The quest for financial success, instant results and
affluence in today's society, has lured many Nigerian youth into what is
referred to the " Quick Money Syndrome" A phenomenon that captures
the impulsive pursuit of wealth, short-cut schemes, without considering the
long term process of hardwork, discipline, patience and diligence into getting
desired results.
A number of societal variables have contributed to the
development of Quick Money Syndrome. Many people want rapid pleasure through
money as a result of the pervasive consumer culture's promotion of the notion
that success is determined by one's material assets. The rise in popularity of
get-rich-quick scams, which promise relatively simple ways to amass fortune
over night, has also been greatly aided by the internet and social media. This
syndrome is frequently exacerbated by constant comparison to other people's
luxurious lifestyles and the fear of missing out (FOMO).
Nigerian youth who suffer from Quick Money Syndrome
frequently invest in high-risk chances without conducting adequate
investigation. Many Nigerian youth want
to cut corners to amass wealth, they
engage in different kind of defrauding money making scheme like the INKSME,
INKSNATION, YAHOO and other Ponzi schemes. Some time In 2020, Omotade spark
Amos Sewanu was sought for by the Economic and Financial Crimes Commission as
published by the Nation's Newspaper on 11th
November 2020 as a result of his Ponzi schemes. Also Yahoo boys have engaged in
several terrible and ritual means like what
we see online today and most times innocent people end up being victims of their
mishaps just to attain wealth.
The quick money Syndrome draws youth into unattainable financial goals by anticipating enormous
returns in an excessively quick time frame, thus, overlooking the value of
saving, planning, and establishing a strong financial foundation in favor of
pursuing rapid profits. Andat the wits
end, may feel demoralized and give up on their ambitions entirely when faced
with financial setbacks, which feeds a cycle of rash actions. Quick Money
Syndrome can cloud one's judgment, causing them to overlook potential risks and
ignore warning signs associated with get-rich-quick schemes.
Furthermore, Falling for the majority of get-rich-quick
schemes is financially disastrous since they are too wonderful to be true.
People could invest money they can't afford to lose, which might result in
massive debt and other financial difficulties.The stressful, anxious, and even
depressing nature of seeking quick money can have a negative impact on their
mental health. Relationships can be ruined by financial decisions affected by
the "Quick Money Syndrome" when financial concerns take precedence
over emotional ties.
Some get-rich-quick schemes may entail unlawful activity,
resulting in legal issues and reputation damage.
However, Inorder to
overcome the quick money syndrome, Youths should take the time to educate
oneself on personal finance, investing, and wealth-building techniques. To make
wise judgments and avoid being duped, knowledge is a vital tool. Set
Achievable, and Well-Defined Financial
Goals, Taking Into Account Both Short-Term and Long-Term Objectives and should
not give in to the seduction of instant success. Adopt Patience and Discipline,
Creating wealth is a gradual process that calls for both of these traits. Avoid
making snap decisions; instead, concentrate on long-term plans.Consult with
financial counselors or other specialists to get professional advice that is
suited to their unique financial
circumstances and goals.
Develop a Long-Term Mindset, Change attention from short-term gains to the
accumulation of wealth over the long term. Returns on investments with
consistent, steady growth.
In conclusion, several Nigerian youth, have been lured by
Quick Money Syndrome, a prevalent problem that has led them into financial
traps by promising them quick riches. It is important to maintain a logical and
disciplined approach to wealth-building despite the fact that the desire for
financial success is normal. We can avoid the seduction of easy money and open
the door to a more stable and prosperous financial future by educating
ourselves, setting reasonable goals, and practicing patience. Keep in mind that
money created on a solid foundation has a higher likelihood of withstanding the
test of time.
Here is a video showing reactions by Nigerians on the subject matter
By Fatima Mohmoh U17MM1115 Meet the Surya Family from Indonesia. The family of Five consists of four sisters and a brother with two of the sisters not having the syndrome. They have turned the bullying and disappointment they faced into something motivating. The Surya Family got popular when they made a fun video on TikTok which went viral and since then earn money through it as they have thousands of followers. Barber-Say-Syndrome is a genetic disorder that causes distinct physical characteristics. The condition specifically affects the child's facial features and causes excessive hair growth and loose sagging skin. The disease does not cause internal defects or intellectual disabilities. Research says it affects 25 out of 7 billion people in the world.
BY FATIMA SHAFI'U U17MM1125 The newest students Graduating from Mass Communication Department, Ahmadu Bello University Zaria (ABU) are the set of 2021/2022 session students, who witnessed the COVID-19 pandemic lockdown and also the strikes embarked by the ASUU members. After an additional 2 years to their normal 4 years course, finally comes to an end. The students could not hide their emotions after so much delay in their seek for knowledge within ABU as they wrote their final papers as an undergraduate students on the 18th of September, 2023. This is a significant accomplishment that deserves to be celebrated. The graduation ceremony which they hosted themselves is an opportunity for them all to reflect on their academic journey, celebrate their achievements with family and friends, and look forward to the next chapter of their lives. Regardless of how ABU students choose to celebrate their graduation ceremony, it is a momentous occasion that marks the ...
By; Doka Dennis Demenenge U17mm1157 Thousands are graduating from our tertiary institutions on a yearly basis and there aren't enough jobs to absorb these numbers, and even when such jobs exists, they are quickly taken by those who have connections. If the current hardship occasioned by the removal of fuel subsidy does not convince you, perhaps, recent government figures which shows that more than 130 million Nigerians are living in Multidimensional Poverty will strike a chord. And, for a graduate with little or no experience, finding where to start off can be extremely daunting. So, what should you do? Learn a skill I t is general knowledge that most courses in our tertiary institutions do not prepare graduates for the labor market due to lack of synergy between schools and industries. Reports has it that Dangote recently employed more than 11,000 Indians in his refinery at the expense of Nigerians. The immediate past minister of communication, Isa Pantami, also harped on the...
Worth the read. Thank you!
ReplyDeleteLesser people are becoming contented coupled with not knowing oneself and the fake livelihood of the internet.
ReplyDelete