Many years ago i remember reading a simple quote by Mike Dooley that caused a mind shift, it said something along these lines;
“Don’t buy into the bad economy narrative, right now, someone down the road where you are just became a millionaire yesterday”.
There’s so much truth to this statement, irrespective of the situation of the economy, someone is becoming a millionaire/multi-millionaire. Wealth reports have been indicating that the number of millionaires minted in Nigeria has risen. According to 2015 research by New World Wealth, the millionaire number rose to 15,000, which is about a 305 percent increase from the 5,000 recorded in the year 2000. As of 2015, the combined net worth was USD 150 Bn. All these happened despite despite the seeming unstable economic situation in which Nigeria is believed to have been immersed.One can only imagine how much that number has risen in 2019.
Beyond the ‘it’s God o!’ narrative, what are the things your multi millionaire neighbour next door ain’t telling you?
Change Your Mindset About Money
Clear your mind from thoughts of lack and scarcity. The richest man in Africa lives here. A sizeable percentage of the richest men in Africa are also from here. This is the mindset you need to keep going forward. “Getting rich begins with the way you think and what you believe about making money,” self-made millionaire Steve Siebold explains. At the end of the day, “The secret has always been the same: thinking,” he emphasizes. While the masses believe becoming wealthy is out of their control, rich people know that making money is really an inside job.”
Create Multiple Income Streams
A case study here is Aliko Dangote, for what is a seven-row record, Dangote is still Africa’s wealthiest person with a net worth of USD 12.2 Bn. The entrepreneur has diversification to thank for his amassed dollar bills, having invested in fertilizer production and oil refinement. In Nigeria today, Dangote Group with its dominance in the sugar market and refinery business is the main supplier (70 percent of the market) to the country’s soft drinks companies, breweries and confectioners. It is the largest refinery in Africa and the third largest in the world, producing 800,000 tonnes of sugar annually. Dangote Group owns salt factories and flour mills and is a major importer of rice, fish, pasta, cement, and fertiliser. The company exports cotton, cashew nuts, cocoa, sesame seeds, and ginger to several countries. It also has major investments in real estate, banking, transport, textiles, oil, and gas.
It’s rare for one to become a multi millionaire through one source of income. Diversification is the key. Yes, a bank manager might earn a salary in millions but for him/her to maintain the millions, beyond savings, he has to find other means to generate income.
By developing multiple income streams, not only do you create a safety net for yourself as you work towards you goals, but you also can reap the benefit of multiple income streams, especially if some are more passive than others.
Live Below Your Means
Look no further than your igbo brothers on how to do this successfully. A trader in Ladipo market might be a multi billionaire but his way of dressing, the car he drives, and his home might be in a modest environment. Same can be said for billionaires like Warren Buffet and Bill Gates, while they might have things they splurge on, for the most part they are modest in their outlook.
And it makes sense – many millionaires didn’t get rich by spending their money. They got rich by saving their money and making smart money decisions. And those are habits they developed over a long period of time, so they don’t change even when there is plenty of money to spend.
So, if you want to match your millionaire neighbour, mimic them and don’t let them even know you have money. Live frugally, make smart money choices, and live below your means. You’ll get the joy of being a millionaire without the hassles of maintaining an exuberant lifestyle.
Go for $10m, not $1m
“The single biggest financial mistake I’ve made was not thinking big enough,” writes multi millionaire Cardone. “I encourage you to go for more than a million. There is no shortage of money on this planet, only a shortage of people thinking big enough.”
Invest in yourself
“The safest investment I’ve ever made is in my future,” writes Tucker Hughes, who became a millionaire at 22. “Read at least 30 minutes a day, listen to relevant podcasts while driving and seek out mentors vigorously. You don’t just need to be a master in your field, you need to be a well-rounded genius capable of talking about any subject whether it is financial, political or sports related. Consume knowledge like air and put your pursuit of learning above all else.”
Invest in your health, in garnering knowledge, in learning.
Many modern-day successful and wealthy people are voracious readers. Take Warren Buffett, for example, who estimates that 80% of his working day is dedicated to reading.
