• Saturday, June 15, 2024
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BusinessDay

11 roads to riches

Riches

The term, “being rich,” elicits many and varied responses among individuals the world over. This is because it means different things to different people. To some having a Million Naira is their point of true riches, while to others it’s a billion dollars. Being rich is thus relative, but all do agree that it’s a level where one possesses a significant amount of resources at one’s disposal.

Becoming a rich person is perhaps the biggest dilemma most people are facing today. Many people are asking the question how to change their status from poverty to plenty, and lack to abundance. They seek for a “way,” “a route/road,” that they can follow to get to where they want to be, which is in a wealthy place.

Credit must however be given to Kenneth Fisher, Multi-billionaire and author of the book, “10 Roads to Riches,” who put forward ten different roads anyone can follow to become rich in America. I have been inspired by his material to discovereleven roads to riches that should provide the willing traveller with sufficient riches in his lifetime in Nigeria or anywhere in Africa.

Road 1 –Build/Found a successful business

This is clearly the best route if you desire to amass wealth in billions. Most of the people at the apex of the Forbes list of billionaires started with an idea, and went on to build huge income generating ventures from it. The challenge is to come up with a winning idea, or at least a significant improvement on an existing one that solves problems and creates value for large numbers of people. Many opportunities to build wealth this way still abound in most African countries

Road 2 – Climb the Corporate Ladder to become CEO or Director in a top company

We may not all be blessed like the founders on Road 1. However all top companies require trusted senior management staff to help manage these businesses. Compensation packages for those employed at this level are quite handsome as it comes with many perks – big allowances, bonuses and profit sharing in addition to a huge salary. While this road may not make you billions you can easily play in the tens to hundreds of millions terrain should you choose this route.

Road 3 – Cater to the spiritual needs of a number of people

All major religions operate a system of having someone at the pinnacle who has the responsibility for helping members improve their spiritual and total well-being. These leaders or Shepherds support their followers with prayers, advice, counseling etc. Many members may use their resources to “cater” to the non-spiritual needs of their Shepherd in return, especially when they are getting the desired results in their lives. This is why many religious leaders in Africa are rich, affluent and influential.

Road 4 – Marry a wealthy person

This route might seem like it’s easy but I can assure you that it’s not. It requires a painstaking search and conditioning to find, woo and convince a rich person to tie the knot with you. Some people have been successful doing this by hanging out where the rich can be found and promoting themselves as a good life partner. In most cases you might not be in charge of the resources but you are guaranteed a life of riches and luxury.

Road 5 –Run for Political Office

Politicians have access to make a lot of money, legally and illegally. While it is criminal to help oneself to funds meant for the commonwealth, political office holders – Representatives, Senators, Governors and the President are normally entitled to jumbo pay packages with some getting a life pension just for being in office. Politicians have extensive contacts, and are always in demand to persuade succeeding governments and also get other appointments into government and private sector boards even after their tenure expires. In developed countries top politicians earn substantial incomes writing books and from speaking engagements.

Road 6 – Build a Successful Practice

This road is the preserve of highly skilled professionals such as lawyers, doctors and other medical personnel who practice their professions. Their endeavors do not fall under the term business rather it’s a practice. These professionals can go on to manage hospitals/law firms with many clients thus building substantial wealth for their owners.

Road 7 – Profit via the active use of your talents

Here are those who use their God given talents in sports, arts and entertainment in exchange for substantial incomes. Athletes, Musicians, Actors and their ilk become rich honing their craft and using their skills to succeed in their pursuits. For example many professional athletes may sign contracts worth millions of dollars in their sport. These earners are usually high profile because they are under the spotlight and constitute the rich and famous. However their earning capacity is for a limited period and if they don’t explore other roads they could end up poor in their later years.

Road 8 –Invest in Real Estate

Providing real estate at the medium to large scale level is a money spinner in our climes because there is still a huge housing deficit and many people see owning a home as an asset. It requires a substantial capital outlay to fund housing projects but the returns are quite handsome, especially if the focus is on providing housing for the middle to upper class in society.

Road 9 – Leading Labour Unions/Activism

Don’t be fooled by labour leaders and their rhetoric, I have searched and I can hardly find any of the top labour leaders in any country in Sub Saharan Africa who has not amassed reasonable wealth for themselves. Activists were looked down upon in the past but it is very possible to earn a handsome income agitating for the rights of the people. In fact top activists are a lot like politicians, developing substantial contacts/connections and receive reasonable compensation for their efforts.

Road 10 –Savings and Investment

High salary earners can save a substantial amount of their incomes and invest these earnings into various profitable investment vehicles that can yield a healthy rate of returns such as in stocks and bonds and other instruments. In order for the returns to be substantial the amount invested has to be the same, and returns continually ploughed back in order for it to grow.

Road 11 –Creating Inventions

Creators of new products and innovations who have wisely procured a patent to protect their inventions can actually create wealth provided the marketplace accepts their idea. A successful inventor can create a future income stream from just one creative spark of genius.

It’s also quite important to note that most people who amass wealth travel on various roads to get there, for example those using their God given talents (Road 7) could invent something (Road 11), delve into politics (Road 5) or found a business (Road 1). It all depends on the individual.

There are many roads to wealth but what is key is that you start today to begin the journey down the road if you haven’t done so already. Don’t let anything or anyone hold you back from travelling down one of these roads and creating wealth for yourself.

Kenneth Doghudje