Every penny count… either as much as a million pounds or less than it. No matter the amount in figures or words, currency etc. Your money has value after all you worked hard for it.

Although penny wise pound foolish is about money, we are going to stir it round towards our decision making. Having that fact established we move on to why “Penny wise Pound Foolish”. I’m sure that there have been times we have all made a decision that didn’t bode well. Simply put, it connotes making decisions that in the long run that won’t be profitable. When one is focused on the immediate satisfaction rather at having an ending and lasting satisfaction.

Still lost… A perfect example is when you are going on a journey and you are contemplating on either using Bolt or using along (boarding a transport). Taking Along means that you won’t get straight to your destination. There will be turns and stops on the way. Meanwhile Bolt takes you directly to your destination just at a more expensive price and stress free. I’m sure many of us have had that good feeling. No walking down, no unnecessary stops etc. Being penny wise is taking the along ride to save money but in the long run, you get stressed, probably get late to the event and for a lady get her makeup ruined.

Hauwa was at the bus stop waiting to board a vehicle as she was getting late for work. At the particular time she was at the bus-stop, there was a lady that usually pick passengers going her route. Hauwa asked around about the lady if she had left and was told she had not been seen. She checked her time, scanned the crowd to see if the lady was anywhere close. Right in her front, a taxi packed his car to load and was calling her destination.

She peeped into the vehicle, saw that it was just 3 people. She jumped quickly into the vehicle making them four. As the journey commenced and the adrenaline worn off, she realized that she was penny wise, pound foolish. Have you ever been in a hurry that you just wanted to get there fast. Well… the taxi man had other plans. The first passenger came down from the vehicle thereby making the backseat 3 people. The journey continued but with the driver looking for passengers. I know many of us can relate. At a point, the taxi driver had to park his car to be able to load his vehicle after 2 more passengers came down.

Hauwa after coming down from the vehicle had to walk down to where she will board the taxi dropping her off in front of her office. By the time Hauwa got to the second taxi, she was exhausted and tired. The extra minutes to wait for the lady could have helped eased off the stress she experienced. Usually, Hauwa boards 2 taxi to get to her office and if she follows the woman, the lady drops her off close to her office. From where the lady drops her, Hauwa is able to walk down to her office. Had Hauwa waited for the lady, she would have gotten to the office earlier than the time she got there using the taxi.

Dave was approached by a friend of his about an investment whereby you bring a certain amount of money and you get triple returns. The investment was quite lucrative as it was a fast means of getting large amount of money without too much hard work. So convinced by his friend, Dave did a trial of twenty thousand naira and got forty thousand naira (N40,000). Getting double of his money within 3 days was indeed a great investment. So, Dave introduced his friends, family and colleagues to make the same investments. They all did and got double their investments.

Encouraged by their returns, they all decided to play big. Playing big comes with its consequence whether good or bad. Dave plunged in all his life savings into the scheme with the hope of a great return. One could see the money sign increasing in his eyes as he stared at his Online page for the investment. They all made the investments at the same time.

It started first with rumors’ of a clash of the website but it was declared false as the website was back in full operations. Dave and his co-investors heaved a heavy sign of relief that all was well. Three days later, Dave tried accessing the website and was told the website does not exist. He asked his co-investors if they were having difficulty accessing the website like him. Some of the responses he got affirmed his situation, some were quick to have removed part of their money while others didn’t go all in just left the money that won’t be of drastic effect on them if something was to happen to the website.

It became obvious to Dave that he had lost all his investment in a Ponzi Scheme. Ponzi scheme has become quite rampant. People are lured to part with their hard-earned money to invest in a scheme involving minimum of two – four people. They all meet at a website, grouped into sub- groups whereby contacts are exchanged and pay-outs are made. After the first payment, the people are also regrouped and divided into another sub-group where pay-outs are done. All this is done within week and for this to happen, more people are lured into the group.

One may wonder how the investors of the scheme make their money. It is obviously a clean case of using Peter to pay Paul and when a certain target has been met and more people have believed in its authenticity, the investors then have their pay-outs. After all, a man gets his food from where he works. Penny wise Pound foolish comes into play when people are only interested in quick returns rather than start a business, raise funds through contribution or family and friend, watch the business grow and thereafter get their returns.

We can’t also forget the Landlords who built sub-standard buildings regardless of who will be occupying the building. I remember a time I was looking for a one room apartment (self-contain). The room was tiny and the kitchen was like a tunnel with a start and ending. What would one have cooked in that kitchen. Why not use the money to build a habitable place that people will collect sharply rather than having potential tenants’ troop in and out to search for a more conducive environment. Let them get value and worth for their money after all they have the right to use where to spend their hard-earned money.

Everyone’s story is different and it does not have to be on transportation or Ponzi scheme etc. We will love to know more about your story and how Penny wise, Pound Foolish was enacted.

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