher by investing your saved funds to earn decent returns.
Let’s talk about the two major types of income
Active income: This refers to the income you make by physically working. Your involvement is required to generate this type of income. For example, as a doctor, you show up at the clinic to earn your salary; as a teacher, you show up in school to teach and thereby earn a living.
Passive income: This is income derived from your investments. It is the money you make from your investments in assets such as stocks, bonds, real estate etal. It refers to income your assets generate without your physical involvement. Financial freedom entails utilising your active income to increase the value of your passive income consistently.
