22 Keys for Building Wealth for Retirement
































p<>{color:#000;}. You have to value the money. You must be good at valuing every single naira because every naira is a money seed. If you plant it, fertilize it, weed it and hoe it, it will grow and become a money tree.

p<>{color:#000;}. Learn how to control it. You must have a system via which money flow into your life. The most important fundamental is that you must save money every single month.

The money that flow into your life and the money that flows out of your life, is there a surplus every month? No matter what your living expenses are, no matter what your income is, there is got to be a surplus left over. It may be the hardest thing to do, but it is absolutely critical for long term wealth.

p<>{color:#000;}. Save money. Having leftover of money at the end of the month is not enough, but you have to save, save it. So the point here, the lesson here is that you’ve got to save, you’ve got to get the leftover out of your life.

p<>{color:#000;}. You have got to learn how to invest your money. You have got to get your money growing at 10% or more. If it is not growing at 10% or more, you are never going to get rich. You have to have high rates of return, here it means more risk and it means more knowledge on your part

You have got to do some mentoring with people who really know what they are doing and you have to increase your rates of return in things like stock market and bonds and investments in real estate, etc.

p<>{color:#000;}. Learn how to make money. Making money is different from investing; to invest is a passive thing.

However, when it comes to making serious money in terms of a living and making some real chunk of money, you are going to do it in real estate or you are going to do it by owing a business. Both of these are going to require some more kinds of risks, they will require some more kinds of risks, some more persuasion ability, and some more knowledge. These are the reasons why it is a different, separate skill than just investing your money.

p<>{color:#000;}. Learn how to shield your money. You can make a lot of money, but if you have not shielded it from the dangers of this world, then it is going to get lost.

You have to set yourself up before you get a lot of money because you need to plan for that eventually.

p<>{color:#000;}. Share it. You must learn to share your money, because you have got to share it. Out of every naira you get, out every net profit, remove 10% first. This is the tithe; pay it wherever you are supposed to pay it.

The next 10% you save, this is part of your money seed, and you have to plant it. You know it is better to plant the seed of maize than to consume it. This is because in planting that single seed, you get it greatly multiplied. Whatever you give you get back in multiple.

- Acknowledge where your wealth comes from.

A. GUS is the source. Some call it “God”, some “Spirit”, others “the Universe”, and still others have developed their own term to relate to. The acronym GUS (God’s Universal Spirit) honors all the wisdom traditions.

B. Give back to those who gave to you – spiritually and otherwise. You might consider this tithing. Tithing is your way of demonstrating your faith in an endless supply.

C. Subscribe to the Universal Law of Use. This universal law applies to every department of your life. Get rid of clutter and anything else that isn’t serving a purpose. One person’s junk is another’s treasure.

- Limit your “use” assets.

A. Depreciating assets are necessities or luxuries – maybe both. In most geographical locations, a vehicle is a necessity. Does your vehicle meet your transportation needs or does it satisfy a desire?

B. Know the hidden costs of expensive “toys”. We all have them – assets that are nothing more than grown-up toys. You need to know what those toys really cost to maintain.

C. Money buys experiences. When people are surveyed about what makes life more satisfying, the answers vary. Consistently, people agree that they enjoy traveling, dining and the outdoors. It takes money to have fun!

- Set goals.

A. Have a target you’re moving towards. Without a comprehensive plan, you will have difficulty adjusting when you face life’s challenges – financially or otherwise.

B. Define your wealth-building strategy. Once you know where you want to end up, you can determine which strategies should be implemented to meet your goals.

C. Embark on the journey. Just get started! Realize that you will have setbacks, but you will never get there unless you start rowing in the direction you’ve determined you want to go.

- Develop sufficient liquid resources.

A. Cash is King! I can’t stress enough the value of having funds readily available that can be accessed without a significant reduction in value. This is the “hull” your ark is built on.

B. Calculate your cash reserve requirement. Do you know how much you would need to meet your minimum financial responsibilities for a period of six months?

C. Define “liquid”. Liquid resources are assets that can be converted to cash without penalty or market fluctuation. You need a six month cash infusion plan that is easy to execute in an emergency.

– Put off Marriage

One of the most important financial decisions you will ever make in your life is marriage, particularly who you marry and when you marry.

If you delay the walk down the aisle for a few years, you probably would have saved yourself a decade of frustration. Be financially independent first, with little or no debt, and your investments in place. Remember the number one reason for divorce is financial trouble.

p<>{color:#000;}. Do something you love and get paid for it.

If you wake up every morning and hate your job, then there is no honour in being who you are, be it a doctor, a lawyer, or an engineer. Go for a profession that you love, and you will never feel like you are working.



p<>{color:#000;}. Understand the money myth.

Whatever power money has over you is derived from your relationship with it. When you understand this you free yourself from the constant pressures and stress of thinking about it. If you are putting money away over a long period of time stop checking your portfolio every day, that will only give you stress.


p<>{color:#000;}. Market your ideas not your labour

The most valuable things you possess are your ideas. Change your product, rather than sell your manual labour in exchange for a paycheck, own a business, own investment.

The gap between the rich and the poor keep widening every passing day, because the rich understand money and the kind of uses you can put it to.


p<>{color:#000;}. Change the way you think about money

Majority of people never accumulate a substantial nest egg because they don’t understand nature of money or how it works. Every naira you save is like an employee, and over the course of time the goal is to make your employees work hard, and eventually, they will make enough money to hire more workers (naira). You unlock a powerful key in your life, every morning you wake up and realize that your assets wake up and have the same potential to work as you do. You need to realize it that when you become truly successful there will be no need for you to sell your own labour, but can rather live on the labour of your assets.


p<>{color:#000;}. Understand the power of small amounts

There is this mistake that people always make, that is, they think they need a lorry load of naira to start. This is what is known as “not enough” mentality. This people forget the adage that says “little drops of water make a mighty ocean. Do not despise the days of little beginning.




p<>{color:#000;}. You are buying yourself freedom, with each naira you save

Money has the ability to work in your place, the more of it you employ, the faster and larger it grows. More money confers more freedom – the freedom to stay home with your kids, the freedom to retire and travel around the world, or the freedom to quit your job. Every little investment you make be it N10 or N20 is a stone in foundation of your financial freedom.


p<>{color:#000;}. Study and admire success and those who have achieved it.

Identify your horses, pick the traits you admire and dislike the most about yourselves, do everything in your power to develop the traits you like and reject the ones you don’t. It is your responsibilities to mould yourself into who you want to become.


p<>{color:#000;}. Do not worry.

Where you are doesn’t matter so much, what matters is where you are going, that is the miracle of life. Remember every naira that passes through you hands is a seed to your financial future. If you are diligent and responsible, financial prosperity is inevitability.


p<>{color:#000;}. When you begin a job

Look at the Pay of the Highest Employee. One of the most important things to look out for is what the top-shot is earning. This will give you an idea of how high you can expect to climb in terms of earning and promotion. Assuming the CEO is earning N40,000, this will tell you have no chance of making six figures.


p<>{color:#000;}. Debt is a disease.

Debt is a sort of bondage, a disease which enslaves the borrower. How wonderful will it be if you owe nobody anything, a situation where everything you own – your car, your house, your children’s education, and all other things are fully paid for?


In this state your mind will be fully free and you will have the advantage of being able to think straight and positively all the time.


p<>{color:#000;}. Bonus

If you do not like where your parents were at your age do things differently.

Your parents taught you all they know about money during your childhood, it is these early years that establish how a lot of people feel about their finances today.Insanity is defined as “doing the same thing over and over and expecting different results” If you don’t like where your parents are, for you to become financially successful you must do something different from what they did. If you fail to do so you will end up exactly as they did.



22 Keys for Building Wealth for Retirement

This book presents readers with essential keys for building wealth for retirement. The keys are important in making adequate preparations for a life of bliss in the golden age.

  • ISBN: 9781311262950
  • Author: Olawale Jiboku
  • Published: 2015-09-28 13:20:07
  • Words: 1782
22 Keys for Building Wealth for Retirement 22 Keys for Building Wealth for Retirement