[Editor's note: The author of this post and I connected on twitter and have no financial ties]
A former linebacker at Texas Tech University, Chinedu Esiaba (otherwise known as Bobby) is an Economics Analyst who has carried his efforts from the field into the corporate world. While working as an Independent Contractor for Worldwide Modeling Agency outside training for the NFL, Bobby has his work cut out for him. With a blue collar mentality and a “no job too small” attitude, he revels in letting his actions and hard work speak louder than his words.
So why does giving your money a name matter?
Rather than swim against tides, create your own wave – a phrase that has widely begun the inception for creatives to express their genius in many ways to appeal to their selected target audience, Adidas being one of the pioneers. As a creative myself, I’m honored with this opportunity to approach a different audience and address an all too familiar topic, personal finance and building wealth.
Being a college athlete granted me the privilege of being surrounded by advisors with one specific role, which was to provide financial assistance, and I’m thankful for that every day.
Realistically speaking I could shoot cold hard facts all day, maybe even pop open a Coors and run you the obvious such as hoarding every single Abraham Lincoln tucked inside the crevice of a sofa, or maybe even take it a step further and discuss the Kyrie Irving trade and its impact on the market economy of Boston which it’d carry with it. However, I’d simply be preaching to the choir.
As an economist I tend to have a macro-perspective on certain trends. One method which I’ve found to be helpful and successful through and through is the simple concept of giving your money a name. Often times we tend to overlook the most fundamental aspect to saving money; that is, giving your chips a final destination before shipping them off somewhere protected.
Now to put this jargon into context, kindly picture Lord Voldemort’s seven horcruxes and their trusted recipients. Each money transfer caters to its individual need which in most cases involves everyday essentials such as bills, groceries, car payments, and vacations to name a few. By divesting yourself of ambiguity, you’re now ready for the next step; Budgeting.
But back to the money.
Most financial analysts can draw similarities when I say financial freedom is the driving force behind a goal-oriented individual. I mean without it, you’re looking at 8-12 hours daily being subtracted from your children’s day to day with a payoff that barely scratches breakeven. Luckily, I am not a financial analyst because my future wife would no longer be a future but a past afterthought. However, one may agree that having a clear and concise plan of where you want that money to land and either buy in or short, makes for a long term influx of cash flow.
Whether it be Mary, Eddie, and Janie, or marriage papers, Edinburgh, and a journalism campaign ad, it’s safe to say that giving your organized goal a name creates a financial identity for it and allows it to grow thus eliminating the luxury of falling into the Oliver Twist habit.
Giving your money a name, though often overlooked is the most fundamental first step in building wealth.
So, what are your thoughts? Will this help your money goals or does your money have a name and what is it? Comment below
Feel free to connect with Bobby on linkedin