Back in paid employment, I was, like many of my co-workers, used to having my salary paid to me in bulk at the month end (almost without fail). I never really understood what it meant to EARN the money that came to me. Don't get me wrong.

I am not saying that those in paid employment do not EARN the money they are paid. What I mean is that the fact that they KNOW that their salary will be paid as long as they SHOW UP at work, even if they do not put "stretch" themselves to deliver EXTRA value, makes many salary earners take it for granted. They get used to expecting to get paid when sometimes they have not even done as much as other colleagues - on the same grade - who go the extra mile.

In contrast, a person who is NOT in paid employment, who works for him/herself, as a business owner or self-employed professional, MUST constantly deliver what is perceived by his/her clients/customers as USEFUL VALUE commensurate with the monetary payment they make to him/her. If s/he fails to deliver what is considered adequate/satisfactory value by the client, his/her payment may be delayed - and could end up not being made.

Again, unlike the the salaried person who can rest assured of his/her month end pay, the business person MUST constantly and actively market and sell his/her products and services to prospective clients in order to win new paid projects, else s/he will not be able to earn a decent living!

Simply put, the business person has to actively SEARCH - on a continual basis - for NEW opportunities to earn regular income compared to the average salary earner. The latter on the other hand is not under this constant pressure to find NEW income sources for as long as his/her job is "safe". And this is what leads some people in paid employment - especially those who earn fat income - develop what is called a "LOVE of EASE" that makes them fail to nurture a healthy respect for money. They get used to having it come too easily into their hands. They rarely have to stretch themselves to get it. And they hardly ever experience anything close to a LACK of it - something that many people in business, especially start-ups usually have to learn to deal with before they stabilise in their business operations.

The above also helps us understand why business persons tend to be more sensitive to/cautious about spending money. They are constantly monitoring the channels through which money flows OUT of their hands/pockets, and will often develop strategies to SLOW down the outflow or cut it off completely where possible, in order to be more profitable - interpreted as having MORE money left over to spend for themselves. A notable exception to this of course is the business person who cuts corners and earns income through crooked means. S/he will rarely be bothered about watching his/her spending being assured that MORE unearned income can always be obtained using the same methods.

As a business person, the need to work actively to ADD value to others in order to EARN profitable income, has over time taught me to have great respect for money, so that I can KEEP more of it for my use. Here are two experience-based ways in which I show respect for money, and which I believe others could learn to do:

1. I treat ALL my profitable paying clients with consideration/respect regardless of the size of business they have done - or say they will do - with me. When ANY of them call me for support, I respond professionally and ensure I SOLVE their problems to their satisfaction - ELSE I do NOT leave! Their signatures on many pages of my Client Support/Problem Resolution Log Sheets provide ample evidence to support my claims. It also explains why they not only gladly pay my bills to cover the expenses I incur in providing support, but ALSo why they give me repeat business and even referrals.

2. I build and sell software products that appeal to virtually all segments of the market I serve - especially in terms of affordability. In other words, I do NOT think or believe any segment offers business returns that are too small to profit from. As a matter of fact, my experience with my Income & Expense Manager application (which has been widely accepted by paying customers in various industries) proves that offering ready-to-use but customisable software solutions to low budget market audiences offer HUGE profit rewards for the customer-focussed developer who has a TRUE passion for his work. S/he only needs to aim for high sales volumes to records impressive profit margins in a short period - like I have done.

Many people just LOVE having money to spend. They do not have RESPECT for it. People who have respect for money SHOW IT in the way they are thoughtful and painstaking in planning to use it to get the things they want and NEED. They invest it in acquiring assets that ensure they can get more of it. Such assets include shares, property and of course NEW money making skills and knowledge.

Signs That Suggest You Lack Respect For Money

1. You readily accept the first price you are give for an item you wish to purchase without checking to see (via negotiation) if a better bargain could be had. Some people do this because they feel a need to impress others with them. As we say out here..."they want to do Big Man!":-)

2. You spend/buy things because you see others do so, and not because you really need them.

3. You do not keep written records of your expenses. You do not review them with a view to tracking your spending against a budget limit for instance.

4. You often engage in impulsive/unplanned spending. People for instance find it easy to get money off you, by springing requests of all kinds on you. And you feel pressured to indulge them because you don't want to be called "stingy".

With respect to this last point, I want you to think of yourself as being FRUGAL when you choose to mentally check yourself from letting money leave your hands without THINKING carefully about WHY and for WHAT you want to let it go.

It does not matter how rich or wealthy you think you are. Having respect for money can only help you STAY rich (or get richer), and for those aspiring, it WILL equip them to get there faster.

Sadly, in this society, I continue to see (and hear from) many former paid employment colleagues and current associates demonstrate an alarming LACK of respect for money. In my opinion, based on the knowlege I have of many of them, they behave in this manner because of the very wrong belief they have that being conscious of their spending for instance would suggest to others that they do not have enough money!

But I ask: What does it matter if others THINK you don;t have much money? After all the fact that they think so, cannot make you have less money than you actually DO have! If only those afflicted with this obsessive need to be SEEN to be well off would understand the aforementioned simple truth and STOP living their lives trying to meet other people's (moving target) standards/expectations.

Here's an admonition : Think of your children at least, and begin to imagine how your spending habits can make or mar their futures. If the way they see you TREAT money helps them learn to ALWAYS THINK/be painstaking in planning their OWN spending, then they will be more likely to grow up equipped to become wealthy as adults. Doing the above will also prepare your kids to maintain the riches/wealth you pass on to them.

Which brings me to my final point. Do you have ANY thing TODAY worth passing on to your kids as a form of valuable inheritance they can build on? Remember that your wonderful job with all its attractive benefits in that blue-chip company is NOT something you can will over to your child. At the risk of stating the obvious, I want to point out that it is NOT yours! Therefore, except you own the company, you cannot RESERVE that prestigious job title, position, car etc for your child! One therefore hopes that's NOT all you have...but if it is, it's not too late. You can begin to plan to do something OUTSIDE your salaried job to insure your kids have a bright future.

It goes without saying therefore, that you will need to start by developing a healthy respect for money. Make sure from now on that you can account for every kobo you spend - and make sure every expenditure adds value to your life, and the lives of those you care for, now and into the future.

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Yours in Self-Development!

Tayo K. Solagbade
Self-Development/Performance Enhancement Specialist