The pursuit of wealth should be motivated by a desire for financial security, not hunger for status or a luxurious lifestyle. If you start young and develop the right financial habits, a seven-digit net worth is a sure and attainable goal and will be knocking at your door.
That’s why I am so proud to talk about Folorunsho Alakija , a dynamic Nigerian business woman and the richest black woman.
Having worked with wealthy bosses and clients as a secretary, inculcated humility inside of her way back in London and also gave her the mindset of a millionaire even though her father was well to do.
Alakija founded FAMFA Oil Limited and several other businesses. She sees to the companies’ strategic planning and day to day administration. True millionaires are people who gain wealth and keep it.
To her, having money for the sake of having money or “being rich’ never makes you fulfilled.” It can actually lead to a different set of problems most people haven’t thought about much in their pursuit of more. She advised that being wealthy, smart and remaining humble gives you that true Millionaire’s mindset.
With some insightful successful business journey of Folorunsho Alakija , I have come up with seven tips for becoming a millionaire. The advice is really simple, but reaching the goal is challenging.
Here are the Rules …
1 Develop a written financial plan
Saying you want to be wealthy verbally without showing efforts won’t get you there. You must come up with a workable plan, put it on paper and then execute it.
The written plan encourages or pushes you to do something , to come out from your comfort zone, calculate what you need to earn and how to invest. All you need to do is try it out. Two things happen here: it’s either you loss or gain. Always remember that failure is not fatal, She will always advise.
The plan isn’t just the goal; it’s the whole thing: the dream, the goals, the options.
Here. the options require “scenario planning,” that’s with all the ways you can accomplish that goal, such as opening a firm can show you how much you’ll need to contribute and earn over time to reach your goal.
I will lay emphasis on Nigeria’s richest woman, Alakija again. She worked as a secretary, a banker, but still unfulfilled until she established her first company, which was a fashion label.
At this juncture, her dreams and goals of becoming a successful business woman gradually became a reality.
Her customers are more of the affluent, which included the wife of former Nigerian President Ibrahim Babangida. For her resilience and doggedness in business, Nigerian government awarded her company an oil prospecting license in 1993, which was later converted to an oil mining lease.
No wonder, the Nigerian oil tycoon, Mrs. Folorunsho Alakija, rose to the enviable position of the richest black woman in the world with an estimated fortune of $7.3 billion. A mother of four, Alakija, 62, unseats Oprah Winfrey as the richest black woman in the world. According to Forbes, Oprah Winfrey is worth $2.9 billion.
I would also like you to believe that money isn’t everything, but let’s face it, it s certainly very essential. The more money you have in this world, the more power you have. Which is why everyone is taking notice of Nigerian businesswoman Folorunsho Alakija. At age 65, she is already one of the wealthiest people in the world. She’s the fourth richest person on the continent of Africa, and the wealthiest woman in Nigeria. Furthermore, for several years, she surpassed Oprah Winfrey as the richest black woman on the planet. Oprah eventually took that the crown back after a few years.
2. Save Money
Mrs Alakija went to the United Kingdom for college, enrolled at Pitman’s Central College, London, graduated as a certified secretary and had an interest in fashion, didn’t allow that dream to die so she took to design and saved enough money. She truly showed how important it is to put one’s personal finances first. That’s some affirmative level of interest for what you want to do. When you make saving money a priority, you will automatically boost the chances that your financial future is going to be stronger than your financial present or past.
Start by building an emergency fund in a savings account so you don’t have to raid the rest of your savings and investments when a big expense arises unexpectedly.
Make a point of saving at least half of every pay raise. Explore your savings options to make sure you get the best returns on the money.
Diversifying your savings is critical to getting the most out of what you put in. If you have a long time horizon before you plan to retire, seek out growth investments like stocks to increase your income. Always remember to save no matter how small so that you don’t regret in your old age.
3. Live a moderate lifestyle.
Buying a big house or driving a very expensive car is too big a price to pay if it will reduce the amount of money you can save and invest.
Alakija offers an alternative way to think.
She will always advise and encourage women during public speaking on wealth creation. To live according to one’s standard and not to impress people. Financial success is determined by how you manage your money, not by excesses.
People who are serious about becoming millionaires for financial security are less likely to blow money on expensive cars and lavish vacations. For example, another Nigerian wealthiest man in Africa , Aliko Dangote hardly spends money on frivolities or on luxurious cars. And he will not buy a house that stretches his budget too thin.
4. Be Debt – Free.
Do you know that paying yourself is better than paying a bank or an individual you borrowed from? Debt is your enemy. Flee from it. Avoid it.
When you are in debt, it is very hard to think positively about making progress toward securing your financial future because you have to pay your taxes and your debts before you can use any of your money for yourself.
If you cannot afford it, do not try buying car on loan. With debt one cannot progress , it draws you backwards without achievement.
5. Invest more
Alakija’s first business was owning a fashion line called Supreme Stitches and later invested into oil. You don’t need a lot of money to start investing. Open an account with a mutual fund company that has no-load funds and low expense ratios.
Invest your money in the stock market by using brokers that charge zero commissions for stock trades.
For example , if you have the cash to buy a property, consider investing in real estate. You can create an additional income stream by leasing a rental property and benefit from the appreciation in property value.
Its best not to invest all your money in one thing. Diversification, or owning many different types of investments, is less risky and will smooth out the ride.
Passive income increases investments or aids income diversification like opportunities, such as rental property or peer-to-peer lending.
Build a diversified stock portfolio, and you can reasonably expect to earn 10 percent annually on your equity investments over the long haul.
6. Start your own business
Start your own business and be self-employed. Are you aware that salary owners never made it to Forbes?
Most millionaires are self-made and business owners who have have worked a long time, lived on less lifestyle than they made, saved money and made smart investments.
Entrepreneurs as we all know ,create most of the country’s wealth. Recently, less than half of the people on the Forbes 100 list of richest black woman and man in Africa are Folorunsho Alakija and Aliko Dangote. They were self-made millionaires,
7. Get professional advice.
A good financial advisor can steer you to the right investments and strategies and help you build and preserve wealth.
I advise, do not sit back and let your advisor do all the thinking as regards strategies. Take an active interest in where your money is being invested and why.
Alakija’s fashion line, Supreme Stitches started operation in 1985, and within one year, it begun to make major waves in the Nigerian fashion world. She was already familiar to many of the power players in Nigeria through the connections she had made as a secretary and as a banker too led to her spot on Nigeria’s wealthiest list.
Keep your eyes on the prize Money.
In Conclusion
I urge you to be a hustler in order to become a self-made millionaire.
I follow quite many millionaires online. I love their stories, learning about how they got started, and seeing their growth over the years. They are never idle at any point in their lives, they work smart.
You need to stop blaming others for what you don’t have. And start to take responsibility for the you have to live.
If you want to be a millionaire with nothing, you have to develop or have the millionaire’s mindset. Be very careful with spending and do avoid excesses. Cut your coat according to your size.
Most millionaires have worked a long time, lived on less than they made, saved money and made smart investments.
Increase your hustle on passive account so as to increase your income.
“Money calleth money. ” By this saying, I mean, you should use money to get more money. Always avoid flamboyant lifestyle and incurring of unnecessary debts. Debtors are never Millionaires. Invest more and never forget to put in place your retirement account which will be very meaningful in your old age.
If you’re going to start working towards a seven-figure net worth, you must take a long view. Think about the importance of securing your financial future.
Andrea Okoye
Aka Marketgirlafrica
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