The Nigerian society is growing virtually abnormal. There are numerous resources with a far cry utilization; rich individuals with high population in poverty; open lands for agriculture with presence of widespread shortage of food; abundant crude oil with attendant shortage of fuel; youths with higher level IQ with very poor academic/educational setting upon which intellectuals are built. The list could have gone on and on.
In the third worlds, people find it generally hard to be established in life. Wealth do not come by easily and so, more individuals often find themselves get settled in life in their late 30s-40s and this is a major problem to self development and economic growth.
Dormant societies as often witnessed in developing countries have failed systems which hoodwink their all-round growth. Their educational systems are not often aligned with industries. Hence after graduation, you take your time as a graduate to align yourself with reality. Religious beliefs are there too which sometimes preach unexplainable wealth which translates to a weaker economy in the long run because no economy can thrive under intangible wealth.
The delayed wealth theory is a focus on the timeline from whence youngsters starts shouldering responsibilities to when they starts making wealth and how such timing affects their personalities in the society they found themselves.
Background of Theory
Too many youngsters are making wealth at an older age while responsibility comes oft too early in their life. A youngster can start dating at an early age of 13-15 but in accordance to a normal society, he can only start earning statutorily at an average age of 25-30. Take a look at the time gap. This is a 12-13year gap of struggling to meet with responsibilities. Since the man will surely do anything to meet his responsibility, the possibility and chances to get involved in fraud, scam and all sorts of illegal business becomes higher.
In developing societies, the situation is even worse. Failed parents give birth to as many children as they could. Their ideology is that if one does not succeed, another will. Hence, children who supposed to enjoy parental guidance and love till mid 20s suffer huge early responsibility.
In the United States alone, the American Community Survey counted 488,187 child care workers. These are under age children having one or two persons in their family they cater for. In some instances, the child even work to raise funds. Although most of these cases arise as a result of unforeseen occurrence as against earlier stated excess births, the problems however, continues unabated.
Taking from the frustration-aggression theory, youngsters who are pressed to the wall to take up responsibility with no aid to fulfil such task sought for quick means to do that. Drug dealings became the order of the day. Scamming scheme became the solution. In some cases, ritualism has been at its peak with different dimensions of it in recent times.
The consequences of delayed wealth have truly eaten deep into many societies. Unfortunately, aside from this material, no other research endeavours have been put in place to align society with the current reality. Society continues to live normally, blindly and oblivious of this challenge that in the next generation, will continue to lead it into the path of societal abnormality.
The Delayed Wealth by Institutions
Let us look at how the delay of wealth creation was embedded in the average society through the instrumentality of its various institutions. We shall start with education and end with religion.
Delayed Wealth and Education
In my future publications, I will take my time to write about the valueless nature of many universities as they no longer bring value to the table, thereby churning out graduates who later become waste products to the labour market rather than useful manpower. But for now, let us focus on how education delays wealth creation of the average citizen.
Take Nigeria for instance. At 3 years old, a child starts kindergarten and by 6, primary 1 commences. At 12, secondary school starts and at 18, university pursuit begins. The average Nigerian is expected to graduate at the age of 22/23 years old. Add delayed admission, financial constraints, choice issues in career, the graduation age range can stretch from 26-28. How can a man start his financial life at this stage? The delay is actually alarming.
In worse cases, some Masters/postgraduate students are even under full sponsorship by their parents or under scholarship without being involved in neither a job nor business. If a person falls under this category, then at early through mid 30s, he is still without a definite income channel. Unfortunately, such person’s ideology in life are channelled towards jobs in a country that jobs have technically become non-existent.
Education in most countries have become purely for commercial purposes as many intellectual communities hardly cares about the quality of their outputs. Add the challenge of poor government funding, the case becomes even more pathetic.
Societal Perception and the Delayed Wealth
The delayed wealth theory is not a consequence of just one aspect of the particular society. It is a function of the old order of which we all emanated from. Hence, virtually all of us are bound by this ideology that a youngster cannot make early wealth and when he does, suspicion flies high.
Such perception have become even more rampant as get rich quick schemes which often bother on fraudulent activities have become the main stay in many countries – rich and poor. Society pressed youngsters to focus on their studies till an older age all to get a paper certificate to acquire a job. Meanwhile, all the youthful intellectual capabilities to initiate, innovate, aspire, build and create are wasted in time draining academic activities that results in paper certificates that in turn do not guarantee jobs. Like I have said, we shall one day visit the quality of these paper certificates.
The author do not in any way aspire for the eradication of academic activities, rather, society must be re-oriented to focus on legal and timely wealth creation than elongated scholarship for an economy that no longer needs such scholarship. It will suffice to argue therefore, that formal education can be halted, let all those thousands of unemployed youths get jobs first before more graduates are churned out. In the meantime, educational focus should be on business and service driven with a corresponding sound curriculum.
Religion and the Delayed Wealth
Religion plays seemingly different role in the wealth creation discuss. In contrast to the involvement of the above institutions, religion preaches unexplainable wealth. It is possible that a foreign reader may not get this point as a result of low religious activities in his locality or differentiated religious beliefs and operations.
To be very clear, many religions in poorer countries preaches wealth by miracle and grace. Wealth that you do not plan for but gets to come your way unexplained for the purpose of showing the might of an all powerful God. It is insane what some persons set their minds on these beliefs. I have always asserted that people, especially religious bigots be weary of what they put their minds to believe, otherwise they get trapped in those beliefs system.
To be specific, religious participants expects miracle alerts from an unknown sender, expects to pray for business to boom rather than engage marketing principles that offshoot sales. I see religious beliefs are more life-threatening than curative. In the midst of all of these, generational penury were created as many concluded to wait on God’s time rather than planning, initiating and executing initiatives.
Many of these sorts have later realized themselves and taken a turn, unfortunately to get rich quick schemes as they have been religiously mentored on the quick way. In reality, and if not for the internet, establishments needs time to mature. In business, there is what I call the maturity stage. Once your business has attained this level, the sky becomes your limit. With a good business management skill and proper record keeping, you cannot fail in business again at such level. However, this beautiful sermon would only fall on deaf ears.
Tenets and Principles
In specific terms, the delayed wealth theory dictates as follows:
- a life of crime is not a function of inherent tendencies or wilful conduct but a consequence of delayed wealth creation. This is because many youths start a life of crime at an age older than recommended wealth creation age.
- youngsters takes too long to get themselves settled in life and make wealth – using all their youthful vigour to pursue academics and non-profitable endeavours.
- that youngsters comes in contact too early with responsibilities with no attendant source of income to meet up responsibility.
- the distance between the start of responsibility and the start of sources of income is too large. This is very dangerous for the well-being of the youth and his immediate community.
- frustrated by early responsibility with no income, youngsters delve into get rich quick schemes that easily but harmfully solves their responsibility needs.
- the causes of delayed wealth are institutional and deep-rooted in society. They are also multi-dimensional in nature.
- Educational structure in many countries is the highest cause of delayed wealth as it produces persons to seek for non-existent jobs.
- societal perception to wealth timeline is a major set-back to timely wealth creation.
- religious unexplained wealth syndrome is a killer actor in the delayed wealth chain.
- delayed wealth will consequently lead to involvement in sharp practice that leads to quick wealth as a reaction to delayed wealth.
- society is still somewhat oblivious to the delayed wealth concept and have not addressed this at any point in time.
A Signal of Early responsibility
Early responsibility starts with self care when youngsters begin to fend for their immediate needs. Boys start buying shoes, clothes and sometimes food when parental presence is very weak. They start being enticed by the sparkles from the media and peers and start longing for items beyond their economic reach.
For the girls, feminine natural upkeep creeps in as they grow. Sanitary pads are purchased every month, underwears are changed as regularly as possible. Regular hairdo, nails, unnatural adornment all now cost a lot in today’s society. All these are early signal of expenses that youngsters are not prepared early enough to cater for unless from their parents.
To the boys again, many quickly engage in relationships when they have no income. Of course relationship thrives more on finances when these youngsters barely have businesses and jobs. So, for a guy who will start having a source of steady income by 25-30 years of age, he has started his first relationship by 13. Such gap between responsibility and wealth creation exposes youths to a life of crime.
Recommended Wealth Creation Age
Early legitimate wealth can start at any age depending on the IQ of the individuals. The challenge is that most societies are bereft of ideas and this has a lot of bearing on the younger folks who do not have such quality wealth creation information impacted on them. Nevertheless, the ages of transition from primary to junior/senior secondary school is a very good timing to be introduced to wealth creation channels.
The truth remains that during these ages, the youths have a very versatile and sound thought process. The brain works very fast at this period and they conceive ideas n their own ways. When such powerful thoughts are properly channelled into wealth creation channels, very good results could be achieved. Consequently, the ages of 12-15 years are very fine period to commence early wealth creation.
The Situation in the Rural Setting
Back to the local communities and the hinterlands, the situation is worse. If youths in the cities with more opportunities are finding it hard, one could only imagine the plight of the rural youths. The rural youths have huge potentials but with little or no privilege. Community development endeavours on the other hand are not adequate to assist all youths, therefore leaving many at the hands of self determination in wealth creation.
In the rural settings, the wealth delay timeline is deeper than it is in the cities. There are numerous older ones who never made it in life and there are many who are in line to go that way. The communities are so bereft of opportunities that the poverty-quick wealth shift has rapidly crept into the once quiet communities.
News of ritualism, scam, drugs and all other forms of social vices have consequently finds their ways to the once peaceful communities who were not in any way prepared for this. The situation is actually scary when you visit your community and see people with no ideology, no source of income, no possible hope that tomorrow will be better.
The communities are supposed to serve as alternate source of manpower to the cities and their industrialized systems. But since massive unemployment has ravaged the cities, the communities lived on with little hopes. All they could do is manage themselves and their little sources of livelihood which borders on farming, fishing with no form of technological know-how.
The Oblivion of Society in General
While the above theory is established, society in general has scarcely noticed the gap between responsibility commencement and timeline of wealth creation. Hence, the problem continues unabated. Systems are setup to continue the way they are. Perceptions are hard to change. Religious beliefs may not change and so the existing challenge addressed in this theory becomes cumbersome to address. The situation is even worse as there are scarce researches to create awareness and consequently curtail the scourge.
The parents are at the core of the early wealth creation theory. The youths ordinarily would not be familiar with early wealth creation. They might be focused on schools and their academic pursuits. Hence, before they join the train of get rich quick, it is better to drive them to earn early enough to get involved in legitimate business, social media marketing, business management, affiliate marketing which they can run from home amongst others.
Government entrepreneurship programmes, skills acquisition and all forms of business education programmes run by the government should also be focused on the youths leaving secondary schools to the university.
So much wealth can be made online even at the comfort of the home. Students, while focusing on their studies should be educated on how to make money online to sort their expenses. This will aide them to try to keep a godly life, a life free from illicit drugs, scam and fraud.
Charting the Way Forward
Combating delayed wealth starts from understanding the ideological perspective of the delayed wealth theory and resetting systems to respond to early legal wealth creation. Universities needs to be more responsive to the needs of the industries, curriculum should be more flexible, graduation time reduced to barest minimum, unnecessary courses scrapped, more and more teaching and learning approaches driven online.
Business conceptualization, initiation, establishment and management should be a core part of the universities. The practice of using old professors in teaching and learning business programmes should be abolished. Rather, vibrant youths who have online tech enterprises, who understand online business and marketing should be adopted.
Youths must be familiarized to understand how Youtube is used to make money through content creation; websites too, Facebook, crypto currencies, etc. are used to create wealth from tender ages. It starts with creating an enabling home by parents for their wards. Internet must be a basic aspect of the home. Fear of pornography and other disadvantages of using the internet MUST not drive us from allowing our wards to access internet. They must be properly guided to use the internet decently and make wealth independently.
In this age of the internet, wealth is leaving the older folks and coming down to the younger folks as a result of the fact that the youths utilize internet more than the older folks. This is a basic understanding in the early wealth creation chain.
Wealth creation programmes for the young will not end with just one lesson but a chain of wealth creation programmes targeted at the young to ensure they start earning legitimately. When they have their own funds to cater for their immediate needs, they are partly covered from eyeing get rich quick schemes.
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