Wealth

How To Become Wealthy

Chukwuma finds himself once again lost in Deborah’s gaze. Their eyes have been locked for several minutes wondering in a different array of thoughts but the mutual connection of thinking still borders on marriage and the time it will happen.

Deborah celebrated her 34th birthday a month ago and Chukwuma knows for a fact that she desperately wants to settle down as soon as possible but cannot force his financial readiness to occur immediately, especially when she has little or no control over it.

Chukwuma on the other hand is thinking of all his streams of income and the reward still not amounting to what can help a decent man start a family.

Deborah eventually breaks the ice and drops the bombshell, “It’s over Chukwuma, I love you but I can’t do this anymore.”

How wealthy are you?

Wealth according to Wikipedia is having a lot of money, resources, or assets which many understand as being rich. To be wealthy is to possess wealth.

In modern-day Nigeria, an average man may not be able to cater for his family’s needs, if he is not wealthy and as such may need streams of income and literacy to generate more wealth with his income. Below are sustainable tips on wealth creation:

chess pieces on the board on the table

Planning and Path: Wealth creation involves planning, especially for those starting to generate wealth independent of some inheritance or gift.

Planning helps to keep one focused on achieving the set goals by following the right money-making mantra: to plan, save, and invest. These three mantras are the planning and pathways to steadily increase monthly earnings and paths to acquiring wealth in the future.

This prepares you against all unforeseen contingencies and boosts your financial confidence no matter how little you earn.

filament bulb lying on euro coins

Financial Literacy: “Knowledge and wisdom are profitable to direct” this biblical quote are not only applicable for marriages as it is often used but it is also important for generating wealth. Once the knowledge of a profession or craft is mastered, the wisdom to apply that knowledge would enable a person to attain success. This should fall in the plans of wealth creation because learning is a process that never ends.

Financial literacy is the ability to make money, understand how money thrives, grow it and sustain its growth until you reach a state of financial wellness.

Financial literacy also exposes one to various options available to achieve set goals. This helps one set other plans to create and sustain wealth.

Add Value: What are you creating? What are your multiple streams of income? Once you have genuinely answered these questions, you would have known what value you are adding and what value you are creating.

When a businessman conceptualizes the ideas of a business, he or she must have highlighted the problems within the environment and proffered the solution to that problem, that solution is the value-added and value created.

Likewise, an employee whose aim is to help a firm grow by religiously meeting their daily targets is adding value to that firm through their efforts.

Value is what keeps a man in his business, in another person’s business and the various relationships in life.

Start a business/Investment:

One major trait the wealthy have in common is having multiple streams of income. Even if one has a well-paying job, the ambition to get rich makes one see any opportunity to acquire wealth and they must be willing to pursue that opportunity.

As highlighted earlier, one who seeks to be wealthy must be willing to add and create value. This also involves taking a well-informed risk that would most probably generate more money for an individual.

Investing in ventures that would bring more money is another quality of a wealthy person. A wealthy person never leaves their money in the bank just yielding interest. Most rich people would invest in ventures that would generate more funds. This is called working money.

Be patient: Losses and profits are always the results that are imminent in every venture, however, learning from experiences and growing your stream of wealth takes time and requires a great amount of self-control.

From the decision to the breakthrough, becoming wealthy and reaching financial wellness requires a lot of patience because one has to grow consistently. The result of hard work is based on consistent efforts over time and not overnight.  

Positive reinforcement word Discipline engrained in a rock

Financial Discipline: To achieve anything, a goal must be set and to remain focused on that goal, discipline is key. To avoid the stress that comes with distractions and inconsistencies, it is important to be disciplined with your resources.

Emergency Funds: “Saying money is not enough makes it difficult for you to save” Adetutu Afolabi. This quote explains the significance of saving money. Setting some money aside to attend to unforeseen needs is known as Emergency Funds.

Emergency funds help cater for unforeseen and unprepared expenses. These expenses have a way of saving one from having to pay debts and service interests in some cases. It also helps build a person’s financial wellness.

For one to be able to keep emergency funds, it requires a lot of discipline and when this is established, the road to becoming wealthy becomes smooth.

Be Grateful: Gratitude is a major motivation that lifts the spirit. No matter where a person whose ambition is to get wealthy is, one must make conscious efforts to celebrate the successes of their efforts and those around them. Gratitude rewards you by being a cheerleader to yourself and to those around you who would feel motivated to do more because the appreciation attracts positivity.

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