Tonight, I watched a brief audition session of the “Maltina Dance Family Show” which will soon be airing on national television in a few days time. It promises to be a rib cracking session judging by the performances of the selected families. Since the advent of reality TV shows within Nigeria, the demand for more innovative reality shows has been on the increase. It has served as a source of temporary employment for our youths, transformed the average Nigerian into an instant celebrity and millionaire overnight.
It has also provided an avenue for these reality stars to pursue a career within the media industry; which has come in the form of brand endorsement, acting, host/hostesses for popular TV shows targeted at the youths. You name it all… we’ve seen quite a few of these reality shows. More I suspect are still in the pipelines.
So I ask myself as I watch these family representatives slugging it out on the dance hall; whatever happened to all the previous winners of recent reality shows? What happened to their financial status after stepping off the limelight? Are they in a better financial state before the competition or worse off? It is often reported in most personal finance books that winners in these kind of events are always financially worse off even after winning such a huge amount of money.
Lack of adequate planning has been identified as a major reason why the financial health of these winners never improves. The prize money for the winner of the “Maltina Dance Family” show is a family car (looks like a ford explorer on the TV ad), Two million naira and other gift items, which I can’t remember now. So if you’re one of the selected families participating in this show, these are some of the things you should consider:
Objectives – what are your objectives for entering the competition in the first place? Is it for fame or for the money? Often times it’s both. You all need to identify your goals and objectives before going to the dance floor. For couples, their goals may be a combination of savings, investment, entrepreneurial goals while for the children, it may be the latest electronic gadgets and of course the opportunity to be seen on television, which improves their “cool” rating amongst their peers.
Identify – you need to list and identify all the things you may want to do with the prize money. Being specific in clear and concise terms will help to clear the air when it comes to finances. Sometimes, there’s a thin line between our own personal selfish interests and what’s in the best interest of the family. For instance, if you intend to sell the family car, make sure you appraise the current market value of the car before putting it up for sale. Also this is the best time to open a separate account where the sum will be credited to until the family decides on what to do with the money.
Consider – if you’re also considering various investment pools, this is the best time to seek the advice of financial wealth management experts. I will not advise putting all the money into one investment basket, take the time to conduct a proper research on several investment options in the financial market place.
Manage – in our part of the world it’s often said “success has many fathers while failure has none”. This is the best time to acquire some necessary people management skills cos you’re sure going to need it. You need to manage people’s financial expectations once you’re declared the winner. When I say people, I mean neighbours, family members, friends and well-wishers who’ll be besieging your house on a daily basis to render unsolicited advice on the best way to spend your winnings. You may consider relocating to a friend’s place or to an unspecified location till the euphoria of winning the show dies down.
Set Aside – you also need to set aside a separate fund for entertainment purposes, which will be used for entertaining the mammoth crowd who’ll be besieging your house on a daily basis. Otherwise, seek the cooperation of your neighbours to keep your homecoming a secret.
Time – once you’ve identified all the things you’d like to do with your winnings, it’s necessary to tie specific time lines to your financial action plans. This will keep you focused on what you need to do to ensure that your winnings bring in a continuous income stream for the future.
Having said all these and more “May the best family win”.