Three practical steps to creating wealth are: Work Save Invest In this chapter, we will not focus on the first step: However, before examining it in detail. Let’s look at a relevant quote about money.
George S. Clason in his book – The Richest Man in Babylon says “Lo, money is abundant for those who understand the simple rules of its acquisition.” Anyone who dreams of creating wealth must resolve to follow the three principles started to make their dream come true. Let us now consider each of the principles one after the other. Work (create values for others)
It simply means that you create wealth by focusing on what you can do for others. it is by adding value to the lives of others or by being productive that you generate income streams. The zigzag says, “You can get anything you want in this life by helping others get what they want.” This is called Johnson’s paradox.
He says “To be successful, you must focus on the interest of others to advance your own interest”. There are many ways to do this. FN Akpe of the Lagos Financial Planning Institute states that “wealth creation is about using your non-financial resources to create financial resources and using those resulting financial resources to create even greater resources”.
The non-financial resources you can use to build wealth are time, skills, education, talent, personal energy, connections, creativity, position, courage, hobbies, etc. Financial resources include money, savings, stable income, assets, etc. join an organization to work for them. As an employee, you use your time, skills, knowledge, etc. to create value for your employer who, in turn, pays you wages and salaries.
The truth is that if you only depend on what you receive in compensation without savings or invention, you cannot create lasting wealth. The moment you quit that job due to incapacity or due to the misfortune of that organization, chances are your income will plummet.
However, as long as you continue to add value to your organization, you will remain valuable and the revenue will continue to flow. Self-employment/Professional practice You can be self-employed or start practicing your profession. Account can start a practice of your profession.
Accountant can create audit firm, doctors and nurses can create hospitals, maternity clinic and lawyers, why lawyers can create law firms. The rule of the game is to meet people’s needs.
As you continue to use your profession to solve people’s problems, you add value to their lives and your income unhindered. Entrepreneurship / Starting a business
This involves providing goods and/or services at cost to people. Thank goodness for the entrepreneur who started packaging water in sachets called pure water. This business has provided and continues to provide employment and income to countless numbers of people, including young people, schoolchildren, housewives and retirees. Mr. Biggs – UAC fast food store sells snacks, fried chicken and packaged food, soft drinks in well packaged form and good environment.
Millions of naira have been raised from the UAC account through this venture. Look around your home, office or city, town and see what people need that is not supplied or lack of supply or not well presented and start supplying the same.
Thank goodness for the person who started business support services called “Business Center”.
t continues to be a profitable business provided good management is in place.