A former Governor of Central Bank of Nigeria (CBN), Prof. Chukwuma Soludo, has urged Nigerians to demand good governance and accountability from political leaders. Soludo made the call at “The Big Ideas Podium’’ with the theme “Nigeria: The Economics of Failure’’ of the African Heritage Institution (Afri-Heritage) in Enugu on Tuesday. He said that the…
Welcome to another week in the school of money. Today we will continue from where we stopped last week. We have revealed why we need a wealth mentality. We redefined wealth,the issue of your lifestyle and being at peace with yourself is relative from person to person,but having a wealth mentality will help you achieve your desire.
There are mindsets and actions that hinder wealth creation and you have the primary responsibility to identify and remove them. To effectively do this, you need to identify the six influences to your thoughts and factor them in.
1. Your beliefs – go a long way to determine your outcome in life
2. Your values – go a long way to determine your approach to life
3. Your needs – go a long way to determine your pursuits in life
4. Your desire – go a long way to determine your focus in life
5. Your physical condition – go a long way to determine your drive in life
6. Your environment – this goes a long way to determine your mindset in life
Spend time to examine what role these six factors play in your life and do the needful. Let’s now look into ten thinking items for a wealth mentality.
1. Think assets and not just income – many close the door of wealth against themselves because they are always more conscious of just getting an income as opposed to having an asset that will continue to bring income.
2. Think rate of returns – the percentage return on investment is more important than the cash amount but many don’t realise this. If you invest 500k to get a return of 50k that is ten % return but if you invest 250k to get the same 50k that is twenty % return.
3. Think goals – if you don’t set financial goals for your self,you won’t Know when you achieve them,neither will you have a reference to measure your progress.Set goals and stick to it to arrive at the wealthy place.
4. Think focus – diversification is not distraction and multiple streams of income is not multiple struggles, you therefore need to focus on what matters and what works for you to win financially to avoid all distractions and confusion.
5. Think education – financial intelligence is key for wealth creation and many have been locked out of the wealthy place due to lack of proper financial education. To win financially you must focus on continual financial education
6. Think information – if you are not Informed you will be deformed,and information is the key to transformation,so it is very vital for you to give the continual acquisition of information a premium place.
7. Think change – it is an open secret that change is the only constant thing on earth and this should help us consider the change factor in all we do so that we will be able to benefit from change and not be a victim of change.
8. Think good debt – no debt is awesome,bad debt is awful but good debt is a leverage,and every wise individual who has an opportunity to leverage good debt and use other people’s money should maximise it.
9. Think integrity – to compromise integrity at any level in life is to remove your name from the list of enduring success. The goodwill that integrity brings cannot be bought with money so make integrity a non negotiable in your life.
10. Think checks and balances – power corrupts and absolute power corrupts absolutely. It is therefore very necessary you put checks and balances in place to avoid excesses in life.
We have to stop here today,but join me in the next edition for the part three of the series.
Keep your dream alive