So I started re-reading George S Clason’s ever green classic “The Richest Man in Babylon” for the 5th time yesterday.
I was about 10 pages into the book when something jumped at Me.
I thought about it and it made a lot of sense and I thought to share it with You.
So I found out 3 major steps that can guarantee You and I long lasting riches. (You already know Money is my calling) 😛
If we no make Money, wetin we gain na?
So here are the 3 steps I found out;
- Acquire Money
- Keep Money
- Make your Money make more Money for You.
I know it sounds pretty basic but that is all the steps You need to take.
If You care for more verbose explanations sha, let me expatiate further.
- Acquire Money : The truth is we will all make Millions in our LIFETIME. In other words, we will all be MILLIONAIRES in our life time. The only problem is that after all is said and done, not all of us will have this millions at our disposal. A lot of us will be what I call “MILLIONAIRES IN SPENDING” AKA if there was a counter for the amount of Money You have spent over the course of your years, You will wake up one morning and discover that You have spent like 50 million Naira but right now, You are dead broke. What I am trying to say is that in the course of our lifetime, we will ACQUIRE MONEY but this is not the most important point. That takes us to the next step.
2. Keep Money : Acquiring Money is important but keeping Money is importanter. After You have acquired Money in the form of your salary or gifts, the next thing You NEED to do IF You want to be perennially RICH is to SIT your Money down. Keep that Money. Save it.
As a matter of fact,
It is the Money that You keep that makes You RICH not the one You spend.
Keep Your Money out of your own reach if possible. If You are like me and You have some attributes of the prodigal Son, keeping Money in an account with an ATM card or where You can do Internet banking from is not a good idea.
Keep that Money out of reach. Only reach out to it IF and WHEN You need it for the last step.
3. Make your Money make more Money for You: if acquiring Money is important and keeping Money is “importanter”, then making your Money make more Money for You is the “importantest” thing to do. Keep your Money in a bank account for a start BUT dont keep it for too long. Send it on an errand into a known terrain. Let it go and “hustle” and bring in more of its kinds.
You know what happens when You keep your Money in an ordinary bank account? The banks do what You should be doing. They trade with your Money and make more Money and then they pay You small interest which they will still remove tax from. That is like an armed robber collecting your wallet and giving You 100 naira from it to enter Keke Napep.
And by the way, if You dont have any secure investment in mind, dont just put fire in your Money because I said You should send it out o.. To avoid Mogbe Moku Modaran like the MMM practitioners back in the days put your Money in a secure investment that You have some knowledge of the inner workings. There are a variety of options Treasury Bills, Stocks and Bonds, Farmlite, Farmcrowdy etc…
If You must keep your Money in the bank anyways, explore options like FIXED DEPOSIT that will pay You more interest on your Money.
With that said, You have LEARNT ENOUGH..
Go and take actions…
Lass lass all of us go dey alright fam!
Cheers to your perennial riches
I am Seun Ogunmola I help People and Organizations to leverage on Technology to achieve their goals Faster, Easier and Cheaper.
I also write on diverse subject areas including Finance, Business, Productivity and Governance.