In Chapter 6, I wrote about how savings can fulfil philanthropic goals. I am inspired by the quote from Judith Faulkner which says, “My goal in pledging 99% of my assets to philanthropy is to help others with roots – food, warmth, shelter, healthcare, education – so they too can have wings”. Yes, Judith is wealthy but like I said in the previous chapter, even the poor among us have lived a life of giving to those less privileged than they are. They denied themselves in one way or the other to create the capacity to give. In short charity work is preceded by savings, not the other way around.
Your Network is your Networth! This is a phrase I heard from one of the networking forums I attended many years ago. Some people make it their priority to network as a way of tapping into new ideas, meeting new people and imparting their own knowledge. Networking has become a big industry in most developed countries. The main challenge though is how one identifies and is accepted in the community they aspire to join.
Over the years, I have found out that it is much easier to be accepted in networks if you are of means. In the same way the world listens to you and reserves a place for you on the top table if you are wealthy. Savings to build wealth open up networking opportunities. Networks are selfish by nature. They accept people on the basis of what they can contribute to the network. People who have the ability to save and have built wealth tend to attract many like-minded people or people that aspire to be like them.
I have noted that “wealth attracts associations” Many people are desperate to come closer to wealthy people for reason such as prestige, ideas, capital, work opportunities, access to third parties in the wealthy party’s network. One who has saved and has become rich has the luxury of joining networks of one’s choice. The wealthier they are, the more likely they can be accepted in more prestigious networks that are closer to the decision making echelons of companies, communities and countries. In fact, through saving wealthy people do not seek relevance or acceptance. Rather, it is the opportunities and networks that pursue them, sometimes even against their will.
Have you ever seen how people change their attitude when they are introduced to a new person whom they had under-rated for whatever reason? One day I went for a drink with a friend. We were both dressed casually. As we walked into a local restaurant there was a group of my old acquaintances who I had not seen for some time due to the COVID-19 induced lockdowns. We stopped by their table before we got to the free table we had identified. Because we had not seen each other for a while, I spoke with them for a bit while my friend stood next to me. None of the people I was talking with appeared to have noticed him until I introduced him as the owner of one of the most successful companies in the country. It was only after this introduction that their attention shifted to him. He suddenly got more attention than me as all of them stood up to shake his hand with the usual “brotherly” shoulder bump. I could tell that had I not mentioned who he was, he would not have received the attention he eventually got. In the end they had pulled chairs and persuaded us to sit with them. By the time we were leaving they all had exchanged contact details with him “just in case they had some important business to discuss”.
Let me end with a quote by Jeff Bezos which goes “Life’s too short to hang out with people who aren’t resourceful”.
This is why you must talk to your banker or financial consultant today and enjoy the benefits of saving to build your Net worth and more importantly your Network.
Author: Ralph Watungwa
BAZ President
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ENDS