The
“BENZ” thread has got twitter laughing and ladies shivering, for me, I like to
pick out the best lessons from the worst case scenario. If you grew up in
Nigeria, I am sure you have at one time sat to watch a movie involving money
rituals, especially Yoruba movies. Let’s do a quick review for readers who
digested food from a spoon made from something better than silver. In most of
these movies, a suffering, frustrated character seeking a way out of the
vicious cycle of poverty is shown. The character meets with a diviner who
recommend a ritual that involves parting with something of value, like family
member, 10 virgins and other ridiculous demands. The pauper accepts, he becomes
rich, he is then informed on the wealth sustaining ritual to ensure he doesn’t
lose his wealth. However, those movies end with the pauper dying early.
I
am not here to publicize Nollywood movies but to introduce you to a ritual that
guarantees you a wealthy existence without parting with your loved ones or any
other devious means. Wealth making is principle based, once you fulfil the
requirement, just like the movie illustration, you will get it right. This post
is target towards young income earners who have dreams to build empires.
The
journey may be quite far from where you are now, the sad news I have is that
there are no short cuts but it becomes achievable as soon as you get initiated
into the ritual. I will start with the Don’ts, proceed to the Dos and end with
the maintenance strategy.
The
Don’ts of the ritual;
·
Don’t Pursue Luxury goods at the early stage: There is always a temptation to upgrade when you
are exposed to an amount that looks huge to you. The Gucci products become all
of a sudden indispensable and everything that looks nice becomes irresistible.
For someone who wants to build an empire, you must be ready to make sacrifices.
If you spend a high percentage of your income on luxuries that will only
diminish in value, then you are not ready for this. For this ritual, you need
to take note of your basic requirement for existence in terms of your career,
survival and association. Consider the functionality and not the luxury, that
you don’t have some luxury goods now is not an indication of eternal denial, it
is just a differed usage.
·
Don’t be a Passive Earner/ Spender: So many workers, as weird as thisseems only know
the value of their aggregate salary. Only few take the painto keep tabs on the
deductions from the office and other financial commitments. The fear of the
knowledge of being broke keeps many from monitoring their income and expense.
Any activity that slides from appropriate attention is bound to hit the rock.
If your plan hits the rock, then the dream of an empire will crash before its
foundation gets laid.
The Dos.
·
Pursue Early Financial Sustainability: this is one point that contains many. However, I
will sum up the ritual into this one point. As a young earner, you have less
responsibilities compared to a family man/woman. This implies an income space
to build wealth. The fact that you have free money is not a reason to throw it
at an any item. Money is used to chase more money, in technical terms, we call
it investment. Your thought should, at this time,not revolve around gathering
luxury that will only depreciate to nothing or gulp maintenance expenditure.
Rather, you should pay attention to investments that can impress a multiplier
effect on your income. Diversify into businesses, save, explore the stock
market and invest in your skills. The more seeds you scatter on a field, the richer
your harvest. Expand your income base and "wealthy" will be an
understatement to describe you.
Conclusion;
Sowing
seeds is not enough, you have to monitor the growth, water it, weed the
environment and purchase pesticides if you want to secure your harvest. Your
monetary investments require your full involvement in monitoring it,
considering the risks and looking out for viable investment platforms. Don’t be
greedy for the short cuts, Ponzi schemes cannot get you an empire, the ultimate
plan is to take from you. To sustain your wealth? Keep investing!