Wealth creation is a habit that a few possess. Although they make it look as if they want to grow rich, a lot of people chase material things and do not focus on the real money making ventures. That is to say that people like to look rich and not actually be rich. Dr Matthew Ashimolowo of the KICC has recently shared some wealth creation nuggets on his ”Don’t be broke” series which has lessons I would like to share with you.
Develop a skill
According to the founder of KICC, ”Learning to invest during the “boom” years of your life will enable you to flourish during the “famine” years that evolves during your lifetime”. This also translates as learning to pick a skill and getting better at it will not only get you a career but will fetch you loads of money.
Dr Ashimolowo admonishes us all to increase our chances of getting rich by increasing our opportunities of magnetising money. Money, he said, can be magnetised. To do this, you must buy assets such as lands, bonds, shares, in order to gain wealth more in the future.
Make sure you can afford something before you get it with your last penny just because someone else has it. As the saying goes, ”You are not yet rich if you cannot afford it twice”, therefore you measure your finances first before trying to impress other people.
Learn to expand your means and not your spending. This simply means learn to adopt multiple streams of income if you must gain financial independence. Working pay check to pay check alone will not get you rich. Start a business or a venture that will attract more wealth to you.
Understanding the game of how money works is very important. Knowing that everyone is after your money will keep you on your toes. Government is after your taxes while shops have also priced goods in such a way that makes you think they are cheaper. On the contrary, it is a psychology of getting you to buy more. This only means we must think deeper if we want to attract more riches.
These simple rules are often underestimated. However, this year should be different for us if we step out of our comfort zones to adopt these habits of the rich.