How To Utilize Surplus Money For Wealth Creation In Nigeria
To utilize surplus money for wealth creation in Nigeria, you must have a constant flow of income. You can have a constant flow of income either as an employee or an entrepreneur.
Many people want and desire to create and build wealth from the scratch in Nigeria, but very few people know the processes involved in wealth creation.
There are rules that guide wealth creation and you must understand and apply these rules to have any hope of achieving your goal.
One doesn’t just start building from nothing, you must have something to start with. Surplus money is the golden egg that births wealth.
How to utilize surplus money for wealth creation is the thing that we need to explain and hope that you understand clearly.
There is a universal principle that governs wealth creation and such applies in Nigeria. Investment is understood to be the catalyst for wealth creation.
In times past, people just save their surplus money in banks and bonds so as to prepare for retirement.
Such mindsets cannot build wealth for you. To create wealth, you must use your surplus money to purchase income generating assets.
The idea is that you will have an investment that will appreciate in value over time. You don’t just wake up one morning and decide to invest in a particular venture.
You must do your due diligence in analyzing the pros and cons of the investment you want to make.
You can seek the advice of a professional in the field that you want to invest in. Engage a stockbroker if you wish to deal in stocks or a real estate agent if it is real estate that has your interest.
Your spending pattern also plays a very important role in your quest for wealth creation. If you spend a great deal your income, there will be left of your surplus money with which you are to build the wealth that you crave for.
To utilize surplus money for wealth creation in Nigeria, you must make sure that you have enough surplus money.
You can achieve this by reducing the rate at which you spend your money. When you understand that building wealth from the scratch originates with your surplus income, then you will be careful to spend less so as to increase your surplus income.
What I am saying is that the rate at which you spend your active income will directly affect your surplus income which will, in turn, have an impact on your ability to reach your goal of wealth creation.
You must always have a budget on how to spend your active income in order to boost your surplus income.
You must spend less on the things that you want as against your needs that are paramount. Without a constant flow of income, it is impossible to create and nurture wealth.
This is to say that so long as you are still unemployed and without a readily available income, wealth creation will be a mirage to you.
A million dollar question you should ask yourself is “how will you increase your surplus income?” you may need to find a higher paying job, start a business of your own, or by changing your spending pattern or behavior.
Every Naira saved is a plus for you on your journey to financial freedom and independence.
It is not enough to just accumulate these surplus incomes; you must spend them on income generating assets.
You must understand that building wealth from the scratch demands patience, discipline, diligence, commitment, and willpower.
This is because there will be challenges and setbacks. You can only pull through only when you have a strong willpower and patience.
To utilize surplus income for wealth creation in Nigeria, you must be will to go the extra mile because it is not a stroll in the park.