If you’re fascinated to know a way to become a millionaire in Nigeria now, then you would want to read each single word in this post.
Almost everybody needs to become a millionaire. However the actual fact is, it’s not everybody that will find himself really changing into one.
Another unhappy issue concerning it all is that some folks have really become millionaires and somehow on the road, they made some mistakes that landed them back to poor state.
We don’t need that to be your portion… never!
That’s why we at Money Signpost have carried some analysis into the lives of millionaires in Nigeria, and set to share with you ten tips you’ll be able to follow to become a millionaire too and stay one or perhaps grow larger after you eventually do.
First of all, Who is a millionaire?
Although most of the people are of the opinion that a millionaire is somebody who has up to ₦1,000,000 at his/her disposal, I in person don’t really agree to that.
It is most applicable to take an individual as a millionaire if that individual has enough cash to cater for all needs and still stay a millionaire.
So in real sense, you would have to own, far more than simply ₦1 000 000 to be thought of as a millionaire.
Now that you understand who a millionaire is, let’s go on to the real deal.
10 tips which will facilitate your become a millionaire in Nigeria:
1. Work On Your Mind Set.
This is the primary and most important step in your quest to changing into a millionaire. You must have to eliminate any type of mind set or a part of you that accepts impoverishment as the simplest way of life.
There’s a maxim that says… “Your actions depict your meditations”.
In alternative words, what you think is what you act towards. So, to become a millionaire you have to think like a millionaire.
It might be tough initially to make a
switch from the previous ways of
thinking, thus the necessity to cultivate a reading
habit. Browse psychological feature books, texts,
write-ups and quotes which will
guide you on the correct path.
People have totally different ways they adopt when attempting to figure and amend their mentalities. Some folks like writing down notes and putting them wherever their eyes will see them frequently; perhaps at noticeable areas within the walls of their rooms or the homepage of their notebooks, laptops, mobile phones or pc. If that’s what works for you, then do it. If not, then you got to seek out what works for you.
2. Learn To Grow Your Savings
This is one discipline anyone Who needs to become a millionaire should develop. You want to learn to avoid wastage and start saving no matter how small daily, weekly or monthly financial gain you get.
It’s hard, particularly if you’re within the low-income category, however you have to seek out the simplest way to avoid wasting money, whether or not it demands you removing some excesses or luxuries.
A saying goes
like this: “if your life doesn’t rely
upon it, then you may do without it”.
That doesn’t mean you shouldn’t do things or own properties which will make your life comfortable; but, it’s better to put away wants (not needs) for the meantime, whereas you’re engaged on your savings. Your savings can be handy within the next few steps!
3. Study & Set Targets Before Going Into Any Investment
There’s no mistake in the arrangement above. Every step that precedes the other should be strictly followed if you really need to become a millionaire.
Many people act it otherwise, that is completely wrong.
Before making any investment, you will have to do a feasibility study. Therewith you’d be ready to tell how profitable the investment would be, and the way long it’ll go to reach its peak.
Millionaires have this mind set in common: they aim and make investments solely on the foremost moneymaking business opportunities around.
Another vital point to notice is, before putting finance into any business, you need outline your goals and targets, and that they should be measurable and time bound. Your goals and targets are what are going to keep you in control from time to time throughout the growing period of your business.
4. Begin Small, Think Big
In our first point, we do mention of you changing your mind set and thinking like a millionaire. That truly means conditioning your mind to think big; that is the right thing to try to do.
However, your thinking big doesn’t mean you want to begin in a big way. Several of big businesses and firms you see around you were at some time small businesses and firms. Therefore, you want to ne’er disdain the times of very little beginnings.
Here’s the rationale you want to begin small…
…some times, regardless of however onerous you are attempting to avoid wasting some cash and lift the capital meant for business, it simply won’t become enough.
And as a results of that, you’d be left with only the choice to invest the little you have got and build from there.
If you really want to become a millionaire in Nigeria, you have to learn to invest the little you have got on perhaps a secondary project.
In another sense, you’ll be able to invest on your primary business, however in an exceedingly smaller magnitude.
For instance, if you’re wanting to begin up a grocery and your capital isn’t enough to stock it up with each single item needed, then stock it up with the little things your capital will cowl.
Reason is, if you opt to stay with Incomplete capital and wait till it’s complete, alternative desires or emergency could arise; and before you recognize it, you’ll discover yourself eating into the incomplete capital. We’ve all been a victim of that at some time.
5. Learn To Take And Manage Risks
Successful entrepreneurs are all risk takers. In fact, their middle name is risk taking. Similarly, if you wish to become a millionaire you have to be able to take risks.
Truth be told, each type of business investment shoulders a particular level of risk. Which suggests, if you’re not able to take risks, you’ll not even make the investment in first place? And if you don’t undertake the investment, you’ll ne’er become rich. Except perhaps you participate in Big Brother Naija, Who wants to be a millionaire, or one of those TV programs that lift folks to millionaires level.
Therefore you want to be able to learn and manage risky choices. If the danger
level is simply too high and therefore the probabilities of you failing in chosen investment is much, then it’s better to avoid that investment.
In other words, if the chances are against you, don’t continue it because you are taking risks to achieve success.
6. Diversify And Expand
Stagnancy is one of the main issues aspiring millionaires face. At some period in life, the subsequent call becomes thus tough to make.
This may come back as a result of you doing simply fine in your line of business and not aspiring for higher goals. That’s really referred to as complacence.
Whatever line of business you’re into, you want to forever have a replacement and larger expectation for each week, month, or year that’s to come back. A concept to expand and increase from wherever you presently are.
Furthermore, there’s what they call putting all one’s eggs in one basket. This is often one thing an individual Who needs to become and keep a millionaire status should not do.
Always have a new line of business enterprise you intend to move into in future. That way, an amendment in government policy or law, riot, natural disaster or accident won’t set in and ruin all of your hard work sooner or later.
7. Cut Off Bad Influences
Show me your friend and I’ll tell you who you’re. That expression was valid, is valid, and can forever stay valid.
For clarity sake, I’m not telling you to move ahead and make only millionaire friends as a result of your wish to become one yourself. It doesn’t really work that way. Pals don’t essentially should be millionaires before they’ll impact your life positively.
However, there are some of those who simply don’t share the same ideas with you; they don’t have any aspiration, ambition or want be higher in life. Having such folks around you’ll find yourself being influenced the way that may not be good to success of your business.
You need to clearly understand this. It’s not that you simply mustn’t be friendly to everybody around you; but, don’t offer everybody the privilege of building an impression in your life and deciding, because it’s not everybody that will impact your life well
8. Use Solely Forward-Minded And Productive Employees
If you run a business that needs hiring of personnel from time to time, then you need to be very careful during enlisting processes. Reason is, the folks you use have an enormous role to play in however successful your business can become. Bad workers could find themselves sabotaging your efforts, whereas the nice ones will take your business to new heights.
Take a leaf from the foremost successful sectors within the world. Their recruitment method is thus rigorous that it instills lots of fear on potential candidates.
There are many qualities you need to look for when recruiting any personnel for your business. Examples are:
• Friendliness, etc.
9. Embrace Technology & Follow Trends
What used to work a couple of years back might not work any longer. It’s likely that the way your business is being run currently might not prove effective if run in similar fashion next year. This is often one thing you need to notice if you really want to achieve success and stay successful in life.
Let’s take a grocery store as an example. The manner it’s being run in recent years is much, more totally different from a few years back. Great stores have the newest gadgets put in place that have greatly decreased the speed at which things get stolen by customers, or that workers do away things that belong to the shop owner.
If you run a grocery store, and you don’t have plans to put in those gadgets, then you’re wrong.
A technological innovation that greatly reduces the risks merchants face is the POS. Acquiring a POS encourages customers to carry out cashless transactions. And this may reduce the danger of significant financial losses through theft.
There are such a large amount of alternative trends that make businesses safer and easier to run.
Another one is that the use of the services of insurance firms takes care of some losses just in case of unfortunate incidents.
10. As You Grow Richer, Learn To Have Self-Control
Last but not least, you need to be told to manage yourself as soon as you begin to earn big. This is often one thing most of the people realize it is tough to avoid once they become millionaires. They require having it.
As a matter of fact, there’s nothing wrong with taking excellent care of yourself. There’s nothing wrong with enjoying the fruits of your labour.
However, it should be total care and caution; in order that you may forever stay a millionaire after you find yourself becoming one.
From all the points I listed above, it’s not hard to deduce that I encourage entrepreneurship. You could begin the first stages of your adulthood as a government worker or employee of another company.
That’s where many of us Who currently own big businesses and firms started from. Some even started with a number of the looked-down-upon profitable menial jobs.
You must have it in mind, though, that real long-lasting wealth is gotten from one’s investment or personal businesses.
So, if you’re presently working for somebody and don’t have any business of your own, then you have to begin thinking of a way to setup one.
I’ve shared with you many tips which will facilitate your becoming a young millionaire in Nigeria. If you have got the other tips you’ll be able to share them using the comment section below.
Every opinion is welcome