“When you speak to
a man in a language that he understands, it goes into his head. But when you
speak to him in his mother’s tongue, it goes into his heart”—Nelson
Mandela
a man in a language that he understands, it goes into his head. But when you
speak to him in his mother’s tongue, it goes into his heart”—Nelson
Mandela
When it comes to
finance, it has a mother’s tongue that only the rich and wealthy have been able
to fully grasp. If you want to find yourself in that clique then you have to
learn to speak in the mother’s tongue of the rich.
finance, it has a mother’s tongue that only the rich and wealthy have been able
to fully grasp. If you want to find yourself in that clique then you have to
learn to speak in the mother’s tongue of the rich.
Unless you were born
into a rich family, building wealth can be very hard depending on the path you
choose.
into a rich family, building wealth can be very hard depending on the path you
choose.
multi-millionaires and desperately want to know: What is their secret? How did
they get there? What does it take?
These are but a few
paths to trend to financial freedom;
paths to trend to financial freedom;
READ ALSO: How The Rich Manage, Grow And Multiply Money (1), By
Godfrey Okuigbedi
Godfrey Okuigbedi
1. Invest in financial
education
education
This is very important.
As a matter of fact, money does not make you rich per say but financial
information. Every now and then you see financial opportunities beckoning on
you but you seem reluctant to act upon them meanwhile the financially informed
does so without hesitation.
As a matter of fact, money does not make you rich per say but financial
information. Every now and then you see financial opportunities beckoning on
you but you seem reluctant to act upon them meanwhile the financially informed
does so without hesitation.
Read financial books,
articles, materials. Understand how the economy works and become a natural
monopolist. Financial exposure is a key factor.
articles, materials. Understand how the economy works and become a natural
monopolist. Financial exposure is a key factor.
In this 21 century, information is a pivot
catalyst which has made even teenagers multi-millionaires in United States
dollars. Be well informed and take action.
catalyst which has made even teenagers multi-millionaires in United States
dollars. Be well informed and take action.
The Saver-Investors path
Tom Corley submits that
less than 22% of the millionaires in his study chose to take the
Saver-Investors path. Not only is it the easiest way to build wealth, but
if you start early, it almost always guarantees a lot of money.
less than 22% of the millionaires in his study chose to take the
Saver-Investors path. Not only is it the easiest way to build wealth, but
if you start early, it almost always guarantees a lot of money.
The
Saver-Investors in his group reached their first $1 million around their
mid-to-late 30s, and accumulated an average net worth of $3.3 million by their
mid-50s. They also had four things in common:
Saver-Investors in his group reached their first $1 million around their
mid-to-late 30s, and accumulated an average net worth of $3.3 million by their
mid-50s. They also had four things in common:
They typically had a
middle-class income (many reached a six-figure salary early in their career,
and if they didn’t, they lived very frugally.) They had a low cost of living
and preferred to save, rather than spend lavishly.
middle-class income (many reached a six-figure salary early in their career,
and if they didn’t, they lived very frugally.) They had a low cost of living
and preferred to save, rather than spend lavishly.
They saved 20% or more
of their income; they started investing their savings early in life and
continued to do so prudently for many years.
of their income; they started investing their savings early in life and
continued to do so prudently for many years.
No matter what their
day job was, this group made saving and investing part of their routine; they
were constantly thinking about smart ways to grow their wealth.
day job was, this group made saving and investing part of their routine; they
were constantly thinking about smart ways to grow their wealth.
The Savers-Investors
path is not for everyone. It requires enormous financial discipline and long-term
commitment.
path is not for everyone. It requires enormous financial discipline and long-term
commitment.
If you save a $1,000
everyday, it will take you about 3,000 years to save up a billion dollars. You
can’t literally save to financial freedom, you must learn to save and invest
concurrently. “You can’t change the beginning but you can start from where
you are and change the future.” -C.S Lewis
everyday, it will take you about 3,000 years to save up a billion dollars. You
can’t literally save to financial freedom, you must learn to save and invest
concurrently. “You can’t change the beginning but you can start from where
you are and change the future.” -C.S Lewis
3.
The Dreamers path
The Dreamers path
This is perhaps the
hardest path to building wealth because it requires the pursuit of a dream such
as starting a business, becoming a successful actor, musician, author, et al.
hardest path to building wealth because it requires the pursuit of a dream such
as starting a business, becoming a successful actor, musician, author, et al.
Those who trend this
path happen to be the richest because pursuing their dreams are one of the most
rewarding things they had done in their lives. They love what they do for a living,
and their passion shows up in their bank accounts.
path happen to be the richest because pursuing their dreams are one of the most
rewarding things they had done in their lives. They love what they do for a living,
and their passion shows up in their bank accounts.
However, they are
willing to work long hours and able to handle financial stress. Study shows
Dreamers work more than 61 hours per week before finally achieving their
dreams. Weekends and vacations were almost non-existent.
willing to work long hours and able to handle financial stress. Study shows
Dreamers work more than 61 hours per week before finally achieving their
dreams. Weekends and vacations were almost non-existent.
Trying to make ends
meet was not easy. At first, getting a steady paycheck was “nearly
impossible,” one Dreamer said. It was even harder for those who had
families to support. To finance their dreams, some decided to put off buying a
home, while others dipped into their retirement savings.
meet was not easy. At first, getting a steady paycheck was “nearly
impossible,” one Dreamer said. It was even harder for those who had
families to support. To finance their dreams, some decided to put off buying a
home, while others dipped into their retirement savings.
If you are risk-averse,
this path may not be for you.
this path may not be for you.
Many a people want to
be financially free but only a few are willing to take risks. Investing is not
as risky as poverty is. Poverty is the greatest risk.
be financially free but only a few are willing to take risks. Investing is not
as risky as poverty is. Poverty is the greatest risk.
Godfrey Okuigbedi, Entrepreneur,
Writer and Influencer writes from Delta State,
Writer and Influencer writes from Delta State,
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