The untold truth about money: The path to building wealth from nothing

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The untold truth about money: The path to building wealth from nothing

Money is the medium of exchange for providing value in the market; we all work for our daily life to earn money,

Some people keep it while others lose it

Whatever happens with your money depends on your how you manage it

In real life, it doesn’t matter how much money you make but how much you keep

If I can ask you: How much money has passed through your hands since your childhood?

How much have you kept? How much is your investment?

Jeff Bezos the founder of Amazon has a net worth of $117 billion and this is you with a net worth of less than $1,000, this is you working on your current job which you obtained from your studies at the university

Your cost of living is extremely high, your expenses are eating all your income and you have nothing to save or invest,

Your living expense to expense and you feel that a promotion can change your life, you get promoted and your expenses keeps on increasing from time to time, still you continue to say that you’re not being paid enough money

You have given up on getting rich because it seems unattainable, now your asking yourself, how did they do it, how is it that there are young millionaires and billionaires, all to realize that the school system did not teach you anything about money, the truth is that there is something they are doing differently from you

You went to school to get wealth and realizing that the system did not teach you to build it, it only prepares you to become an employee

What did he do that is different from others?

There is something which millionaires and billionaires know that you don’t know

What if I told you that there is the right path to building wealth and you have been following a wrong equation

The equation of going to school, getting good grades, job and waiting for promotion is a wrong equation which most of us are being trained by our parents or society we live in

So there is a right equation to building wealth but the path is tough and am 99.9% sure that many of you will not manage it

If you take the path am telling you, I guarantee you that you will become wealth and you will never have to worry about money again

Without further ado, let’s continue

Lies you have been told about money: Money myth

You have been told the following lies about money such as that

  • Money does not buy happiness

Most of people who say this statement are people who are living a poor life, they are justifying their reasons for being poor, never listen to this lie

Money offers you the freedom to do whatever you want, the freedom to eat, move or purchase anything

Poor people who say that money can’t buy you happiness stay all the time complaining, saying how they wish they had money

Would you want to be like them?

So money will offer you the freedom to do everything you want without having to worry

  • Money is the root cause of evil

How often have you seen rich people committing crimes? It is the poor people who continue to keep the world fearful

Slums are filled with crime and robbery because they are places for people

Rich people know that the root cause of all evil is poverty

  • Money is obtained through hard work

This is the lie you have been told by the culture of the area you come from

Most of billionaires and millionaires don’t work hard but they know how to leverage their time

Think of a cleaner and an accountant, a cleaner puts in hard work compared to the accountant

But the accountant is being paid more money compared to a cleaner because the perceived value of the accountant is very high compared to the cleaner

An accountant saves the company with lots of taxes, balance sheets, financial statements, profit and loss etc

To build wealth you need to remove all false myth and beliefs you have about money

  • Rich people were born from rich families

In a study that was carried out about millionaires, it was found out that 60% of all millionaires were self-made

Larry page self-made billionaire

Mark Zuckerberg self-made

Jeff Bezos self-made

Jack Ma self-made

What did these people do differently from what you’re doing?

The truth is that if you’re following the equation that:

Wealth=Salary from your job

That is a wrong equation to wealth building; most millionaires have over 7 streams of income

By working on a day, you’re trading your time for money, the moment you don’t show up for work, you will earn nothing

How much you earn depends on how much your boss is willing to pay you

So if you’re interested in becoming a millionaire or billionaire, it can take you over 40 active working years for you to save over a million dollars

So getting a job is a wrong equation to building wealth you’re trading your time for money

So stop trading your time for money

What is the best equation to building wealth?

People who have become millionaires and billionaires have a better equation to building wealth

The truth about making money and building wealth

The best equation to building wealth is solving problems, the more the value of the problem you solve, the more the money you will make

Money/wealth= Solve problems

The above is the best equation millionaires and billionaires have used to build wealth

In the market, your paid the amount of money that is equivalent to the value of the problem you solve, the more the value you provide, the more the money the market will be willing to pay you
think of Amazon, how many problems does it solve on a daily basis? The hustle of going to a grocery store, delivering the products to the consumers, packaging and shipping

Look at Uber, the hustle of getting a ride to move from one destination to another

Airbnb solves the hustle of getting accommodation in different areas across the globe

All these have one thing in common: They all solve problems, they are billion dollars companies because they solve problems

So the path to building wealth is to solve problems that affect a large magnitude of people

The consumers/ your target audience should be willing to pay for the problem your solving

To make lots of money, solve problems

How can you get problems to solve?

Look at the problems that are affecting your society, are people willing to pay you to solve those problems? If yes these should be the beginning of your business idea

In the market you will be paid according to the perceived value you bring in the market

All you need is to start a business around the problem your want to solve and money will follow

Problem/idea validation

Once you have identified an idea or problem to start, you need to ask yourself

Are people willing to pay for the solution?

How many people does the problem solve?

Do I have the skills needed to solve the problem?

You don’t even need the skills, once you have identified a problem, start a business around that problem and hire experts in that field

Your problem should affect a large number of people for example starting a bar, it only affects people in that location, your limited by geographical location, start a school, or start a health centre

Your business idea should be scalable; you should be able to market your business to a large audience

Examples of the best scalable business ideas include:

  • Start  a blog
  • Affiliate marketing
  • YouTube channel
  • Clinic
  • Franchise
  • Super market
  • Drug shop
  • Develop software
  • Online courses

Your business should not be requiring you spend most of your time there

Create a product once and sell multiple copies several times without requiring you to incur other costs

Acquisition

Now you have created your business, if you feel that you don’t want to move further with it, you can sell it to someone else at a price, this is the acquisition stage

Do you want to stay with your business? Or sell it to someone for a profit

But any way what was the purpose of your business?

This stage is all about you

You can sell your business to someone at 20-60 times the profit your company is making now

So this is the path to wealth

If you want money solve problems and money will come

Stop trading your time for money, money is in solving problems

Working for a boss, is not the right path to building wealth

Solve problems and money will come

My last question

What is that one thing you can do to build wealth?

Once you identify that, do it for over a year and see the results you will get

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