Putting it all together…the road to the next stage – THISDAYLIVE

Conversation with my billionaire friend
Section 28

My meeting with my billionaire friend was short. It was essentially a review session where we went through the entire project and looked at reader feedback. My friend confirmed that we need to move to the next phase, but that requires a look back at what we’ve done so far to get people involved again. So this is the first set of retrospectives. enjoy.

Wealth creation starts with planning and persistent execution

“No promises, only promises and hopes, no plans” – Peter F. Drucker.

Accumulating wealth is no miracle. It requires conscious planning and proactive steps. Being conscious of one’s life is rare. Many people have no control over their lives and are easily influenced and distracted by external factors.

When it comes to building wealth, a “wealth plan” is required – just as you can’t enter a business without a clear plan, analysis, and financial projections, you can’t build wealth without a plan.

What is a wealth plan?

“Wealth planning is a detailed form of looking at the micro and macro environment and devising ways to achieve wealth creation. In other words, it involves designing and reviewing the economic and political environment, available investment vehicles and instruments, current financial policies and indices, available opportunities, and other An ongoing process of qualitative and quantitative investment in building wealth. That’s what wealth planning is all about.”

How do you do wealth planning?

You can plan your wealth by scanning, exploring and understanding the synergies that create wealth around you. In other words, you need to broaden your knowledge base to achieve your wealth-building goals. This involves gathering non-exhaustive knowledge through classroom exposure or through self-education by reading relevant books and articles and/or mentoring experienced investment/wealth-building specialists”.

Contents of wealth plan

The content of a wealth plan is relevant to determining what your best wealth-building investments are, taking into account your skills, enthusiasm, knowledge base, the degree of reliability and predictability of your political/economic environment, and the relative performance of various investments . Investment vehicles available in your environment”.

What if you don’t have a plan?

When you don’t have a planned life, you shouldn’t blame others if you’re living in abject poverty. Every youth should have a plan for his future. You cannot live on the hands of beggars; the world does not listen to people kneeling. You have to be fully committed to that plan. Your plans must be absolute and only get better to enhance and protect your response to environmental macroeconomic dynamics. Preferential purchases of Aso-Ebi should not be among them, the frivolous expenses of endless parties should not be among them, and the problem of buying unnecessary expensive fashion items should not be among them. The truth is that accumulating wealth often requires constant conservation of scarce resources, which must avoid a life of consumption and waste. It was an absolutely focused journey.”

How do you get distracted and problem-solve?

Building wealth requires avoiding distractions and fully committing to executing a wealth-building plan. Here are some tips to help you get started:
● Don’t let yourself be influenced to buy things you don’t need
● Consumer spending must be avoided.
● Find a financial mentor.
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  1. You don’t have to own your own business to build wealth

“Get-rich-quick wealth is easy to disappear and destroy; however, hard work brings wealth that grows over time.”

Imagine two people; Mr. A and Mr. B earning 10 million and 5 million naira respectively. 10 years from now, who do you think will be richer? If your mind picks Mr. A at first glance, you still have a lot of work to do in terms of decision-making. Many factors may influence who will be richer than the other. In this case, we will examine two important factors; consumption habits and investment.

Building wealth from income from paid work is a long-term process. This is not a process of acquiring wealth in a short period of time; it is a step-by-step process that is constantly committed to turning savings into wealth, with the adage “A sea of ​​water” – the highlight here is savings.

The question is, how do you save? Simply put, live within your “capacity”. Living below income ensures that one’s total cost of living remains well below one’s income, resulting in a rich life. As an employee, make sure you’re cautious about spending. Live on a budget. Your goal is to be rich not to look rich. If you dare to tame your spending habits, you are setting yourself up for an affluent life.

Another factor to consider in our case study is investment. This is critical to building wealth as an employee. You can build wealth by initially investing in the aforementioned financial instruments and then gradually and systematically investing in real estate, commercial ventures, and angel investing. Doing so can significantly increase the value of your wealth after building some wealth through investments such as equity instruments, Treasury bills, sovereign bonds, and corporate bonds.

While saving, you must equip yourself with proper investment knowledge and information. Talk to a professional financial advisor and don’t rush it. You don’t want to spend your entire savings on Ponzi schemes or bad investments. So, save. Live within your means. As you save, learn about investing – this will help you build up your savings over time.

Now, who do you think will get richer between Mr. A and Mr. B?

  1. To build sustainable personal wealth, you must develop the habit of continuous learning

“It’s important to think of knowledge as a semantic tree – make sure you understand the fundamentals, i.e. the trunk and the big branches before you get into the leaves, otherwise they have nothing to cling to.” – Elon Musk

For anyone determined to build wealth, learning should be a lifelong endeavor. Creating wealth requires knowledge-driven motivation, just like any other human endeavor. Building wealth means developing the habit of acquiring new knowledge at all levels and studying all relevant subjects to achieve personal wealth goals.

To build wealth, learning involves reading, asking the right questions, and staying up-to-date in your field. You have to practice these things consistently, it has to be continuous. It’s sure to excite you. You must love it. Your commitment to learning will change your financial life. The goal is to ensure that you are familiar with the basics of finance, economics and accounting. Learning to read and understand financial, economics and investment articles may be more useful than learning to be an accountant or economist.

Sadly, this age has a craze for materialism and knowledge. You don’t want to be like someone caught in the irrational glamour of a consumer lifestyle. Expanding your mind is vital if you want to be rich. The truth is that investing in material things won’t prepare you for the economic and financial vagaries of the unforeseen future, it won’t generate Capital gains and income, and will be depleted.

Here are four must-read books for anyone who wants to create wealth:

● The Richest Man in Babylon by George Samuel Classen
● Rich Dad, Poor Dad by Robert Kiyosaki
● Creating Wealth by Robert G. Allen
● “The Smart Investor,” Benjamin Graham

  1. Pathways to Personal Wealth: Discovering, Leveraging and Creating Successful Brands, Bridging the Divide of Human Needs

The biggest challenge you will face is expanding your thinking. It’s like crossing great boundaries.You must be willing to pioneer, enter the unknown, face the unknown, overcome your doubts and fears – John Maxwell

A straightforward way to create wealth is to identify existing gaps in unmet human needs, exploit the opportunities surrounding those gaps, and build successful brands in the form of products and services. Simply put, solving people’s problems is the best way to create wealth.

In Rusel Conwell’s classic book THE ACRES OF DIAMONDS, the author emphasizes that diamonds are all around us, waiting to be mined. The question is, how do we identify these diamonds?

● You must be willing to read and research
● careful
● Look for what people are complaining about
● Talk to a tutor.

People like Bill Gates, Elon Musk, Warren Buffett, and Aliko Dangote recognized a need, a gap, and they filled that gap and became billionaires. Let’s check out Aliko Dangote:

Aliko Dangote saw a huge opportunity gap for locally produced cement in Nigeria and set out to create a successful locally produced cement brand that eliminated Nigerian cement imports and expanded its brand to about 13 other African countries. His brand is also capitalizing on unmet opportunity gaps in food, sugar, ketchup and, soon, refined oil. As a result, Dangote has amassed a fortune of around $12 billion by developing and serving the unmet needs of Nigerians and other African cement brands.

We scan our environment by conducting market research to uncover opportunity gaps in human needs. These opportunities are all around us, waiting to be discovered and exploited by those who seek them. Identifying and exploiting unmet need opportunities requires knowledge. A prime example is Warren Buffett. At the age of seven, he borrowed a book to read because of the family’s financial setbacks and challenges. The title of the book is: 1000 Ways to Make $1000. Reading that book at that age; inspired the determination, hidden talent, commitment, and passion that created Warren Buffett’s roughly $60 billion multibillion-dollar fortune, who is still investing in leading trends at about age 90 investment and from it.

All in all, solve a problem. If the problem is serious enough, you’re on your way to becoming a billionaire.

  1. The essence of wealth is more important than wealth itself (Part 1)

Everything in nature has a purpose, and that purpose is methodically achieved. For example, have you observed the complete interdependence of everything in nature? Earth growing plants. Plants feed animals. Animals feed people. Men return to earth to fertilize after death. Ask yourself, are you achieving your life goals in the larger plan? Every day, every day, nature is calling you to share, love and live in simple harmony with it – Agbalagbi

The big question here is, “What is the nature of wealth”? The answer is: the degree to which your wealth affects the lives of others is the essence of wealth.

Read biographies of greats like Bill Gates, Jeff Bezos, Warren Buffett, John D. Rockefeller, Oprah Winfrey, and more Altdora, Jim Ovia, or anyone else who has built wealth over time, you’ll see this in all of these principles. Most of them have influenced the lives of others through their wealth.

How do you think a seed became a tree? Well, if you ask a farmer, he might give you a good answer. Logically, however, we can say that time plays an important role in this transition. It is the same at all levels of life.

Time happens to all of us and we obey the ticks regardless of age, class or status. What differentiates us from each other is how we use the time we all have. If our time in this wealth can affect the lives of others, it is a wonderful way to live.

The truth is, a little bit of kindness from you can change another person’s life. You can experience the essence of wealth only when all part of you is in the service of humanity.

I can’t wait to catch up with you next week

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