The common mistake people make about wealth is to assume that wealth comes suddenly! They believe that a time will come when the almighty will “answer” their payers to be wealthy and “bless” them with all the wealth they need. Based on this erroneous train of thought they keep on “waiting on the lord”.
Please don’t get me wrong, I believe that there is really nothing one can achieve without being enabled by the Almighty. After all, your health and life is God given. The point I am however making is that, God has already given us all we need to succeed. What we need to do is to harness and APPLY these God given strengths within us.
He who prays all day and all night and neglects to make provisions for a meal shall surely die of hunger. Remember:
GOD ONLY MULTIPLIES WHAT YOU HAVE IN YOUR HAND! SO IF YOU HAVE N10, HE WILL MULTIPLY IT N10 X N10 = N100, IF YOU HAVE N1,000 ITBECOMES N1,000 X N1, 000 = N1,000,000. IF YOU HAVE N 0.00 IT WILL BE N 0.00 X N 0.00 = N 0.00! SO ZERO NAIRA WITH ALL THE PRAYERS IN THE WORLD WILL GIVE YOU ZERO NAIR BECAUSE ONLY WHAT YOU HAVE IS WHAT WILL BE MULTIPLIED. ZERO MULTIPLIED BY ZERO EQUALS ZERO!!
Have a long term view of wealth creation, save at least 10% of what you earn (I save at least 30%). It doesn’t matter what you earn, you must LEARN to save or you will NEVER be wealthy.
The 10% rule is well documented in the classical book of wealth creation titled “The richest man in Babylon” by John S. Clason. This book is a must read for all who desires to become wealthy.
A common excuse regarding failure to save by many people is that their earning is too small to support any kind of savings. They hope to start saving once their salaries or earnings improve. That’s the most fundamental mistake anyone can make on the journey to wealth! What is important is not the amount you save, it’s the PERCENTAGE that is important. It must be at least 10%. Its regarded as your safety valve for the future. Even if you cannot save 10% then please save 7.5% or even 5%. The important thing is to make sure you save.
Remember, if you cannot save N1, 000 when you are earning N10, 000 per month, you will be unable to save N10, 000 when you start earning N100, 000 per month!! And so on.
If you earn N50, 000 per month and you save 10% monthly, you shall have N5, 000 X 12 = N60,000 per annum! If you do this for 5 years (even if there is no salary increase) you shall have N60,000 X 5 = N300,000! There are several things you can start with N300,000 even now. You can even buy a piece of land in many parts of the country.
No one has EVER gotten wealthy on salaries, except he saved and then invested the savings in a business venture or real estate which yielded profits over time leading to accumulation of wealth. It is therefore imperative that you begin to save a percentage of your earnings whether you work for a monthly salary, daily wage or you currently run a business just ensure that you set aside a minimum of 10% of your earnings and you will be pleasantly surprised what you would have accumulated at the end of the year.
The next step in wealth creation is to translate your savings to actual profit yielding ventures. This step is also critical in wealth creation because without it your savings will be endangered by both inflation and exigencies that come from time to time.
We shall discuss the various ways of translating your savings to profit yielding ventures in another post. We shall also look at the spread of investment that is most recommended to ensure that your savings are safe.
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The 10% RULE OF WEALTH CREATION – HOW TO MAKE MONEY AT THE END OF THE YEAR
