On the above topic (The defference between assets and liability), we will be into the case of two known Nigerian Legends "SHINA PETERS AND JIM OVIA"
EARLY LIFE
JIM OVIA
Jim Ovia (Founder of Zenith Bank) holds a Master's degree in Business
Administration from the University of Louisiana, Monroe, Louisiana, USA in 1979 and a B.Sc. degree in Business Administration from Southern University , Baton Rouge, Louisiana, USA (1977). He is also an Alumnus of Harvard
Business School (OPM).
SHINA PETERS
Born Oluwashina Akanbi Peters in Ogun State . Peters thrust into music began at a young age when he played with friends under the handle Olushina and the His Twelve Fantastic Brothers.
While playing with his friends, he taught himself how to play the piano and later joined Ebenezer Obey 's band.
Thereafter, he left Obey's band and joined General Prince Adekunle 's band as a guitar player.
Adekunle's band played in Lagos hotels such as Western Hotel, Palm Beach Hotel and Executive Hotel, when Adekunle was ill, Peters sometimes acted as lead singer. He left Adekunle to form Shina Adewale, a band with Juju Maestro Segun Adewale.
However, the duo soon split. Shina Peters, after releasing many albums with Segun Adewale through the 1980s, went on to form his own band "Sir Shina Peters & His International Stars".
LIABILITY VS. ASSETS
In 1990, Shina Peters built a house with N20 million naira; the same year Jim Ovia started Zenith Bank with the same amount.
Today, you and I don't have a room in Shina's house but I have an account in Jim's bank and probably you do too.
Shina's house was built in Iju Lagos and remains there till date.
Jim's bank started in a corner and now has over 500 branches in Nigeria, and many international branches.
Millions upon millions transact business in Jim's bank daily.
Shina's house is becoming dilapidated...in 2015, he SPENT more money to renovate the house and bought a Nissan Pathfinder with N10 million...additional liability, while in the same 2015, Jim's bank MADE a profit of N105.7 billion.
Zenith bank employs hundreds of thousands, and feeds their families.
This is the difference between Assets and Liability. If you buy a car for N20 million today, in 20 years time, you will be ashamed to drive it. On the other hand, if you invest that same amount in a lucrative business or in an asset, It may be worth billions in 20 years. ( Jim Ovia is now worth $980 million dollars, with the official dollar rate of N320, that means he is worth N313 BILLION NAIRA because of an investment of N20 million).
Spend the little money you have today wisely. Some people driving expensive cars today, are not aware that they are driving their future and the future of their children. Some people carrying iphone7 today, may not be aware that they are carrying their future.
When you are young, don't spend money. Invest it.
Every penny in your hand is like a seed, you can decide to eat it, or sow it. When you sow it, it will bear much more seeds later in future.
Let's be wise, invest today and secure the future. Have a wonderful day steemians.