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
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Worth the read. Thank you!
ReplyDeleteLesser people are becoming contented coupled with not knowing oneself and the fake livelihood of the internet.
ReplyDelete