Forbes on Twitter: "#Forbes400 richest in America: 1. Bill Gates 2. Jeff  Bezos 3. Warren Buffett 4. Mark Zuckerberg 5. Larry Ellison  https://t.co/PB9Eqtigtc… https://t.co/2Bi8C8eTqU"

HOW TO INVEST LIKE THE RICH

3 min read
Forbes on Twitter: "#Forbes400 richest in America: 1. Bill Gates 2. Jeff  Bezos 3. Warren Buffett 4. Mark Zuckerberg 5. Larry Ellison  https://t.co/PB9Eqtigtc… https://t.co/2Bi8C8eTqU"
Image Credit: www.forbes.com

There is a relentless rising inequality in wealth ownership. In Rich Dad, Poor Dad, Robert Kiyosaki stated that the rich are getting richer and the poor are getting poorer. The gap between the rich and the poor is becoming wider.

This inequality comes from varying factors. The most resounding factor is that the rich do what the others don’t do. He explained further that the rich became rich because they invest in what the poor and the middle class don’t invest in.

Investment is building wealth by appreciation. Appreciation here refers to an increase in the value of an asset over time. The intent of investment is to create wealth for the future. It is action taken towards the hope of increasing future revenue.

The importance of investment in wealth building cannot be overemphasized. A lot of people know what investment is, but very few people (i.e. the rich) know exactly how to invest.

Frankly speaking, wealthy people do less “hard work” than most others because they have their money in several places working for them. It is a fact that 9/10th billionaires are self-made. Contrariwise, the non-rich folks prefer to keep their cash in their hands or in low return savings accounts. Even the few who invest, do it carelessly and end up incurring more loss than gain or no gain and no loss. Likewise, some people believe that Ponzi schemes are investments. That aside, the rich are rich (and are becoming richer) because they invest differently from the others.

Further speaking, it is worthwhile to note the differences in the investing behaviour of the rich.  

1. The Rich mindset

The mindset of the rich is their strength. Unlike the poor and middle class, they do not see investments as risks. Instead, to them, NOT INVESTING is a BIG RISK they cannot live with. What is the riskier is LACK OF FINANCIAL EDUCATION. The poor know nothing about HOW TO INVEST. The Rich, on the other hand, are LITERATE and EDUCATED INVESTORS.

They invest in their financial education. They are not just investors; they are intelligent investors. The rich dig deep and make thorough research. Unlike many others, they are not emotions or fear driven.

The rich don’t rely on their intelligence. So, they have a team of advisors who help them make the right investment moves. Unlike others, who hire brokers to invest on their behalf.

2. Not Speculators

Many so-called “investors” are not TRUE Investors, but SPECULATORS. This is more evident in stock trading, forex trading, binary options etc. Yes, speculators make lots of money, but they also lose it as fast as they make it.

Speculators invest mostly based on predictions of price highs and lows. TRUE investors (which the rich are) hardly speculate. They rely mostly on WELL-INFORMED Data on the assets they choose to invest in. There is a difference between investing based on mere speculations and investing with reliable knowledge.

3. Long Term Investors

Another important factor to note is their pattern of investing. Rich folks hardly invest in assets in order to sell off at a higher price within a short period of time. What they do mostly, is buy to own. That way, the assets generate passive income. Unlike others who mostly buy to sell/flip within a very short period, rich folks mostly invest long term.

4. Investment Plan

Investment plan helps to match your financial goals and objectives with your financial resources. It is a core component in financial planning. Remember that the rich surround themselves with advisors that help to keep them in check? One of their duties is to help in clarifying financial goals and objectives and how much resources should be poured into it as regards to an investment goal. Rich folks do not dive into an investment without adequate planning. This also alarms the importance of thorough research and knowledge building before investing.

5. Diversification and Sustainability

For the rich, owning shares in different sectors is important therefore, they do not streamline their investment portfolio. However, they do not invest in non-sustainable investments. They don’t invest in Ponzi Schemes. I repeat; they don’t invest in Ponzi Schemes.

Warren Buffet holds shares in Apple incorporation, Wells Fargo & Co, Bank of America, The Coca-Cola Company, Kraft Heinz etc. investment in Real Estate, Businesses, transportation, Miming etc.

Carl Ichan another great investor who is believed to have beaten Buffet’s track record, own investments in Apple, eBay, Netflix, Xerox etc.

Mr Joseph Safra, world richest banker with an estimated net worth of over $24billion.  To mention a few, some of his investments are in Banco Safra (Brazil’s eighth-largest bank), Safra National bank of New York, Real Estate in the USA.

These examples are to highlight that the rich own multiple diverse investment portfolios.

In conclusion…

INVEST LIKE THE RICH. START TODAY. START NOW!

Man Pouring Water from Dipper on Blue and Grey House

HOW NOT TO BE BROKE AGAIN

3 min read
Man Pouring Water from Dipper on Blue and Grey House

If you’re sick and tired of being broke, it’s time to take control of your finances! Being BROKE ain’t cool, you’d agree with me.

Below are 6 things you could do, to end broke-ness and boost your finances. 

 Learn to live below/based-on your means

Spending above what you earn will only leave a trail of debt behind you.  You’re living beyond your means. You earn 50k a month, but you’re spending 70k monthly. You don’t need a degree in Economics/Accounting to know that the numbers don’t add up. Yet, many of us consciously go into debt to keep up appearances. Or treat ourselves to things we think we deserve despite not having the money to cover it.

The obvious solution here is to downsize, but I know that’s not always easy. It’s a blow to the ego, and you may be afraid of how you’ll be perceived by those around you. Worry about yourself and your financial health instead of what people probably would think. You’ll get along much easier in life that way.

If you’re spending beyond your means because you need to keep up with your friends or show others that you can afford a certain lifestyle, you’re doing yourself NO good. Stop worrying about what others can afford and think about how you can live within your means.

Develop and promote your skill

You are often broke because you don’t earn enough money to pay your bills and afford the lifestyle you want. Therefore, you can’t do without spending more than you earn (i.e. bad debts). As much as you need to cut unnecessary expenses; some bills cannot be left unpaid. Most importantly, you need to increase your earnings. However, this requires three MUST-HAVE fundamental skills.

  • How to MAKE money.
  • How to KEEP money.
  • How to GROW money (i.e. make MORE MONEY)

You can’t keep or grow the money you don’t have. Therefore, the most fundamental among the three is to MAKE MONEY.  After that, learn how to KEEP and GROW your money.

Have a FINANCIAL PLAN

If you are truly serious about not being broke, it means you are serious about being RICH. And anyone who will be rich MUST have a definite financial plan. At least 1-5 years plan. Have detailed short and long term plan on how younwill increase your net worth.

Set definite targets, goals, and milestones. Follow your plan, although flexibly. Be deliberate about your desired future. Don’t just dream it. Make it happen!

Increase Your Income Streams

Create and have multiple streams of income. You cannot and SHOULD not rely on a single income source. That is very unwise.

Your financial plan should detail how you want to locate and access other money-making opportunities around you, as many as possible. It could be business, investments, part-time jobs, freelancing, or vlogging etc.

Find more than one stream of income and you will gradually deliver yourself from the bondage of being broke always.

Embrace Investments

By now, you should know that without investments, you can never be rich. Ohh, you are just knowing? Now you know. Yeah!

Investing is like planting seeds. If you don’t plant, you cannot multiply your seeds, hence, no harvest. You need to plant money to make more money. That is how to grow your money. When you make money, plant it. Make it grow. Watch it grow. And you will always have money. This is an open secret of the rich.

Now that you know… you also need to learn how to INVEST. I explained how to invest like the rich here.

Stop Saving to spend…! 

Stop saving to spend.

Yes, saving is good. But it is only as good as what you use the money you saved for.

If you save to spend, you will go back to being broke. Instead, save to INVEST. Worst case scenario, save for emergencies. But you see, that is only feasible for a middle-income earner. But for a hustling young Nigerian who is barely making enough, that is not realistic.

So focus on saving your money for investments. Then when you are making enough, you can save towards emergencies.

And if you are making enough to save for both, Good. But my point here is, DO NOT SAVE TO SPEND!

IN CONCLUSION…

LEARN HOW TO MAKE MONEY AND MORE MONEY. LEARN HOW TO KEEP IT.

AND MORE IMPORTANTLY, LEARN HOW TO GROW (I.E. MULTIPLY) IT.

Woman Holding Black Wallet

5 SURPRISING REASONS WHY YOU’RE NOT MAKING ENOUGH MONEY

3 min read
Woman Holding Black Wallet

Money!

We all think about MONEY. Everyone wants to make more money. Only hypocrites (and poor people) say that they don’t.

Unfortunately, thinking/wishing/wanting to have more money does not automatically bring in more money. Hence, many are always broke! The money is always too small, too little… cannot make ends meet… WHY?!

I highlighted FIVE(5) SURPRISING reasons WHY you are not making enough money.

Not having a strong WHY

Everyone wants to be RICH. Most aren’t sure of the ‘WHY’. For others who have a personal reason(s) for wanting more money, the reason(s) is/are not strong enough to motivate them to take necessary actions towards their money.

Making money for the sake of just making it isn’t good enough. Have a SUPER-STRONG reason/motive of why you want to be rich. And let it be your engine to succeed financially.

Note; your WHY does not have to be “good” or “bad”. The idea is, ‘is it strong enough to PUSH you to financial freedom?’

If it isn’t, you need to think deeper and come up with another and Bigger/Stronger WHY. Whatever appeals to you most. It can be love, hate, revenge, anger, or compassion… etc. It can be either emotional or logical (or both) reasons. For more understanding about this, read this article.

Doubt

It is normal for people who aren’t making enough money to doubt themselves. They blame their lack of expertise and/ or certain circumstances that prevent them from making money. Blaming in this regard results in you staying in the pit of despair for a longer period of time.

Doubting yourself will hinder your progress and keep you in that pit longer. The only way to get out of that pit is by climbing out of it and doing something.

In other words, always believe in your hustle. One day e go pay, if e no pay, try anoda one. Just ask The Dark Knight.

Not putting in the right work

Whether willingly/unwillingly, consciously/unconsciously, the people who don’t make enough money often are not putting in enough productive work!

We are good at being busy (always), but productive work is a different story. Most people like to believe that all work is effective and productive. No, NOT TRUE!

Certain kinds of work are just being busy with little or no productivity. Don’t just be busy doing something/anything. Be Productive with your time, effort and resources.

This implies that you should learn to put/divert your energy and time into what will MAKE YOU MORE MONEY!

Tolerance for low pay

Salary earners and entrepreneurs are on this table (smiles). In Nigeria, labour pay is often very low and unsatisfying, compared to other countries. Pathetically, many Nigerians settle for this meagre pay. Why? Oh well, for most, there is no other option (or cannot see a way upward). For others, they are not ready to take a leap forward to position themselves to be able to re-negotiate their pay or, better still, secure a higher paying job.

Tolerance for low pay also applies to entrepreneurs (especially SMEs). Many offer quality services for ridiculously cheap fees. A strategy which they thought would attract more customers. Yeah, this is true, but not in all cases. Offer quality products and services, and charge appropriately. Use other strategies to retain customers, and secure new ones.

You’re being lazy

This may sound harsh, but I believe that laziness is one of the most common problems with people who complain they don’t have enough money. Now, before you start throwing shades at me, I’m not referring to the hard-working Nigerians in unfortunate circumstances who can barely make ends meet. Those folks know how real the struggle is, and they’re constantly working to correct the situation in most cases. Instead, I’m referring to perfectly middle and lower-middle-class folks. Folks who have just enough money to cover their expenses. And more time than they know what to do with, which, coincidentally, is anything but work harder. 

  Unarguably, we always think about money. If we could earn 100naira every time we thought of money, some of us would be millionaires just for that. We want money, but in order to get what we are looking for, our thinking pattern must change. We must get out there and work hard, work wisely and work purposefully.

Lagos To Hold Independence Parade For Nigeria At 60 - The Lagos Today

Financial Slavery at 60; How to free yourself as a Nigerian (A MUST READ)

4 min read
Lagos To Hold Independence Parade For Nigeria At 60 - The Lagos Today

WHERE IT ALL BEGAN…

60 years ago, Nigeria gained independence from its colonial masters. Over the years, there has been an uncovering of her fatness as a Nation in Natural resources such as oil and gas. 

Nigeria is home to significant deposits of coal, iron ore, lead, limestone, tin, and zinc. Equally important is that she has rich land and water resources that are ripe for further agricultural exploitation.

Sadly, despite her fatness and richness in natural resources and 60 years of independence, she is still financially indebted and dependent on foreign countries. 

THE RICH PAUPER

As of March 31st, 2020, reports from the debt management office (DMO), aired out that Nigeria incurred a debt of USD3. 121 billion from China, this is just about 4% of Nigeria’s total debt. In total, Nigeria’s debt has risen to $79.6 billion, quite a lot for an independent nation.

If these debts were incurred in order to promote economic growth and development, it wouldn’t have been much of an issue. The problem is in the misuse of these borrowed funds which has, in turn, led to the economic crisis. 

FINANCIALLY ENSLAVED…

The accumulation of debts by the giant of Africa has become a burden on her citizens and stunted her economic growth. It has also resulted in the restricted requisition of flexible financing scheme to strengthen small and medium scale enterprises in Nigeria. With this unfavourable condition in the Nigerian economy, the nation still struggles with a low level of employment and a rising poverty rate. 

The current economic state of Nigeria has affected the masses. The young, old, rich, poor, are all infected by the disease of the Nation’s financial dependency and debt.  

HARD LIFE FOR THE CITIZENS AND RESIDENTS

September 1st,2020,  witnessed an unprecedented aberration when the electricity tariff was increased by more than 100%, the highest the nation has ever witnessed. Not too long after, fuel pump prices skyrocketed from N120 per liter N162.00 per liter. This in turn has led to the exponential hike in the prices of goods and services; a basin of rice is now sold for a thousand naira,  bread which is known to be the common man’s food is sold for N100 per loaf, and you really need to see the size of that loaf. The price of garri from N400 as of last year has risen to N900 per basket. 

The external debts accumulated by the Nigerian government affects every Nigerian born and unborn.

HOW CAN WE BE FREE?

In spite of the ill-favoured situation of the country, what measures can Nigerians take to become financially free and be truly independent? 

To become financially free means having enough cash and investments to cover any eventual need without having to worry about food, health care, housing, bills, etc. and other daily needs of life. Financial freedom is not about what you make, it is about what you save and invest. 70% of Nigerians cannot boast of this kind of freedom.

First and foremost, financial independence starts with a MINDSET CHANGE

You need to re-wire your MIND from FINANCIAL SLAVERY to FINANCIAL FREEDOM. (By the way, if you are POOR; you are financially enslaved. FACT!)

“As a man thinks in his heart, so is he” goes the popular saying, hence our outlook towards money must change.

If you want to be financially free, you’ve got to realize that you’re solely responsible for creating your own financial success, and your struggle around money, either intentionally or not. Your thoughts really matter a lot because they inform how you use your words. Negative thoughts have shown to have an adverse effect on our actions.  Quit playing the role of the victim who goes about saying “poor me” because more often than not, that’s how they end up becoming – poor!

Your mind is a very powerful tool, hence use it positively. Stop trading blames. Start taking responsibility for your actions. 

Secondly, you need FINANCIAL EDUCATION 

With the increased rate of indebtedness and decreased rate of employment in Nigeria, the importance of financial education cannot be overemphasized. 

To become financially educated means to acquire financial knowledge and to understand how money works. This blog is here for you

The absence of financial education is a heavy limitation on Nigerians. Knowledge is key… Ignorance is more costly than education. With sound financial education, you can overcome the turmoil of the impact of the debts incurred by the Nigerian government, and with this education, you can become rich. 

Thirdly, INVEST!

Without INVESTMENTS, you can NEVER be financially FREE! Yes, I said “NEVER”.

The value of developing a healthy investment habit as a means of becoming financially independent is a must for anyone who aspires to gain financial freedom. 

Investing is a NECESSITY to become RICH. You work hard for your money and your money has to work hard for you.  Not investing or not doing it right can mean longer working days. When you take your investments seriously, the returns generated by your investments can provide financial freedom in the present as well as in the future.

Investment can mean different things to different individuals, for the sake of this context; we define investment as “investing money in a financial product, skills, stock, real estate or a commercial enterprise with the expectation of making a profit”. An investment means a commitment of capital in different types of assets with the expectation that you will make a profit or profit in the future from these investments.

Finally, SOLVE PROBLEMS

Nigeria is a home full of OPPORTUNITIES, disguised as BIG PROBLEMS. Nigeria has GOLD on every street. All you need to do is find YOUR GOLD. Find a problem that YOU can SOLVE, and make LOTS OF MONEY while doing so. That is a known secret. Mind you, this is not for the faint-hearted.

In conclusion, you alone have the power to change your story from POVERTY to FINANCIAL FREDDOM. Your life is in your hands. Your ball is in your court. Take action. Take it Now. Stop making excuses. Start doing. Start making money. BE FREE!

HAPPY INDEPENDENCE DAY CELEBRATION! 

WHY MOTIVATION IS THE KEY TO MAKING MORE MONEY

4 min read

CAN YOU DO THIS?

Imagine you were told to run up the stairs of a 200 storeys building. Would you? Now, imagine you were offered 10,000 naira to do so. Would you? Remember, the building is 200 storeys high and you must get to the top through the stairs. 

Now, imagine the offer was increased to NGN 100,000. Would you? What about NGN 1,000,000, I billion?

HOW MUCH…?

How much will be enough to drive you to run up a staircase of a 200 storeys building? Really, ask yourself. How much will be enough for you to put off your shirt, and run eagerly to the top? HOW MUCH? 

In case you are wondering how high a 200 storeys building is, see the picture below (less than 100 storeys skyscrapers).

Photo by Alejandro Luengo on Unsplash

Maybe no amount of money will be enough for you (in which, that is not true, it is a matter of how much). However, you might even want to say that “lai lai”(never) I can not do that kind of thing for FREE ooo, ‘over my dead body, I cannot comman kill myself’.

Now, hear this;

The building is on fire, and the building is about to collapse. The firefighters are still far away. And if you are lucky to be in Nigeria, the firefighters might not even come at all or worst, they’ll arrive only to tell you they cannot go to the building top, or even tell you that there is no water. You know how the thing dey be nah. In summary, you are on your own here.

The elevator system has stopped working, and your daughter, your dear newborn daughter, and your first child after 10 years of marriage (waiting for a baby), is on the topmost floor with her nanny or your spouse. Would you run up the stairs just to save your daughter? I believe you are already shifting (feeling uncomfortable) wherever you are standing or sitting while reading this. You have to be either wicked, highly nonchalant, or super-selfish to ignore your daughter in that building and wait for the firefighters. You would rather die just to save your precious daughter. Parents can relate to this very well. If you are not a parent yet, you can do a test, by painting this scenario to an African parent, observe his/her reaction. Before you say, “God forbid, it won’t happen… I reject it in the name of any god you believe...” Read on first. I want to show you something.

For some, they would do so when offered NGN 100,000, some will never be triggered to do so until the incentive is higher than 1 million; many in Nigeria will even thank you for offering them “free money” of NGN 10,000 to do so (many are very desperate to make money).

Whereas, every ‘normal’ human will do so for “FREE”, just to save their newborn baby.

WHAT IS MOTIVATION?

In the scenario above, I have simply shown you, in a simplified manner, the concept of motivation.

Motivation is, simply put, the motive/reason that fuels your desire to take any action.

Another definition is that motivation is what drives you to act. Your DRIVE to DO!

Let us take this further. Think about everything you have done in life, from waking up early in the morning to brushing your teeth, to dressing to school/work, to learning how to drive or learning a new skill, to doing professional courses, to making your hair, or going to the barbing salon, or to the market, etc.

Look deeper into those actions. Did you observe, that for every one of those actions, you had a motive/reason for doing them? There was a reason why you took the action, either you were aware (conscious about it) or not. There is something to gain, something at stake or something not to lose.

You brush your teeth daily, to prevent mouth odour, tooth decay etc.

You have your bath daily to prevent body odour, or to look neat, shiny, handsome/beautiful, to keep off germs, to nourish your skin, etc.

You wake up early, maybe because you have to go to work, or go to the toilet, or cook for your family etc.

You should get my point by now.

Every action has an underlying TRIGGER! That is the MOTIVE – what you stand to gain or prevention of a loss. This can be due to fear of the unknown, just as in brushing your teeth or in taking your bath. That is the motive or reason. We all have motivation. The question is; how well can you channel enough motivation towards your success, especially your financial freedom?

Sometimes I wonder why many are not hardworking nor are they committed to their success. For instance, many in our environment are very poor and will most likely die poor.

Amongst many other reasons, a major and undeniable reason is that they are not motivated to success or to financial freedom or they CHOSE not to be.

Whether to do harm or good, motivation is vital. Something must TRIGGER your action; something, someone, some idea, belief (either true or false), myth, superstition or event must PUSH you, DRIVE you, INSPIRE you, PUMP YOUR BLOOD – To take that action.

That is motivation. You can now see that motivation is everything. As HUMANS, we need motivation. By now, you should start forgiving your resentments (if you have any)  for motivational speakers. Because, they are helping you (although, some of them take it to the extreme). The fact remains, however, that you need motivation, either from self, something, or from others if you must succeed in life.

The HIGHER your motivation, the MORE CERTAIN will your success be.

Dear reader, get motivation, find motivation, stay motivated, choose to be motivated and keep at it.

1 Us Bank Note

HOW TO MAKE MORE MONEY BY DOING LESS

2 min read
1 Us Bank Note

Have you ever wondered how some people make so much money by doing so little, as though they were gods? Well, they are not gods but they do have some tricks and I am going to be sharing them with you.

The truth is making money isn’t as difficult as you think. And spoiler alert – you don’t have to do so much. So let’s get to business.

Elevate Your Thinking

Productivity starts from the mind. Do you want to make more money? You can! It starts from the mind. So the question you should be asking yourself by now is, “Am I prepared to make more money?” More often than not, what you need is a renewal of mind, not more jobs.

Outsource

This term sounds technical, I know. A lot of people don’t even know what it means. But outsourcing is “the business practice of hiring a party outside a company to perform services and create goods that traditionally were performed in-house by the company’s own employees and staff” (Investopedia). I hope I didn’t lose you there. Okay, to break it down, outsourcing is basically employing help. “Division of labour” makes the process faster and easier. Employing others to work for you lessens the burden. This is as simple as having an assistant. Focus on what you do best and let others handle the rest. The faster you deliver on jobs, the faster more coins roll into your account.

Technology

I find it funny when I hear people say “they spent hours” trying to do something that could have been done in minutes or less. With technology, we can achieve so much in so little time and that’s just beautiful. Learn to deploy technology in your work process. It will make you more efficient and effective. You do not have to do everything yourself, or manually. There are countless tools that have been created to make your chosen career easier. Find them, and use it.

Use And Block Social Media

Social media is a gift really but only if you know how to use it. It is said that all is vanity. In the case of social media, choose your vanity wisely. Social media is a good way to market your products and services. Think about the millions you could reach via Twitter alone. And if you have quality products, good marketing strategies, imagine the sales you can make. Note the part of ‘good marketing strategies’. It is more than making your WhatsApp status a boutique. Employ good skills too. Apart from using social media, learn to block the distractions.

Opportunities

You can either prepare for opportunities or create one for yourself. I explained how to create opportunities here. Have the sight for opportunities, and the proactiveness to grab them. Do not let the right opportunities slip away.

In conclusion

One word summarises everything said above; Leverage. Archimedes expressed this fundamental concept simply, “Give me a lever long enough, and I will move the earth”. Leverage is about achieving MORE with LESS. Building wealth is impossible without leverage. You need to SCALE your efforts, so it can produce a “multiplication effect” results.

If you want to make more money doing less; use LEVERAGE.

The Nigeria of my dream at 60: It is up to us, now — Opinion — The Guardian  Nigeria News – Nigeria and World News

Nigeria At 60; The Biggest Money Mistakes and The Greatest Lessons to Learn

4 min read
The Nigeria of my dream at 60: It is up to us, now — Opinion — The Guardian  Nigeria News – Nigeria and World News

Nigeria is rich 

Nigeria is rich. That is, potentially rich. She is rich in natural and human resources. 

Natural resources include Petroleum, Natural gas, tin, iron ore, coal, limestone, lead, gold, zinc, the large expanse of fertile land for agriculture, and more.

Human resources; as of 2010, 53.2% of Nigeria’s population was between ages 15-65 while 44.0% was between the ages of 0-15. We can safely conclude that Nigeria is booming with youthfulness thus have adequate manpower.

So my assertion that “Nigeria is Rich”, is potentially true.

Nigeria of Then, Nigeria at Independence, Nigeria of Now 

There was a time when the young ones could follow their fathers to farm without the fear of a trailer accident or a truck explosion. Young girls could enjoy their maidenhood, walking barefooted in their villages. In came civilization, the White man’s disguised weapon of discomfort, and Nigeria took a total turn. During colonial rule, Nigerians fought tirelessly for their independence. Youths clamoured for their rights. Heroes laboured for our freedom.

Independence came.

At independence, many Nigerians looked forward to a future of a GREAT, PROSPEROUS, and FINANCIALLY INDEPENDENT Nigeria. With much gladness and encouragement, the generation of then saw the hope of a MORE BLISSFUL WORLD ahead of them.

60 years after independence, Nigeria became the country with the highest poverty rating. Nigeria became FINANCIALLY DEPENDENT on other countries. Nigeria is still named as a “third world country”, an “underdeveloped nation”. Nigeria, the once-wealthy giant, became super-broke and super-poor!

Nigeria at 60

60 years passed, the diamond still feels rough and unrefined despite being chipped off at many sides. One would have thought that as a country blessed with natural resources and hardworking people; she would soon arise in her full splendour and shine. ALAS! The reverse is the case.

Can we then say that the dreams of many Nigerians have been disappointed and their hopes, dashed?

Nigeria has suffered at the hands of terrible decision-makers. Wrong economic decisions were made, poor economic planning, terrible execution, delayed revitalization, among others.

Nothing happens by chance. Nigeria is where she is today, because of the decisions, indecisions, actions, and inactions made by the leaders at different times.

Many of which are MONEY related! Obviously, we made many MONEY MISTAKES as a Nation.

NB: This is not a political article or a critic article.

THE GREATEST MONEY MISTAKES NIGERIA MADE…

“Greatest” because there are many, so I hand-picked the most prominent ones.

WHY?

So that you, dear young Nigerian reading this, can learn from your 60 -year old grandpa(Nigeria).

Excessive Borrowing, Irresponsible Spending

One of the most alarming mistakes that most Nigerian government regimes make is the mistake of excessive borrowing and irresponsible spending. When one considers the huge loans that the government take, all in the disguise of meeting a particular need and the outcome of such loans, it brings amazement. Exactly! I got you thinking right? There is usually no tangible outcome. In fact, the urgency of these needs is shallow and taking debt is not worth it. 

You feel like the decision was foolish right? Many of us do the same thing in our personal finance. How so? If you borrow money to buy something that is not essential, whose cost is over your income, you are a “Nigerian government”, just a “home-scale level” in this case. I ask you “are those things you take loans to buy really necessary? Is there urgency in that need or you are just being unreasonable?” 

I have heard of people who give away their valuables as collateral for loans. That is not the point I want to make; my point is that these needs are usually not needs but wants. Consider your available piece of material and not just your taste when cutting your clothes. If you have 2yards of clothes, don’t decide to sew a long flowing garment. You can make do with a simple top and still look beautiful. As much as possible, avoid borrowing. 

Short-sightedness

You are probably asking yourself how short-sightedness is a money mistake? Let me tell you a story about the Choluteca Bridge. In Honduras, the government decided to build a new bridge over river Choluteca in order to connect it to a bypass road. So they built the bridge for two years thinking that it was going to be a life-long breakthrough. Sadly, a few months later came Hurricane Mitch. There were about 75inches of rainfall in four days which is approximately rain for six months. The river got flooded and over 7000 people lost their lives. Almost all the bridges were destroyed except of course the Choluteca Bridge. You are probably relaxed now thinking building the bridge was worth it right? See what happened to the bridge hereafter.

 The bridge remained firm, sturdy and unaffected but the flow of the river changed course. The builders never imagined that happening.

Generally speaking, a lot of money decisions made by decision makers of the past and now were not thought out carefully. Oftentimes, the decisions are made to solve the problem of now totally forgetting the need to plan for the problem of later that may arise. It is a pity that decision makers lack insight. Overtime, Nigeria spent a lot on its oil and gas sector. It wasn’t until recent that it began to make effort on economy diversification. 

As at 2019, in her budget breakdown, more funds were allocated to transportation and works but very little to Health as compared to others. In came 2020 with the Coronavirus Pandemic and Nigeria had to spend beyond its budget; taking loans in order to put the situation under control. Of course, the pandemic hit us unexpectedly as no one can foretell the future. However, the situation wouldn’t have been this terrible if the government had not been short-sghted in decision making, and budget allocation. You cannot tell the future but you can at least try as much as possible to think and plan highly, widely and deeply.  No, not the Nigerian Government.

IN CONCLUSION…

This is the deal; before making money decisions, consider your tomorrow and many factors that may affect it. Don’t make decisions hurriedly. Sit down and analyse your need. Is it really a need or a want? You need to know how to channel your resources appropriately. Learn how to comprehensively and critically analyse your problems. Nigeria is a rich country, flowing with resources but many terrible money mistakes had made her the Country with the HIGHEST POVERTY RATING.

DON’T MAKE THE SAME MISTAKES!

parked vehicles

How to be among the 10% Who Control 90% of the World’s Wealth

3 min read
parked vehicles

The Pareto Principle

The Pareto Principle (also the 80/20 rule) states that for many events, roughly 80% of the effects come from 20% of the cause. This principle originated from an Italian Economist Vilfredo Pareto, who showed that approximately 80% of the land in Italy was owned by 20% of the population. This principle was also applied to the distribution of wealth among the world population. That is, it is believed that 80% of the world’s wealth is controlled by 20%, while the remaining (left over) 20% of the world’s wealth is shared by 80% of the world’s population.

Robert Kiyosaki, the author of Rich Dad and Poor Dad, however, argued that wealth distribution in the world is actually 90-10. That is; 10% owns the majority of the world’s wealth (90%), while the 10% left-over wealth is managed by 90% (the majority of the world’s population). In other words, 10% of people control/own/earn 90% of the money. In professional Golf, for example, 90% of the money is earned by the top 10%. Same in Football, Basketball, Tennis, etc. This rule is true. The richest men in the world are in the top 10%. They possess 90% of the world’s wealth.

Therefore, having explained this rule, it is important to place more emphasis on what this rule implies. It implies that if you are not wealthy, you are among the 90% of people sharing in the 10% of the world’s wealth. Wealth distribution is not equal; in fact, it is not close to being equal. Interestingly, the rich are getting richer and the poor are getting poorer. Some even argued further that the ratio is getting wider, and moving towards 95/5. Crazy right?! Therefore, it makes no sense to complain about it as it is not going to “change”. What you need, however, is the right information, and the readiness to take action.

So, how do you move from the lower 90% to the upper 10%, who controls the majority of the world’s wealth? What do you need to do?

Continue reading…

Join the 10%…

Yes, you read that right! I’ll be discussing practical steps that you can take to achieving this. Of course, you should know that wealth is to be built. There is no “sudden wealth”. Hence, there are certain steps you must take.

Work!

Wait, you were not expecting magic steps for wealth building, were you? Any man who wants money must work for money. If you want a share in the 90%, work. I listened to a wise man say “money only comes to value”. You should read that again and again. What value are you putting out there for money to find you? Dangote gives us Cement, salt, sugar and many others. Mark Zuckerberg gives us Facebook, the largest social media platform that connects people worldwide. What are you giving to the world? Complaints about being broke or work aimed at wealth creation?

There is a difference between working to make ends meet and working to make wealth. Work to create wealth. Work to not have to work again. Don’t work to survive. This kind of work is not just hard, but smart! Don’t stay stuck on one source of income. Have multiple sources. Make more money and make more money to get more money.

Invest!

In his book Rich Dad Poor Dad, Robert Kiyosaki implied that the rich became rich because he invests in what the poor and middle class do not. Investment is putting something for the goal of appreciation. Appreciation here refers to an increase in the value of an asset over time. The intent of investment is to create wealth for the future. Investment is an action taken towards the hope of increasing future revenue. Most people say that investing is risky, so they don’t invest. NO! not investing is the actual risk. More importantly, not knowing “HOW to invest” is a really big risk! Hence, the need to be FINANCIALLY EDUCATED!

Learn!

Lastly (this should come first actually), become financially literate. The major difference between the poor and the rich is that the rich are financially literate while the poor are financially dumb!

Do you want to become wealthy? Invest in your financial education today. read books, blogs (especially this one). Buy courses on finance, learn how to manage money, how to invest, how to multiply your money, how to plan your financial future, how to build wealth, and many more.

This is actually your first step to creating wealth…. FINANCIAL EDUCATION.

In conclusion, remember that “Rome was not built in a day”. Wealth creation takes time, dedication, the right information and focus. Bt know this, if Warren Buffet, Robert Kiyosaki, Jeff Bezos, Aliko Dangote, Jim Ovia and others can do it, anyone -YOU- CAN DO IT!

ALWAYS REMEMBER THAT! SO, BEGIN YOUR JOURNEY TO FINANCIAL FREEDOM!

Portrait, Adult, Men'S, People, Character, Group

Five Reasons You Should Hate To Say “I Can’t Afford It”

3 min read
Portrait, Adult, Men'S, People, Character, Group

Arguably, the poorest vocabulary of money is “I can’t afford it”. Not being able to afford something is simply when you don’t have enough money for it. That is, when it comes to buying or getting that particular thing done, you lack what it takes. 

There are many situations that push you to tell yourself you can’t afford something; sometimes it could be that you are on an outing and you see something you like so much but then, it cannot fit into your budget. It could be an emergency situation that warrants some money and it could even be a friend who needs your financial help. In all these situations, what comes to your mind is “I can’t afford it”.

However, by saying this to yourself, you are putting yourself in some kind of risk. Words and mindsets are powerful. Words can make or break. Here are some reasons why you should hate to say “I can’t afford it”;

A Poor Mind Set

The first reason is this, saying you can’t afford something is programming your mind to be poor. Your mind constitutes your sense of reasoning and cognitive activities in general which includes your imagination, language or vocabulary, perception, consciousness, thinking, etc. and even non-cognitive aspects such as the emotions or feelings. This means your mind plays a very significant role in your financial activities such as your goals, earnings, spending, savings, investment, etc. The implication of this is that your mind serves as your gate or entrance to wealth, your mind determines a lot. Saying “I can’t afford it” by default, is training your mind to be poor.

Laziness

Furthermore, you become hindered from being imaginative and laziness sets in. You agree with me that every habit has its starting point. Saying ” I cannot…” to yourself hinders your imaginative prowess. With time, your priorities and business goals become very hard to accomplish. You’d trained your powerful and to become LAZY. Your brain would normally be triggered to find solutions to your lack. Only if, you asked “how can I afford it” instead of “I can’t afford it”.

Negative Feelings

Also, it creates negative feelings. Don’t say things that kill the positivity in you; there are lots of powers embedded in words, all we have to do is speak them! Take for instance the owner of Zoom App; Eric Yuan. He kept on with his creativity even though his expectations were not met. Now, due to the COVID-19 pandemic, the use of his Zoom app became very massive. His wealth increased exponentially and made it to Forbes’ Billionaires list.

This is how the thinking faculty works, immediately you tell it something, it begins to create ideas and feelings related to your mental positioning. This is why when a massive business idea penetrates your mind, make a decision to fuel your mind with positive ideas and feelings. Read up on the success stories of people like Eric Yuan, Bill Gates, Dangote, etc. this can help you feed positive words and feelings on your money-making goals! Avoid negative vibes, train your thinking to be consistently positive.

Self-esteem

Fourthly, saying “I can’t afford it” kills your self-esteem. The rate at which you can say “I can afford it” depends on your self-esteem. Mental positioning is then needed. As a business owner, dare to take the risk and act on your idea.

You can afford it

In furtherance of the foregoing, you should hate to say “You can’t afford it” because “You can afford it”. However, taking a deeper look at it, you indeed cannot afford everything but you can afford almost everything. If you can simply tell yourself “you can afford it” or better still, ask yourself, “how can I afford it?”. Your mental positioning shifts and you begin to see possible ways and systems to make whatever it is, affordable. 

Moreover, if you really cannot afford that thing in the actual sense, telling yourself “I can’t…” shouldn’t be your response.

For example, your next target is to pay off a debt that has been hanging for a while. About the same period, your friends invited you to an expensive hang-out. Instead of saying, “I can’t afford it”; rather, decline the invitation, and tell them why, if they care to know.

In conclusion, be positive in your words as much as you are in thoughts. If the going gets tough, ask yourself, “How..?” “What can I do..”, etc…. Instead of telling your mind that “it is OVER”. And that is exactly what you do when you say “I CAN’T AFFORD IT”, in other words, “IT IS OVER, I’M NEVER GOING TO ACHIEVE MY DREAMS”.

STOP SAYING THAT!

Five EASY Steps to Monetizing Your Skill(s)

3 min read

Times have changed and the world has gone digital. You can now make money from your skills with or without having to leave the comfort of your home. But most people have not been profiting from this because they do not know how to go about it.

Monetizing a skill is not as difficult as it appears and even though it may seem intimidating at first, you must start somewhere.

You too can make money from what you love doing, online and offline. Simply follow the steps highligted below.

Master your skill

I disagree with people trying to make money doing something they suck at. When you do so, you deliver poor results. This gives you a bad reputation. Hence, bad income. Therefore, first thing, MASTER YOUR SKILL!

Reach out to experts in your niche. Learn from them. Be mentored. Be adequately informed.

Buy books. Attend training, workshops and conferences (free and paid). Read blogs. Use Google and Youtube also.

But as much as you learn, don’t feel relaxed and sit back. Always practice what you learn. Practise and keep practising. Remember, practice brings perfection.

Build an online presence and be consistent with it.

No one is self-sufficient. You need people to buy what you have to offer. Therefore, they must know that you exist. Hence, while mastering your skill, showcase your progress on your social media walls (Facebook, WhatsApp, Twitter, Instagram or LinkedIn etc.). Build your brand and create awareness for your skill there.

You can as well create a blog or a medium profile. Focus on a niche or target audience. Post contents that keep your readers coming back. As you do this, be consistent. The results will definitely come. You will undoubtedly attract potential buyers to yourself.

Render services and create offers.

Now that you have mastered your skill and showcased yourself on social media platforms. Next, render your services to potential customers. Create special offers, discounts, promo, or even free offers. Post this offers on your social media platforms, or blog, or website. Start selling. Simple.

Become a freelancer.

Moreover, you can monetize your skills on freelance platforms such as Fiverr, Upwork, Toptal, Simply Hired, PeoplePerHour, Aquent, Crowded, The Creative Group and more.

The cool thing about freelancing is you’re in control of when and where you work. You’ll have a deadline but the company/individual who contracts you won’t dictate where to work or how to work or when to work. All they are interested in is, deliver excellently, and within the stated deadline. You make money, while in control.

Train and Mentor others

I love this part. Train others what you have mastered. This can bring you a good income. Start to train and mentor others. To become a coach, you do not need a website to start. You can begin by using Facebook or WhatsApp groups. All you need is a deep understanding of your subject matter and the ability to help your students or readers get the results they desire.

And the truth is, there will always be someone you can train/mentor. Charge your students and make sure the right contents are given. Training materials can as well be packaged as ebooks, video courses, etc. and sold at a rewarding price.

Isn’t it intriguing that none of these steps involves going back to the classrooms and chasing grades? All you need to do is to start from where you are and sharpen what you love most. 

Now that you are well informed on monetizing your skill. I dare you to be brave enough to begin today. Your skills can earn you a fortune. Take the steps above, and become the financially independent fellow you’ve always dreamed of.