5 African Proverbs that teach on Intergenerational Wealth
It is estimated that 70% of families lose their wealth in the second generation. And 90% lose it in the third! Generational wealth can give your family more options in life. Learn more about what it is, how to start building it, and how to pass it on. Bloom Money provides the tools and environment to help individuals grow healthy financial lives so that they can pass seeds of prosperity to their loved ones and community in turn using traditionally tried and tested financial savings methods. Checkout these African Proverbs that teach on the value of community and intergenerational wealth saving!
1. When a poor man gets a little money, his thoughts go off in ten different directions
ONYE UWA NKUTA IKPEGH; ERE AWA YA IRI (Ngwa, Igbo)
No matter how much money you make, there are always ways to spend it. Which is why most people fall prey to instant gratification and thus find it hard to save money. Parameters, consistency and structure are void from the rash and day-to-day mindsets. Whereas discipline and self-discipline is common place amongst the wise. They understand the difference between needs and wants and they focus on their self-discipline in other areas of their life so saving becomes a more natural extension of their disciplined life. The longer we go refraining; the more easier to refrain it becomes.
2. It is better to inherit the gratitude of your father than his building.
DONN SA TABAXUB BAAY, DONN NGEREMAM A KO GEN (Wolof)
It is of course easy to love people far away that we don’t know; but those nearby requires much more of an effort. An appreciation of tradition equates to an appreciation towards our parents. Some have been a privilege in the lives of their children whilst others have made mistakes and stimulate not so fortunate memories. Thus parent reconciliation honour and peace-seeking putting things right prior to their departure is of more value than inheriting their possessions. This saying provides perspective’ in amidst of wealth creation to remember the traditional values of charity beginning at home and setting things right with loved ones nearby
3. Use what you have put together [earned] in earlier days.
TUMIA ULICHUMIACHO KALE. (Swahili)
Wealth is income not spent. Wealth is hard because it requires self-control. Saving is the gap between your ego and your income. It is of good practice to put something away when our salaries are received. Even on a tight budget; many use their Likelemba or Esusu savings circle as their savings. And behold when the rainy day arises where no savings are possible; one can tap into what they put away earlier; not just individuals but marriages and families and communities. Successful savers save first. They pay themselves first and pay others last. The same with communities. They sacrifice their short-term wants for long-term goals.
4. A patient man is a wealthy man
MAHAKURCI MAWADACI. (Hausa)
Patience brings that which is far away very close. Patience, long suffering, endurance if care is not taken will be relegated to ‘ancient terminology’ by those where everything is a “right here, right now” mentality. It is often a reason some use against the idea of pardna regarding it as ‘long’ and ‘what’s really in it for me’. There is no one around “forcing” you to save money, like the government forces you to pay taxes. Thus patience and self-discipline is required. We misunderstand the nature Frugal, and confuse it with being cheap. The Hausa proverb teaches us that seeking quick fixes from the messages we receive, our own natural weaknesses and tendencies, and the influence of others is not wise - especially in regards to wealth.
5. The firewood in a community gets the community’s food done
NKU DI NA MBA NA E NYERE MBA NRI (Igbo)
Communal measures are required to get communal tasks completed. It is yet another reason my savings circles are so successful. These circles bring people together to converse, share and impart common interests and passions. Which result in friendships, partnerships, collaborations and even marriages. They meet regularly and make an occasion of the meetings.
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