Do you want to become a Millionaire?
To become a millionaire especially in a market like Nigeria, you have to understand certain financial principles and rules first.
Now there are a lot of these Principles and rules but this article will cover those ones that you must master in other to learn how to become a Millionaire.
1. Gain financial literacy.
This means you have to understand the steps you need to take to building wealth and how to apply these steps. Without financial literacy, you cannot understand the key steps in wealth building and how can you become a millionaire without first understanding how money works?
Read financial news updates and understand personal finance and its core elements. This will help you understand your financial health and in what areas you need more improvements on.
2. Gain Financial Confidence:
What financial confidence does is teach you to accept wealth as something you can achieve and something you deserve. It involves building your wealth mindset and your confidence to generate money.
Most people think that there is money scarcity, that the market is saturated and that making more money is impossible. With a mindset like this, how can you become a millionaire?
You must break into a mindset of abundance and start making bold and audacious money goals.
Money is a game and just like any game, there are rules. Once you understand the rules, you can win in this game
You cannot become wealthy by being financially ignorant and because these information are not taught in school, most people never figure this out but you’re here so, you’ve started a great path to becoming a Millionaire
3. Master your craft:
So this is a no brainer right. You see I did not say, learn a skill, I said, Master your craft. Most people think the key to winning is by learning 10 different skills but the truth is, the real winners master their craft so well that no one can beat them in that field.
Think about it, Bill Gates, Mark Zuckerberg, Oprah Winfrey, Dangote… They are masters in specific fields, they are so good at what they do, it has made them billionaires.
If you are serious about learning how to become a millionaire, find a skill and master it.
4. Get out of your comfort zone and take action on your Ideas:
After you have mastered your skills you start coming up with Ideas right — you might be afraid, wondering if your ideas make any sense at all. The only way to find out is to test it out. Its okay to fail, you will learn your best lessons from your them but you should not be afraid to stand up and start again because the next time, you will be starting from a more informed perspective than the last time. If you never try, you will never know.
5. Solve a Major Problem:
There are a lot of major problems the world faces, Rich-Oak was born from the identified problem of a heavy rich and poor bracket gap in Nigeria.
Look around you and see where an opportunity to solve a problem lies, when you figure out how to solve a problem for at least 1 Million people, you will automatically become a millionaire in one clean move.
This is one thing most people lose sight of, it is people that make you rich and the only way people will gladly make you rich is if your product or service is extremely valuable to them.
6. Put your personal finances in order:
This includes budgeting, investing and savings: Without clearly understanding your Income and expenses you cannot become a Millionaire, this is because no one gets rich by chance, becoming a millionaire takes conscious efforts and to achieve this you must understand Budgeting, your Income and your Expenses.
Your Income and expenses should be properly accounted for and your budget should exist to guide your expenses, weeding out unnecessary expenses and providing a clear picture of where your money goes.
7. Invest:
When it comes to Investment, the best time to start is now, no matter how small your Income is, you should always put something aside.
In Nigeria, there are different investments where you can Invest as little as N2000 daily, weekly, Monthly or yearly or from 100,000 and above, there is a plan for everyone.
Programs like Rich-Oak’s Premium Plan allows you Invest at least N5,000 Monthly to earn an Interest of 12% compounded Monthly. You can also save from N2,000 in the Yousave plan — daily, weekly or Monthly — however you prefer.
The reason you should start Investing as early as possible is because of the magic power of compound interest which can literally make you a Millionaire by allowing your Investment stay in the system for a period of time.
Compound Interest works by generating Interest on your Interest.
8. Think Rich and keep Learning:
You have to believe you can be wealthy, read books written by CEO’s and Masters in their fields, people who have been where you are and succeeded. The minute you stop learning, you stop growing and start falling.
I cannot emphasize this enough — To become a Millionaire, you have to continuously learn and study: YOUR COMPETITORS, YOUR CUSTOMERS, YOUR PRODUCTS and come up with Innovative ways to stay ahead of the rest. Without learning, you will be beaten out of the game.
9. Diversify your Income and your Investments:
You started Investing and now you have more Money to leverage, It’s time to diversify both your Investments and your Income.
Stop relying on One source of Income and 1 investment program. Start another business, use those skills you have, Invest in other profitable asset classes.
Truly wealthy people do not depend on one source of Income or one Investment vehicle, what if something happens to that 1 source of income you have? You must think long term and focus on getting your money to work for you Instead.
10. UNDERSTAND YOUR RISK APETITE — BE HUMBLE:
Do not be tempted to Invest in any plan you don’t understand.
Understand how much risk you can take on any Investment and never Invest without making good research on the company and understanding how your money will be used — Never Invest Blindly.
Pride comes before a fall, be careful not to end up making bad decisions and ruin all your hard work.
Listen to advice (you don’t need to take them all but always keep an open mind) Respect the people around you and Respect the wealth you have built — use it wisely.
