Mr. Biliaminu Lawal was one of the pool drivers at the bank I worked for circa 2005. He was humble to a fault and always called everyone, “Oga mi” (my boss).

He was a widower and had three grown-up children. On a certain day, I was on a sales call, and Lawal was driving. Like I used to do at that time, I sat at the “owner’s corner” in the pool car. We were in Ibadan, on our way to Akobo-Ojurin.

Lawal normally minded his business, leaving you to your thoughts. But on that day, as he drove past a particular junction, he pointed at a house down the road, cleared his throat, and said, “Oga mi, that’s my house down the street.”

You can earn a million naira monthly and still be poor, while someone else can earn a hundred thousand naira monthly and be far better off. Share on X

“Your house?” I asked. He replied affirmatively. I thought I hadn’t heard correctly. “Rented or owned?” I asked again. Lawal smiled, and with a tinge of confidence in his voice, he replied that the house belonged to him. He added, “By the grace of God.” I couldn’t believe it.

I looked closely at Lawal. His salary at that time was not up to N40,000 monthly. How could he have built a house on that salary? How did he raise three children on that salary? I fell into a mournful mood, starting to consider my own financial status.

I earned multiples of what Lawal earned, but I didn’t even own a plot of land at that time. That was one of the longest rides of my life. I realized that, though I didn’t consider Lawal literate, he was far more financially literate than I was.

I also learned that you can earn a million naira monthly and still be poor, while someone else can earn a hundred thousand naira monthly and be far better off.

The next morning, when I got to the office, Lawal stooped and greeted me in his usual manner, “Good morning, Oga mi.” I looked at him and told him matter-of-factly, “Mr. Lawal, you are my Oga.” Yes, he was the real boss.

There were things he knew about personal finance that I needed to know. From that day, I decided to pay more attention to him. I studied his habits, observed his actions, and drew many lessons from him that helped me reconsider my approach to personal finance.

But I had to make a commitment to a particular personal change. I stopped sitting at the “owner’s corner” and started sitting on the passenger’s side in front when I was being chauffeured. Till today, I don’t sit at the “owner’s corner.” Lawal humbled me.

Mr. Lawal taught me that money is a limited resource. In other words, one can never have enough to meet all of one’s needs. That’s why the rich want more money. The poor think that if they can just have N1m, all their problems will be solved.

But it’s not true. I learned from him that money can flow toward a direction or flow away from it. There are certain things you do that make money flow to you or flow away from you.

I observed that Mr. Lawal was a compulsive saver. If you gave him a tip, he would thank you profusely and keep it. If you wanted to buy him lunch, he would prefer it to be monetized, and he would save the money. Throughout all our years of working together, I never saw Mr. Lawal eat out.

He always brought food from home. It was cheaper for him and helped him save money. It was then I realized that it is not how much you make, but how much you keep, that determines your financial future.

The universe punishes wastefulness—every little expense matters. No wasteful person will become rich. Share on X

The true measure of how well you’re doing financially is not how much you earn but how much you keep. Mr. Lawal lived a simple life.

His first daughter at that time was in a College of Education, and he paid for her education. Abstaining from what wasn’t necessary helped him to keep a grip on his finances. He was able to differentiate between a want and a need.

He had a car that he drove to the office in the morning. He carried passengers on the way who paid transport fare, which he used to fuel the vehicle. He couldn’t comprehend burning fuel to work while your pocket was empty.

The car was parked during office hours, and after he closed at 6 pm, he transmuted into a taxi driver until late at night. He understood that to earn more money, you must diversify income channels or make your money work for you. He turned his car into an asset.

Mr. Lawal was not a waster. You would never catch him with the air conditioner of the car running when he was the only one in the car. He knew the universe has a way of punishing wasteful people, as no wasteful person will become rich.

It doesn’t matter what you waste—time, electricity, water, food, talent, or ideas. It doesn’t matter whose property you waste—your employer’s, the public’s, or yours—the punishment is still the same. Little expenses add up to much, and so they matter.

Here are 7 tips on how to manage personal finance: 

1. Set your priorities right.

2. Have a budget.

3. Settle your bills promptly.

4. Avoid debts except absolutely necessary.

5. Invest your savings.

6. Protect your assets and investments (through insurance).

7. Plan for retirement.