How To Become Financially Successful In Nigeria, Or Anywhere For That Matter

If the federal government transfers N1 million to the account of every Nigerian, what will you do with yours?

Do you know that if the federal government transfers N1 million to the account of every Nigerian, in roughly about 6-10months, 80% of that money will end up in the hands of 20% of the population? (Remember the Pareto’s principle?) And that’s also because money/cash doesn’t make a person rich, financial knowledge and financial discipline does.

Most people think that if they have or earn more money today, most of their problems will be solved. In fact, most Nigerians just want N1 million, to solve 80% of the problems they have today. But what they don’t know is that they don’t have a money-earning problem, they have a money-spending problem!

How do I know?

Simple, many of us will do well if we only kept most of the money we make and have presently, instead of trying hard to get more. If you look deep within, question your spending habits and assess your finances, you will soon discover that you don’t have a problem making money. What you have an issue with is keeping (i.e ‘not losing’) the money you have made.

Are you always trying to make more money? Do you constantly think the amount you are making isn’t enough, and even when you get a pay raise, or add another income stream, you still never seem to have enough money to spend and have some savings at the end of the month ? Then something is not right.

Anyway, the FG won’t be transferring N1millon to you, so you had better think seriously about this.

Let’s play a small interesting game. Please be sincere with your answer oh.

Assuming you are presented with these two options, which would you choose?

1.       A rich man or the FG gives you gives everything you need for free (recharge cards, clothes, free food, free vacations to any part of the world, but no investments) for one year and will pay you only N10,000 cash monthly, OR

2.       You are going to be paid N1million monthly for one year, but you will pay tax, buy your food yourself, pay for your own fuel, clothes, vacations, etc. WHICH WOULD YOU CHOOSE?

Your true answer tells a lot about your wealth mentality and why you are where you are financially. It also helps you know why you are not yet financially free. (Note that there is no right or wrong answer- more like a case study, in management.)

Let’s look at the possible answers:

1.       If you chose #1, then you are financially lazy and don’t have strong financial goals motivating you. You also don’t mind how much you earn as long as your needs are met- regardless of how and who meets them.

Most Nigerians have this mindset. It is called the entitlement mentality. It is this mentality that makes politicians embezzle and makes you want to go into politics strictly, mainly with the mindset of embezzling public funds. It is the mindset that makes you complain perpetually and blame the government for everything wrong in your life.

2.       If your answer is #2, you prefer to be paid regularly and then cater for your own expenses yourself, you have a strong desire to be financially independent and control your own financial destiny. This is the mindset that leads to wealth mentality.  But since you and I know that most Nigerians don’t earn N1 million monthly , then it means there is still a 3^rd answer and higher mentality.

3.       It is the mentality that has created millions of jobs the world over. It is the mindset that most entrepreneurs like Bill Gates, Mike Adenuga, Seun Osewa, Tuface, Richard Branson and many more possess. It is saying No! I don’t want any of the two options; I want to be my own boss. I want to do my own thing. I want to create the destiny I want, and decide how much I earn monthly.

Now, It doesn’t matter how much you earn, if you are not waiting for one rich man, your employer or the federal government before you go out to do your thing, and make a difference in the world around you, you are on your way to great wealth, if you are not already there.

It isn’t a sin or crime to be in the first category, neither does it mean those in the third category are the only intelligent and lucky people alive, and the rest of us are idiots. It just means  you should seriously consider you financial future, and make a decision today to take you destiny in your own hands.