WHEN MONEY FAILS… Part 3

Quote of the week: “We can be in the same level, but not on the same level" – Akinfala Victor

What a sabbatical, what a break!!! Activities at the other end of the divide ensured I stayed away from this blog. But I thank God, the passionate and ardent world changers who frequent this blog ensured I found a way back sooner than expected. Suffice to say that, although the break was intentional, the comeback isn’t my credit. Thank you, guys.

This is the final part of the series, and it is my earnest desire that after reading this one, you would be completely equipped to go all out and start creating that formidable wealth you desire, and enlarge your tent if you already have begun creating wealth. Let me start with this illustration:

You might have already heard or read about the story of the “red paper clip”, but if you haven’t, then you have the opportunity now and it is a perfect example of how you can build wealth with practically nothing, if you learn to exploit the power of compounding.

The story was about a young man who found a red paper clip. He built a story around that red paper clip telling his (website) visitors that he was planning on trading up this paper clip. It had great potential of becoming popular and, thus, more valuable than just its initial cost. The young man engaged in barter with others and finally traded it for a pen (the items may or may not be important, but the lesson is). Then, he bartered more and traded the pen for a cup...the cup for a canister...the canister for an electric clock...the clock for...

Well, you get the picture. He caught the attention on some talk shows and made guest appearances. This popularity put his little town "on the map," as they say. The town benefited from all this publicity. Long story cut short, what did he get from reinvesting the items he had? At one point, he even had a snow mobile worth hundreds of dollars. Did he cash in that snow mobile and spend the $900? Nope. He kept reinvesting it.

Here's the jackpot: the city gave him a HOME where he could live rent free...all from a little red paper clip! Epic!

In the last series, we learnt that to create wealth, we need to realise that God is our source, be positive, find our seed, and then look for a problem to solve. We will now see how and where to invest, and how to build and spread wealth, with practical and real life investment opportunities and strategies.

The world and Nigeria in particular has experienced diverse business cycles and climates. We used to have an agro-economy, we then moved to an industrialized economy, and we now operate in an info-economy. In the first economy type, the use of strength was key. In the second, the need and use of money was key. In this present-day info-economy, the use of the brain is key (Remember “brain work”?).

The amount of wealth that you can create and build is a function of the amount of information you can access, store, and marginalize. The question therefore is: what do you know? What information do you have access to? What information do you need? What information have you used? Supplying answers to these questions would help gauge your relevance in this present economy. The day you know what others do not yet know is the day you begin to create and build wealth. Become an infopreneur!

King Solomon in Proverbs 23 vs 23 advised us to

“Buy the truth, and sell it not; also, wisdom, and instruction, and understanding.”

“Buy” in the verse is originally translated as “create”, while “sell” is also translated as “surrender”. What you do with the information at your disposal is as important as the quality of the information. Nothing is forever new. The earlier you use and profit from it, the better for you and your generation.

To create and build wealth, you need to invent something. The unsolved problems around you is a call to invention. You can either invent something and create it, or invent and sell the concept, or even buy a concept and build it. Your choice, but either way, you create wealth. As long as that invention is a solution to a problem, you can be rest assured that you have successfully created wealth: for others, and for yourself.

What new things have you thought about? Look around you. People need better solutions to problems in your work place, people need less stress in the church, mosque, market, school, city, village, everywhere. Let your brain come alive. Have you ever had a challenge with something? Was it solved, easily? Think!

While many people want wealth, laziness has been their bane. I agree with the person who said “Don’t stay too long in bed unless you’re making money off it”. I agree. While sleeping, eating, dancing, playing soccer, gossiping etc. may be a hobby, you can turn that hobby into business. I have seen people sell videos on “How to sleep well”! I dare say that it would have taken a good and prolific sleeper to teach that. You have a special interest or talent, why not use it to build wealth?

Finally, to create and build wealth, sell something. What can you sell? What are you selling? You want to sell something? Then consider starting with selling basic needs – food, shelter, transport, health, information, security, and life. Don’t just sell anything, sell something. When you sell anything, you get anything.

How do you build and spread wealth?

To create wealth is one thing, to build and spread it is another. Everyone has the potential to be wealthy. The “Be fruitful and multiply…” mandate was given by God to everyone He created. Whatever God has placed in your hand (seed) is just enough to create further amazing wealth. All you need to do is multiply it. This tip has got to be the most powerful tip for a kid (or even an adult) to see. It's simple financial intelligence. And, this goes to show you that in order to build wealth, you do not need a lot of money to start with.

Try this yourself: double ₦10 until you reach ₦1million and count how many times it took. Now, double ₦100 until you reach ₦1million. Notice the ₦100 turned into a million ONLY 3 times faster. This goes to show you that the amount of money you have to start with has very little effect on whether or not you become a millionaire! You just need to realize that the real power comes further down the "doubling" road. So, DO NOT ruin your ticket to financial freedom and wealth by spending what you've built half way through your plan.

Yes, you read the last sentence above. To build wealth, you need to cut down on expenses and invest the difference! Stop buying the things you do not need to avoid selling things you need later on. When you subscribe to waste, you unsubscribe from grace. Your wealth is not defined by how much you spend but how much you can generate further. God hates waste. Spend less, earn more. Cut your spending, stop eating away your seed and future. You’re jobless, but your stomach is protruding. That’s demonic!

Stop borrowing. Run away from it as fast as you can. He that goes borrowing, comes back sorrowing. Even if you must raise capital, then take a loan. In this context, borrowing is different from taking a loan. You borrow to eat and meet immediate needs; to take a loan, is strictly, for investment purposes. And in that stance, it’s not regarded as borrowing or begging, but “implied partnership” with the person who provided you with the finance. Of course, to take a loan requires that the payback ability and period of the business venture is certain and assured to avoid stories that touch.

Be a giver. God’s plan for wealth transfer targets those who can raise others through what they have begotten. This is one principle I don’t joke with. Give to God, give to your spiritual and biological parents, give to your family, give to the poor, give to friends, give to those who need it. There’s a reason why you’re the only one who can afford it at a particular period. When you give, you learn to depend on God as your source and ensure you never go dry.

Proverbs 19 vs 17 says

“He that hath pity upon the poor lendeth unto the Lord; and that which he hath given will He pay him again”.

Imagine when Dangote owes you. Imagine when Bill Gates owes you. Now, imagine, just imagine, when God owes you. I leave you with that imagination!

Do not forget that there is no village or town, no matter how remote or poor, that you wouldn’t find a legit money lender. Where does such a person get the money? Money responds to principles.

I wish you a monetary week ahead. Remember, to whom brain is given, sense is expected.

See you next week!

#SoloEdge

Your Friend,

Solomon C. Chinedu

scc.solomonchinedu@outlook.com; +2349050680771 (Text messages only)

Twitter - @pahsolow; Facebook - Solomon C. Chinedu; LinkedIn - Solomon C. Chinedu

Url: www.thebrainedge.blogspot.com

(References: The Holy Bible (KJV), Akinfala Victor, Charles M.)

Photo Credits: echeck.org, jimmieschwinn.com

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