Money, Value and Utility

Sometimes in 2004, my sister was getting married and I had to shop for what I would wear. I bought a white Swiss lace with plentiful Swarovski crystals for ₦80,000. I ordered grade A Lapis Lazuli from the best gemstone merchant in the United States, and of course I had a good shoe and bag from Renée and Grand Hayes gele to complete the look. At the time, that outing was worth ₦425,000. After the wedding, I could not wear the outfit. Even though it was understated as my choices usually are, the Swarovski will not let me. Till date, I have worn the outfit four times! I kept it wrapped up in my closet. Given the exchange rate at the time, it is like buying a fabric for ₦350,000 today. I vowed never to spend more than a set amount, on a fabric again, unless I was given as a gift! Why? There is no real utility to it. That money could liberate someone from poverty.

Warren Buffet puts it best; “There comes a point where money really has no real utility. You can use it to show off, but you can’t do much else with it. I don’t think it’s good for your family. It can do wonders for people around the world.” That is why I wonder what has taken over the minds of Nigeria’s treasury looters. How much diamond do you need? Outside your circle, who else can easily distinguish diamond from white topaz? A former Minister who is now a Senator brings in a 40ft container load of clothing in her own size only, every year! What is that? Is a year no longer 365days? What is the joy in not wearing an outfit twice?

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In my experience, as you grow older, material things begin to lose meaning. I am 51, I’m not rich but over my lifetime, I have acquired many things such that acquiring more, loses value. I still buy clothes but I buy for the looks I dont have, and it has to be top quality. That is why I buy classic and conservative styles only. I have 20 year old shirts, blouses and skirts. Most of my shoes are 10-20years old. I don’t do fads. I have wax prints that I bought in 1992. I have Super jubilee “gele” from my engagement party. I like bragging about the age of things I own. The truly rich don’t spend, they invest because buying is a form of tax. I see the Kennedys. Their ladies are always in classic pastels and not much jewelry. The guys in oxfords, blazers and Khakis. Classic looks that you can’t put value on. Spending and conspicuous consumption are reasons why we don’t have generational wealth in Nigeria. We like showing off!

These days, it gives me so much joy and satisfaction when my resources (money, time, network and intellect) are deployed in the service of man. As I write this, I am in my lounger and will likely be in it all day. It will make no sense to wear a suit and stay at home reading or doing the little things I relish. There is joy in buying things and in material acquisitions but the joy is a temporary high. It soon loses utility. However, there is so much utility in giving because it continues to yield. There is something ennobling in making someone smile. For me, the biggest compliment I get is when people tell me; ” Bamidele, you have changed my life!”

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