Iwo-Born Enterpreneur Suggests How To Overcome Poverty By Age 30
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| Photo Credit: Bplans.com |
Here are the 10 steps that will guarantee you will become a millionaire by 30.
1. Follow the money. In today’s economic environment you cannot save your way to millionaire status. The first step is to focus on increasing your income in increments and repeating that. My income was #20,000 a month and 2 years later it was #50,000 a month. Start following the money and it will force you to control revenue and see opportunities.
2. Don’t show off -- show up! I didn’t buy my first luxury watch or own a land until my businesses and investments were producing multiple secure flows of income. I was still jumping on and off bikes and sometimes trek when I had become a millionaire. Be known for your work ethic, not the trinkets that you buy.
3. Save to invest, don’t save to save. The only reason to save money is to invest it. Put your saved money into secured, sacred (untouchable) accounts. Never use these accounts for anything, not even an emergency. This will force you to continue to follow step one (increase income). To this day, at least thrice a year, I am broke because I always invest my surpluses into ventures I cannot access.
4. Avoid debt that doesn’t pay you. Make it a rule that you never use debt that won’t make you money. I borrowed money for a car only because I knew it could increase my income during any of my business proposal and I have to appear well. Rich people use debt to leverage investments and grow cash flows. Poor people use debt to buy things that make rich people richer.
8. Get a millionaire mentor. Most of us were brought up middle class or poor and then hold ourselves to the limits and ideas of that group. I have been studying millionaires to duplicate what they did. Get your own personal millionaire mentor and study them. Most rich people are extremely generous
with their knowledge and their resources.
2. Don’t show off -- show up! I didn’t buy my first luxury watch or own a land until my businesses and investments were producing multiple secure flows of income. I was still jumping on and off bikes and sometimes trek when I had become a millionaire. Be known for your work ethic, not the trinkets that you buy.
3. Save to invest, don’t save to save. The only reason to save money is to invest it. Put your saved money into secured, sacred (untouchable) accounts. Never use these accounts for anything, not even an emergency. This will force you to continue to follow step one (increase income). To this day, at least thrice a year, I am broke because I always invest my surpluses into ventures I cannot access.
4. Avoid debt that doesn’t pay you. Make it a rule that you never use debt that won’t make you money. I borrowed money for a car only because I knew it could increase my income during any of my business proposal and I have to appear well. Rich people use debt to leverage investments and grow cash flows. Poor people use debt to buy things that make rich people richer.
5. Treat money like a jealous lover. Millions wish for financial freedom, but only those that make it a priority have millions. To get rich and stay rich you will have to make it a priority. Money is like a jealous lover. Ignore it and it will ignore you, or worse, it will leave you for someone who makes it a priority.
6. Money doesn’t sleep. Money doesn’t know about clocks, schedules or holidays, and you shouldn’t either. Money loves people that have a great work ethic. When I was 19 years old, I was in marketing and sales rep working with my mom, I worked day and night and have no specific resumption and closing time I just have to work for her just for her to be able to pay my school fees and at least necessary money from her with no basic salary or bonuses. Most times you could find me there at 11 p.m. making an extra sale. Never try to be the smartest or luckiest person -- just make sure you outwork everyone.
6. Money doesn’t sleep. Money doesn’t know about clocks, schedules or holidays, and you shouldn’t either. Money loves people that have a great work ethic. When I was 19 years old, I was in marketing and sales rep working with my mom, I worked day and night and have no specific resumption and closing time I just have to work for her just for her to be able to pay my school fees and at least necessary money from her with no basic salary or bonuses. Most times you could find me there at 11 p.m. making an extra sale. Never try to be the smartest or luckiest person -- just make sure you outwork everyone.
7. Poor makes no sense. I have been poor, and it sucks what I meant be POOR is passing over opportunities repeatedly. I have had just enough and that sucks almost as bad. Eliminate any and all ideas that being poor is somehow OK. Bill Gates has said, "If you’re born poor, it’s not your mistake. But if you die poor, it is your mistake."
8. Get a millionaire mentor. Most of us were brought up middle class or poor and then hold ourselves to the limits and ideas of that group. I have been studying millionaires to duplicate what they did. Get your own personal millionaire mentor and study them. Most rich people are extremely generous
with their knowledge and their resources.
9. Get your money to do the heavy lifting. Investing is the Holy Grail in becoming a millionaire and you should make more money off your investments than your work. If you don’t have surplus money you won’t make investments. The second business I ventured into required more than a million naira investment. That company has paid me back more than I invest .
My third investment was in white rats, where I started with #50,000.00, a small part of my net worth at the time and still hope it get better ain’t using the third investment to get more money but to save those that can’t afford or see to buy during practicals in their first year and for health students in their last year in tertiary institutions.
I still own that investment today and it continues to provide me with income and not only that am still happy am helping people out there with the little I can afford. Investing is the only reason to do the other steps,and your money must work for you and do your heavy lifting.
I remember clearly that when I was in 100level I wasn’t able to afford the white rat because I came late to buy when I have the money and lo my mates bought all that’s why I decide to start this business because its so scarce and the demand is too high. One other thing you have to consider while entering into any business is market, check if demand for your goods is high or not.
10. Shoot for NGN10 million, not NGN1 million. The single biggest financial mistake I’ve made was not thinking big enough. 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.
Apply these 10 steps and they will make you rich. Steer clear of people that suggest your financial dreams are born of greed. Avoid get-rich-quick schemes, be ethical, never give up, and once you make it, be willing to help others get there too.
10. Shoot for NGN10 million, not NGN1 million. The single biggest financial mistake I’ve made was not thinking big enough. 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.
Apply these 10 steps and they will make you rich. Steer clear of people that suggest your financial dreams are born of greed. Avoid get-rich-quick schemes, be ethical, never give up, and once you make it, be willing to help others get there too.
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AS WRITTEN BY OLOTU OLUWASOGO (OSDAF).
KINDLY SHARE, YOU CAN HELP SOME PEOPLE OUT THERE.
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