I believe this platform is where we learn, relearn and executes to build sustainable wealth. Let me use my self to bring in my view about this post.
I am currently working on raising my first one million naira and I am obsessed about wealth creation which I know there is not going to be an easy way to achieve that.
My job is not a permanent Job, and I can’t live my Job to go and do anything at this time because I needed the Job to earn money, I am fully aware that the salary I received from that Job will not save me, so as a young man I want to dedicate some time in that Job to raise enough capital to set myself up for life and this is how I want to go about it.
I study the stock market and how volatile the market can be, I try to understand the risk involved and after carefully consideration I decided to do the following:
1. I already set up an emergency funds to protect my investment against anything that will possibly come up.
2. I have plan to put a million naira into stocks reason been that I can’t leave my money in the bank eating up by inflation and I cant leave my Job now to go and start a business knowing fully how risky a business could be at my level of knowledge about business.
3. I will keep toping the stocks every month with small percentage from my Salary and I will put about 60 percent into balance mutual funds mainly for my Business Capital because is low risk and I can get my money anytime with interest and I as long as I stay in my job the money remains and keep compounding.
4. I will be working and learning valuable business skills as my money is as well growing gradually.
5. After reaching my deadline at the work because I gave myself time, I will then use the knowledge I may have gathered and withdraw my business capital from the mutual funds and go into business, as am figuring things out to establish my business, my stocks will keep compounding and later I will return again to adding to my stocks as my business is yielding profits.
Note. I look at my challenges and knowledge before deciding the above, wealth creation I believe is not about emotions is about figuring out yourself and know what will work best for you.
Business bring more returns compare to any investment on earth but only successful can do that, to build a successful business is not an easy task. Business don’t always bring profits at times lost, little profit.
Some people in the process of building business lost everything and went back to zero after some couples of years because they moved with emotions not strategic and planning.
There are also many people that nearly die in the stock market because they didn’t understand what is involved in the market.
All you need is to move with strategic, combining the two together in a way one will not affect another.
Thank you.