This Article on "How To Know You Will be Rich" is not for the mentally lazy. It is over 3,000 words! HOW TO KNOW YOU WILL BE RICH In early 2016, som
This Article on “How To Know You Will be Rich” is not for the mentally lazy. It is over 3,000 words!
HOW TO KNOW YOU WILL BE RICH
In early 2016, some younger business associates said to me, tell us “How to know we will be rich” in this new business we are in. How to know you will be rich? I asked.
“YES”, they chorused in unison.
I smiled and said I can’t tell you how to know you will be rich. I will just ask you some questions on service and you guys will tell me if you will be rich or not.
“How many people do you serve?” I asked
None of them could mention up to 30!
The business I do gives me a balanced view of life because my target market are the very rich Nigerians, my associates are average people and range to the upper middle class and the people we buy our raw products we use from are at the bottom of the pyramid so to speak .
One thing that I found though is that we are all the same regardless of financial status.
On a number of times I have undulated between have large sums of money to having my accounts in the red to and owing some business debts.
The questions the guys had asked got me thinking and I began to ask questions from real life millionaires, read books and biographies about the rich, study and identify the REAL reasons some people are successful millionaires and even billionaires.
In the process I began see a pattern and I realized that being wealthy is a consequence of doing several things.
HOW TO KNOW YOU WILL BE RICH: 4 BASICS
1. How to know You will be Rich: Understand who you are.
Getting rich starts from inside your spirit. As a human being, you are a spirit that has a soul and lives in a physical body. This is the divine order of every human being.
You need to understand this first of all.
Spirit beings create things in spirit realm first and then translate to the intellectual part of the soul, which after conceiving it, then instructs the body to make or for it.
So the process is creation, conception and formation.
2. How to Know You will be Rich: Realize that Anyone can be Rich.
Money is like justice, it is blind to race, colour, sex, stature or looks. Anyone can be rich if they do things a certain way.
Money does not discriminate but it flows. This is why it is called currency.
Money flows in the direction of value that you create and sell to others.
To create value you can sell to others,
- Find a need and meet it
- Find a pain and heal it
- Find a gap and fill it
… by asking people what problems they will like to have solved.
They create a solution to that problem and sell it to them.
3. How to Know You will be Rich: Service to Spirit beings like Yourself.
The secret to becoming rich is serving. The richest men on earth serve the most people on earth and charge for it.
I’ll use two examples:
Bill Gates is the world’s richest man because his MS Office software serves Hundreds of million by solving their problems of data processing, analysis, presentation and storage and he charges for it.
Aliko Dangote is Africa’s richest man because serves a lot of people in Africa by meeting their building and feeding needs with his cement, sugar, flour, pasta etc and also employs tens of thousands in 18 African countries as I write.
The way to do this is to serve by giving more in Use Value than you charge in Cash Value
So you still want to know, if you will be rich?
- Do you know who you are?
- Do you know you can create anything in your spirit first?
- How many other spirit beings (people) do you serve?
- Do you charge for the service?
- Are you charges less than the benefits they get?
4. How to know you will be Rich: Make some financial moves in your life.
The earlier you do the better for you.
These financial moves require planning and discipline but the results are way to a great future and you won’t regret making them especially if you are not the entrepreneurial type and work a 9 to 5.
Realize that consistency is the key to becoming rich. You should also take advantage of the law of compounding when you invest money.
HOW TO KNOW YOU WILL BE RICH: THE SIGNALS
Here are 24 signals based on the answers I got from talking with 6Nigerian millionaires, personal observations made and wisdom gleaned from several books written by millionaires and some billionaires that will let you show you how to know you will be rich.
1. Did You Start serving People and Charging for it at a Young Age?
Many millionaires and billionaires started young from Warren Buffett who started selling gum at age 6 to Cosmas Maduka, Nigerian billionaire who went from rags to riches, Aliko Dangote who started trading commodities early in life and Richard Branson who sold pet parakeets at 11.
The entrepreneurial spirit is a spirit of service plus a solution provider and if you had this as a child, then that’s a strong signal that you’ll become a millionaire since you’ve always been seeking for ways to meet needs and charge for it.
Note that enjoyable service is almost always a product of love.
2. Do You Give Freely?
- Do you give freely to GOD?
- Do you freely give your attention to the most important relationships in life?
- Do you freely give of your time?
- Do you freely give of your earnings or salary?
- Do you share your skills, experience, talents with those that need it and can’t pay back?
There is a mysterious power that back giving. It is only those you give that receive. Indeed it is more blessed to give than to receive.
The reason is because when you give, you enlarge your capacity to receive and God has created nature to harbour a vacuum.
3. Do You love to Own and be in Control of Things?
You would rather own than rent. When you were younger, you would rather work hard to get your own things than borrow. Millionaires have a mindset of ownership, control and being in charge. This helps them to aim higher than the average person.
Making a N1 million is not enough when they can make N1 billion.
4. Are You a Doer?
Do you have a mindset of making moves to take advantage of opportunities you see?
If so, then it is a major sign that you will be rich. Action-oriented doers move into financial freedom.
Many Nigerians had the opportunity to buy land years ago but never did. Many ought to have become millionaires from buying shares regularly regardless of the ups and downs of the stock market but never did.
The few that did ignored the fact that it’s been shown time and time again that long-term investing produces significantly more wealth than short term trading.
Many employees take consolation in that their best long-term investment vehicle is their retirement savings account plan.
Okay if it is, how much do you contribute in a personal savings account that you will use for investing?
5. Do You Have a Deep Sense of Urgency?
This is similar to the doer mindset. Millionaires have a do-it-now mind-set and understand that there is no perfect time to invest or start their businesses. They know that the best time to start earning money is the present. Being afraid and laying back or waiting is one of the best ways to never realize your dreams. Even if you are afraid of failing, know that it is better to fail today than to fail 10 years time because you have 9 years to recover!
6. Do You Rate Serving Over Saving?
If you had a N10 million, would you invest the money to serve others or save it? – Roti Adedokun
The average person believes saving money for the rainy day will lead to wealth. They forget that when the rainy day comes, people spend.
Millionaires focus on serving more people. When you serve more, you will always earn more.
When you focus on earning more money, you will ultimately lose focus on service and people will move their money to those who focus on serving them.
Yes, the rich are frugal with the money. They know it is not how much you make, but how much you can keep using to earn more.
So they save but the purpose of saving is to invest in serving more. They also invest in knowledge so that they can invest savings wisely.
Serving and investing are that the best ways to make money and grow it.
7. Do You Set Goals?
Many of the millionaires I have interacted with physically or in books talk about the future. I got a shocker on e day when one asked me about my 100-year plan.
Yes, 100-year plan when I’m no longer alive but that’s how the wealthy think of their long-term goals, succession and future of their generations.
“You don’t make a million by accident. If it’s not a goal you sure as hell won’t hit it”
– Peter Voogd, Founder, Game Changers Academy, millionaire before at 25.
8. Do You Keep Your Mind Open ?
The rich also know that an opportunity can present itself anytime. So they keep their minds open. This is the reason the rich always keep an open mind on new ideas.
They also look for how these opportunities will fit in to their current businesses.
No one says it better than Warren Buffett: “Opportunities come infrequently. When it rains gold, put out the bucket, not the thimble.”
9. Are You Focused on Your Goals?
Millionaires realize that a divided attention is destructive at worst and ineffective at its best so they focus.
Do you set goals related to serving people? Remember that serving people and charging for it is the key to being rich.
By focusing on an area to serve people, they grow, earn more and then can “diversify” into businesses that are supportive of their main businesses
10. Do You have a Mentor?
If you walk with the rich, you will learn how to be rich. Association is the secret to transformation. If you want to be rich, get a rich man to mentor you and pay him. He does not need your money. The money you are paying is a sign that you value is time.
Success by association is a strategy that does not fail. Even a companion of fools will be destroyed like his mates.
Now stop and think for a minute: who do you spend most of your time with?
They are a way to know how to know you will be rich.
If you want to be rich begin to move with millionaires. They will inspire you, transform your thinking and you may even find one willing to mentor you and show you how to be rich.
Do I hear you say you don’t personally know any millionaire?
Don’t worry and don’t be afraid and reach out to them on twitter or facebook or instagram or by email if you meet them at a networking event.
However, be willing to serve them and do what they tell you to do as long as it is morally and legally right.
11. Do You Live Below Your means?
Most millionaires and billionaire live way below their means. This does not mean they radically live a poor lifestyle. But they hardly flaunt their wealth at every opportunity.
Yes, they indulge sometimes. For instance, Femi Otedola has a yacht but is not for display. In fact, his phones are very basic functional phones. Aliko Dangote is Africa’s richest man but he is also one of the most modest people around.
Bill Gates also loves fast cars but who has seen him in any. This means they do not show off. Warren Buffett has live in the same house for more than 40 years but he is the world’s second richest man.
12. Have you forgotten the Past?
Forget about the “good ol’ days.”
Millionaires know they have now and the future to make their dreams come to reality not the past.
Forget the failures, rejections, fears and even successes of the past and put your energy into your future.
I’ve lost a few millions in my lifetime, I’ve moved past it and striving on. I have decided that the fear of failure will not trap me.
13. Did You Connect In High School?
Gabriela Conti of University of Chicago, Gerrit Mueller of Institute of Employment Research, Andrea Gaeotti and Stephen Pudney of the University of Essex estimated that moving from the 20th to 80th percentile of the high-school popularity distribution yields a 10 percent wage premium nearly 40 years later.
In other words, if you were well known in high school and had many friends, then you have a better chance of earning more money. The same goes for university and after school life. People who connect and build relationships have higher chances of becoming rich.
14. Did You Marry the Right Person?
A stable marriage with the spouses focused on shared goals is a powerful propeller to becoming rich. If you really want to grow rich and increase your wealth, marry right and stay married.
Divorce reduces a person’s wealth while being married to the right person almost doubles comparative wealth says Jay Zagorsky, author and research scientist at Ohio State University’s Center for Human Resource Research.
Of course, I am not saying you can’t be rich if you’re divorced. Many previously divorced people and have made millions since then but they are not as rich as they would have been without the divorce.
15. Do Know How to Hire the Right People?
Never hire for just skill. Hire for those character traits that money cannot buy.
Andrew Carnegie was at a time the richest man in the world. He was far from being the smartest but he focused on his strength which was handling people excellently well.
Carnegie was an expert at hiring the right people. He understood that there is a limit you can go alone and that to be wealthy, you must spread the wealth.
The wisdom of Carnegie is still very relevant today. Hire the not just for skill but for character but if you must choose from the two, then hire for character – Integrity, Humility, People skills, Determination, Focus etc
These are intangible traits that cannot be taught. They must be developed personally.
16. Are You Immune to Criticisms?
Do you worry about what people think if you? If you do or are consumed by what others think of you, you’re letting yourself to be held back. Rather than worrying what others think about you, if you want to be rich develop immunity to opinions or criticisms by being mentally tough.
Being mentally tough is one of the key ingredients in becoming rich because it makes handle pressure and overcome challenges and setbacks.
17. Do You Focus on Maximizing Your Strengths?
Be the best at the thing you are naturally good at and then delegate or outsource the rest.
I suck at 99 percent of stuff, but I go all out on that 1 percent I’m good at – Gary Vaynerchuk
Of course you need to learn something new as well as improve on areas of weaknesses but more than all these if you want to be rich capitalize on your greatest strengths and hire people who are strong where you are weak.
18. Are You a Realistic Optimist?
Majority of the people in the world are negative or complaining or blaming other people and that’s one reason most people in the world aren’t okay financially.
If you want to be rich stop thinking negative thoughts, stop complaining, stop blaming others rather accept your situation as it is and they decide to conquer them.
“Rich people believe, ‘I create my life.’ Poor people believe, ‘Life happens to me.'” – T. Harv Eker
19. Do You Constantly Improve Yourself?
Is Kaizen your watch word? Are you a disciple of C.A.N.E.I?
C.A.N.E.I is the acronym for the rich. It means Continuous And Never Ending Improvement.
A university degree will give you an edge in determining your net wealth but it ultimately doesn’t determine if you’ll become rich or not.
Bill Gates, Mark Zuckerberg and many billionaires either dropped out or did not go to college and billionaires like Steve Balmer have a PhD.
What matters is commitment to CANEI.
- Do you invest in books – audio, e-books or hard covers?
- Do you continually improving yourself
- Do you separate yourself to process information you get?
- Do you commit to finding out how to help and serve others and enrich yourself?
20. Do You Socialize?
In life and has humans, we need to network and business networking starts by socializing.
While I am not in support of alcoholism or getting drunk, research shows that men who socialize and drink socially earn 21 percent more than male abstainers and women who drink earn 8 percent more than non-drinking females.
Why? Drinking builds social capital and more social capital leads to superior market outcomes.
I have a friend who built his businesses by socializing in places where the elites are. It is also an open secret that key business decisions and mega deals are sealed on golf courses, boat cruises, cocktail parties and social events.
Even if you are not a social drinker, mingle more in social circles.
21. Do You Delay Gratification?
Delaying gratification is about discipline. And every rich person stays rich because of discipline.
That money you want blow on a party or in a club should really go into buying you assets you know?
You also do not need the latest iPhone or another car.
Delaying gratification is one of the most important steps to becoming a millionaire. This is because the reality is that building wealth generally takes a lot of time.
Think about this Warren Buffett is the second richest person alive and arguably the best investor ever but he created more than 80 percent of his vast wealth after he turned 50.
Now, he can afford to buy some countries if he likes! Learn to delay your gratification.
22. Are You Informed About Current Events?
Policies change every day, new inventions are made, governments change, technology becomes obsolete almost overnight; the world is a very dynamic place.
Rich people in the world wake early to catch up with relevant, current events.
Warren Buffett reads the “Wall Street Journal,” “USA Today,” the “New York Times,”and the “Financial Times“. These are sources of relevant events that they can use to make informed investment decisions based on what’s going on in the world.
23. Do you have GRIT?
Can you take a beating and still hold on? Can you lose all your money because of the values you live by and still keep on?
Have you decided to be rich and successful regardless of any set back?
Grit, determination, perseverance, stick-to-it-iveness, never giving up are the qualities of a rich person. Here is a Grit test to know how much of it you’ve got.
24. Are You’re really, really good looking?
Yes I know is very shallow but Daniel Hamermesh, an economics professor at the University of Texas in Austin found that this is the case in his research.
He found from his research that “attractive people are likely to earn an average of 3 percent to 4 percent more than a person with below-average looks.”
This may not sound like much but considering compounding it adds an extra “$230,000 more over a lifetime for the typical good-looking person’s account.
Hamermesh discovered that good-looking people have the ability to charm interviewers and are able to get more sales. If you still think this is shallow, download the research finding here
25. Do you believe what statistics say or ignore it?
Most rich people believe in themselves and their potential and the possibility of doing something great than the average person.
The average person likes the comfort of the norm. No risks, no extreme change, just a coasting along.
Research findings can be flawed and huge margins of errors in them. Here are some research findings that the average person will like to use to determine how things may turn out.
These days the unconventional, the rebel and the trailblazer are the new rich. If you want to belong to this category, do you but make sure doing you will meet people’s needs – whether it is what is normal or crazy.