25/09/2023
The 1st Thing Everybody Ought To Know About Building Wealth.
If I ask you to tell me the steps to building wealth. You will probably give me more than enough. You have listened to many lectures, attended many seminars, read many books, and gisted alot about the topic.
But if we all know so much about the subject of money why then do people remain broke and panic because of money?
The answer is not far Fetched.
It is simply because we fail to do that fundamental principle of building wealth. That one thing that kick starts the journey.
That one thing that makes all the difference of how we eventually out turn.
Irrespective of how powerful our information on the subject of wealth building is, irrespective of how much you are making presently, refuse to do this thing and whether you read 2 books, 5 books or 100 books on the subject of money...
It will make no difference.
As basic as it is, most people fail to do it because they are not accountable to anyone and they procastinate.
Do it and even if you don't earn the big bucks, end up building a global brand or end up earning 7 figures salary.
If you do it consistently without fail, even if you do not end up like the Dangotes or having your name on the fortune 500, you can never be poor.
I mean poor as in P.O.O.R.
What is this sauce which finance books over the years keep emphasizing but we fail to do?...
Just one thing not two.
It's the basic principle of personal finance and that sweet is...
Pay YourSelf First!
-Paying yourself first is not the ajo you contribute and collect at the end of the day to spend on meeting your expenses or buying liabilities.
- It is not your emergency fund in case of any yawa.
- It is not the cooperative you do in your place of work to collect liabilities.
It is taking a fixed amount of money (Preferably 10%) of your income upfront and saving it in a place you cannot have access to or withdraw at your convenience or when you think you need it.
Sweet, if you PYSF for a period of let's say one year - Invest in casflow producing assets - Find ways to increase your income.
And you ditifully repeat this process. If this is all you focus on and do. Like I said even if you don't end up in the big leagues, you will die with peace of mind and having extras for the coming generation.
People know this basic principle but like I said, lack of discipline will make a lot of people not stick to it. That is why despite the numerous saving apps or adverts of savings by banks people are still not doing it.
And before thinking it is investments for you, building your dream house is your plan yada yada. Know that it can't happen without serious funds available and you can only have that while still meeting your basic lifestyle through paying yourself first.
That was why 1st April 2020. I launched the project 10% PYSF. Since then different people have joined the project (both students, working career, entrepreneurs, retirees and job seekers).
We have consistently saved for 40 months without fail, we have done N10, 858, 000 in savings.
These are funds people never thought they had or could spare initially but because of accountability, and making sure they don't escape any month. They were able to save consistently for 40months without spending a dime from it.
They Pay themeselves and put the savings in Investments consistently for 3 years.
The reason why I am sharing this is because TIME is a major factor in building wealth.
If they had procastinated when I introduced it three years ago, they will still complain of lack of money today.
Despite the economic situation in the country, they know that if A comes to B. They have something to fall back on and that "Hope" and "Peace of mind" alone is enough for them to make better decisions with their lives.
Savings was the initial stage.
Now we have moved to assets producing investments.
Every great investment must do two things for you...
Provide steady cashflow and increase in Capital appreciation and that is what we strive to achieve.
We don't all have to be very good entrepreneurs or earn the big bucks, but if we consistently apply basic success principles and are accountability.
We will sure live that live of fulfillment we all crave and live the best version on ourselves while leaving a legacy for the coming generation.
That is what I am devoted to making you achieve.
You truly can have it all. You just need to be ready to pay the price and decide to always act instead of preparing to act.
Sweet, I know you are way better than what you are offering yourself.
Do you know that too?
I hope you start making the right decision starting today.
It is end of another month join the Project 10% PYSF today wa.me/2349025382879
Yours for a greater life fulfillment,
Oyin Ola-Quassim
COO: Oyin Ola-Quassim Thrive Hub
