By Patricia Arawore
You will recall that in the previous editions, I told you that in order for you to create wealth and achieve financial freedom, a change of attitude is imperative, to move you from negative to positive energy as was illustrated in the Jose and Jabez stories.
Although the Bible did not go into muchÂ details, it is safe to assume that Jabez, in addition to praying to God, must have dedicated a lot of time and energy to achieving his goal to expand his territory and thereafter maintaining it, as faith without works is dead.
Really, it is a fallacy that the poor are in their situation by reason of circumstance or background. In fact, those who are rich are so because they understand that money can be acquired by just anybody regardless of their qualifications or upbringing. So, they go for it by making the best use of the opportunities available to them. That knowledge is what we all need. And believe me, that is the major difference between a rich man and a poor man.
What does wealth mean to you?
In other words, what is your heart desire? The answers to that question are as diverse as our personalities and lifestyles, but you need to work that out before you start so that you will be able to set a target for yourself and pursue it vigorously. If you do not know where you are going to, how then can you get there? You need also to personalize your definition of wealth to suit your own circumstances. For some people, being rich means, simply having enough to pay all their bills, and a little something in the bank to spare for emergencies. Others, by the number of cars, houses, portfolio investments,Â Â and cash in the bank. Some others want a lot more for philanthropic reasons, etc.
I asked Chuka, a young Mastersâ€˜ Degree holder from Oxford University, what wealth meant to him.
His response was, wealth for him was the ability to take his four children through the best primary and secondary schools in Nigeria and send them abroad to acquire a good, uninterrupted education as his father gave him. Secondly,Â he would love to afford a decent holiday for himself and his family, at least once every year, buy a beautiful home in Lagos and build a country home in his village. â€œHow do you intend to achieve all these I inquired?â€ He answered that within the next ten years he hopes to rise to the top of his career as Managing Director of his Company. In this position, he would have all his expenses paid for and earn enough to meet all his needs. I was truly impressed by his reply.
For me, my definition of wealth is to live off profits on the interests on my investments without ever touching my capital. Indeed, it will be suicidal for anyone to live off his capital.Â I learnt that from my late mother since I was a little girl. My mother was a woman with no formal education but had a sound understanding of the rules of wealth creation. She would always say â€œOne Naira into one Million places equal to One Million Naira and if One Naira does not meet another, you can never get Two Nairaâ€.
The lesson from the above analogy is that if you realized Twenty Naira on a Hundred Naira capital, you would have made a 20% profit which you have a choice of re-investing or spending. Re-invest and you are likely to make another 20% which brings you to N144.00. Now, if you spend the profit you will be back to where you started i.e capital only. Go further and dip into your capital and you are poorer than when you started. The rule here is to know what you want in order to monitor and measure your success. So define yours today, and begin to work at it. Once that is done, you are ready to set your goals and determine how much energy, sacrifice and time that you require to achieve that goal. Deciding what you want will keep you focused and on course, and enable you to plan towards its attainment.
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