Robert T. Kiyosaki in his book “The Business of the 21st Century” said “Ask yourself, “If I stop working today, how long can I survive financially?”. Your answer is equal to your wealth at this moment”. This is a question we should all ask ourselves “If I stop working now, how much money will continue to come in? This implies that beyond having stable jobs, we all need to have more sources of income. This is called wealth building which is one of the secrets of the rich.

One mechanism for building wealth is by building your business. It is not enough to be contended with a steady pay check by your employer (which may be terminated at any time) which is barely enough to cover your monthly expenses. Yearn to add to your source of income. It’s okay to keep your daytime job but still build your own business. Building a business comes with risk, responsibilities, skills etc. which tends to bring fear but you need to cross the hurdle of fear to take risk because nothing risked is nothing gained. Let the anger of insufficiency burn in you. Let that anger confront and overcome any fear in you. To be truly financially secure, one needs to build one’s own business.

Nigeria is a great country to build a business in. “Nigeria offers far too many opportunities to be ignored and despite all this noise, right now is the time to invest” Anna Rosenberg, associate practice leader for Sub Saharan Africa at Frontier Strategy Group once told CNBC. Security concerns and volatility are nothing new in Nigeria so investors in the country are aware of these challenges and know how to deal with them. Nigeria, as a country, has enormous resources most of which are yet to be explored. They include mineral, food processing, construction and real estate, tourism and hospitality, internet and computer services, trade, transport, energy, services, human resources etc. Nigeria’s economy is strong! The Giant of Africa is growing stronger……. What more is left to say. Invest in Nigeria now! Make your choice now and start a business in Nigeria.

However, one important thing to note is that when building a business is that you don’t use your business as an income source to live on. You don’t use your new income to expand your living expenses: buy new cars, build new houses, take expensive vacations. Instead, you re-invest this new income in your business to grow it further. You can’t build great wealth without continual re-investment in your business. Build your business till it can sufficiently buy your luxuries.

You are on your way to building your wealth once you can build your business. Happy Wealth Building!

For contributions to this blog, you can contact me on: pelumi2oluwagbemi@yahoo.com.

Originally posted on September 2nd 2018 on www.thefinancialliterate.wordpress.com (A previous version of The Financial Literate)

The Secret of the Rich – Wealth Building

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