Please I want to be bastardly rich. How do I go about it?
While I am not bastardly rich (yet). I think I have done enough research to tell you how.
1. Get a job.
It could be anything but you need something that pays you to have enough money to invest and grow your wealth, and if you need to upskill to get a better-paying job, then do so. Regardless you need a source of constant inflow.
2. Pay your debts.
Especially the ones with interests. While borrowing is not a bad concept in finance, you should only borrow when you stand to gain more in the form of investments. Which I’ll get to.
3. Cut down your spending.
A lot of the things we pay for or buy are unnecessary, waste, redundant and luxurious even if we aren’t rich yet, for example, if you pay for both Netflix and Amazon Prime, why? Sometimes you pay for a subscription you do not even use, if possible, have a budget and track all your spending from time to time. You should know where every kobo of your money is going, You want to make sure you are not leaking funds. And Finally, just because you can afford it, doesn’t mean you should pay for it, so for example, if you use iPhone 11, and your 11 is working just fine, there is absolutely no need to upgrade to the latest even if you have the cash. You can use it for years until it breaks. The goal is to build wealth not live like you’re rich when in reality you aren’t. Being rich is based on how much you have, not how much you spend. When you spend it, you no longer have it.
4. Save.
Having savings is very important, for two reasons. One is for emergencies, so you do not have to go against your budget in case of unforeseen events. The second is very similar, but that is in case you lose your job or your investments fail, so you do not have to start from 0 again or borrow, and you can have something to live on while you work on your next move.
5. Invest.
And this should be done in 3 ways. Many people would like to say these are an option but I have never seen a bastardly rich man without these 3 investments:
A. Your own business.
Have a for-profit business that does something meaningful which you can maintain to earn more or build to the point where you can sell it to an even bigger company.
B. Real Estate.
And I don’t mean buying land 5 minutes away from the Dangote refinery and hoping that the price rises in 5 years. But rather more like owning houses and having tenants or buying, renovating then reselling those houses. These are also great options for constant inflow.
C. Stocks.
You should learn how to invest in stocks of companies like Tesla – TSLA and Apple – AAPL and also smaller companies with great potential as well as index funds like the Vanguard 500 index funds ETF – VOO. And others. It’s important to learn and do your research cos this is just me citing examples and not financial advice. Check out this Stocks investment guide
6. Read and watch a lot of finance books and videos.
There is a lot I possibly can not put in one post and a lot of not common knowledge that you can only know by reading finance books.
7. Japa
Yes. Nigerian economy is relatively small and weak. You cannot become bastardly rich in Nigeria cos the economy can’t support it, to be a billionaire for example that billion dollars has to come from somewhere, and since we do not have that many billionaires in Nigeria, plus most of the population are very poor, your chances are very very very slim. However people do, but there is a common trend with them, most are government-affiliated, so you know its either forced or stolen.
8. Be prepared to take calculated risks
And while this can mean different things, I am just going to add here that many bastardly rich people have had to make some very difficult decisions in their lives, some of which are against their characters, morals, will and sometimes agaist the law. As you grow in wealth, one day yours will come, and it’s important to make the right decision, cos sometimes, the risk might be worth it.
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