Do you work for someone? Have you taken a loan from the company?
If your answer is yes, watch out, you’re what I call,
The Corporate Slave.
A corporate slave is the employee who has been foisted with loans that must be repaid months after month for several years.
Loans is debt. Debt is dangerous to wealth, to advancement and to freedom. You can never have financial freedom or any kind of freedom with debt hanging around your neck.
It’s like the days of slavery when slave masters hung huge chains around their slaves necks to prevent them from running away. It’s no different today. Employees hang debt on their employees and keep them shackled forever.
I was talking to a friend recently about my plans to invest in a new company, and he proudly began to tell me how his company had asked them to take loans and buy company shares. He said it was sold to them at below stock market price, and that he took a loan of =N=2,000,000 to buy some.
I was pissed. This guy already owes about =N=1,500,000 million in loans from the same company. Now he’s added even more to it.
I asked him “What made you decide to take this extra loans.” He said “Oh the company shares will go up in the future!”
“Really, I asked. “Who told you that? Who did the analysis for you? Who says there won’t be a recession in that future where you have put your hopes? Who says your company will survive the next ten years?”
My friend’s decision was all based on hope in a future he has no control over. A future pregnant with uncertainties.
As he listened to my pointed arguement, I could see his confidence waning. Suddenly he saw that all he did was to have put an extra burden on himself, a burden that could well turn out to be one he’d carry for the rest of his life.
I have another friend who used to work at Intercontinental Bank Plc. She took a loan of =N=1,000,000 to buy their company shares during the stock market ‘boom’ of 2006 – early 2008 for a employee reduced price of =N=30 each. By 2009, the stock market crash happened and the bank’s shares tumbled from a market price =N=35 to less than =N=2. Over 98% of it’s worth wiped out. The bank’s management was taken over by the CBN, and the new management sacked thousands of their workers, my friend included.
Today that bank officially no longer exists as they have been bought over by another bank. The remaining investments? effectively wiped out
Zero.
To add to the pain, after my friend was sacked, she was mandated to repay the loan she owed the bank or she would be paid nothing as benefits!
She also had a prior loan of =N= 1,400,000 million. So after the sack, she wasn’t paid any pensions, or gratuity or compensation. In fact she recieved a letter asking her to pay an outstanding =N=800,000!
Don’t laugh, it’s not funny. This might well happen to you.
Why would an employee grant you loans, if not because he wants to bind you so firmly to a job that you have no options than to work under any condition?
Employers use loans to keep employees in servitutude and perpetual ‘slavery’. You can’t get out if you want to. Manage to pay-off that loan and they ask you and make it compulsory to take some more to buy company shares.
If you stay, you have to eat shit and like it. You’ll have to do whatever is required of you because you’re bound.
If you leave, you must forfeit all benefits and compensation because you owe debt, meaning you’re left hanging dry and at zero.
Many employees dread this second option, so they stay shackled for years and years while struggling without end.
Dreams die because there’s hardly anything left over to pursue it with.
Enjoyment is postponed because there’s yet another bill to be paid.
Life passes away because you’re not in control.
Sigh. It’s a hard way to live.
So as we continued our discussion, my friend said something. He said I was lucky because I had no job. I said I had a job but it’s one I enjoy. I run my company with several virtual workers. I pointed out that the difference between us was my job leads me to freedom daily while his binds him to shackles daily.
You have no business taking a loan you shouldn’t. Trying to look rich when you can’t afford it is a big delusion.
While people think you’re rich, you suffer in silence. Relatives flock to you asking for handouts and of course you can’t afford to give it to them, so they label you wicked.
Taking loans to serve a lifestyle is what my friend M.J DeMarco calls ‘living on the sidewalk.’ You take the loans then hope and pray nothing bad happens. To hope that no calamity will happen because you believe in God and go to church is being fool-hardy. Guess what? Saints also die. God won’t cut you any slack when you make foolish decisions and choices on your life. That’s why there a place called hell, literally speaking.
So what should you do?
First off, stop taking ANY loans at all, no matter how tempting.
Second, if you already have started taking loans, begin repayments immediately. Start increasing the repayment amounts, so you can pay them off faster, no matter how unpleasant it is in the interim.
Third, start a side business that’ll give you options at earning a second side income. On this blog as on others we recommend, you can find interviews of several entrepreneurs how have started with amazing ideas. Copy the same ideas and get started. Read the newspapers, look at adverts in them. See which ideas you can copy and get started as soon as you can.
God be with you.
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