I know you want to live comfortably, have all your needs met, and splurge occasionally.
You want to make that money but maybe you’re not particularly sure how to go about it.
Many of us marvel at the likes of Dangote and wonder if we’ll ever get there.
Today I’m going to show you the different paths you can take to wealth accumulation.
Just to clarify: When I talk about wealth accumulation, I don’t necessarily mean becoming a billionaire. I’m simply talking about attaining financial security.
6 (LEGIT) PATHS TO WEALTH ACCUMULATION
1. Being born into a wealthy family. This is by far the easiest way. Unfortunately, nobody gets to choose this. You’re either lucky to be or not.
2. Save and Invest Your Way To The Top. The saver-investor path is the second-easiest path to wealth accumulation but only if you start today. Yes. Today. With each passing day that you don’t save/invest, you lose a day of making/having more money in future.
You can use the power of compound interest to get rich slowly.
This saver-investor path is boring and requires tremendous discipline for many years (up to 30 years if you want to retire like royalty).
But it is a SURE way to accumulate wealth. It doesn’t matter whether you have a job now or not. Or how much you earn currently. This path IS for everyone.
3. Climbing up the corporate ladder. The corporate-climber path demands your unwavering attention, dedication, focus, and energy. Most times, you need to make huge sacrifices at the expense of your personal life.
Here’s the 2018 list of the top 10 highest-paid CEOs (by salary per annum) in Nigeria to give you an idea of what I mean:
- Adewale Tinubu – Group CEO Oando plc (₦568 million)
- Augustine Ojunekwu Avuru – MD/CEO Seplat Plc (₦ 476 million)
- Baker Magunda – CEO, Guinness Nigeria Plc (₦461 million)
- Joseph Makoju – Group CEO Dangote Cement Plc (₦429 million)
- Segun Agbaje – CEO GTBank plc (₦384 million)
- Yaw Nsarkoh – MD Unilever Nigeria Plc (₦330million)
- Mauricio Alarcon – MD/CEO Nestle Nigeria Plc (₦210million)
- Akin Akinfemiwa – Group CEO Forte Oil Plc (₦191 million)
- Jordi Borrut Bel – MD/ CEO, Nigerian Breweries Plc. (₦190milllion)
- Kennedy Uzoka – Group MD of United Bank for Africa Plc (₦139 million)
Your professional AND networking skills need to be strong enough to get you up there. Although not everyone will get to become CEO of a huge company, most ambitious corporate-climbers end up at a senior position that pays really well.
4. Create something. The creator’s path is quite possibly the hardest path. This is where you start a business or pursue a dream.
This path requires that you believe in yourself and trust that you will succeed no matter how long it takes (which could mean your entire life).
This is not the same as having a side hustle. No. This path requires that you dedicate your entire life to building a business or pursuing a dream (such as being a writer, a musician, an actor, an artist, an OAP, etc.)
This path is NOT for everyone.
5. Become a pro at what you do. This go-pro path requires that you become an industry expert. People who have mastered their craft get paid ridiculous amounts for their services.
As a pro, you can become a consultant or a public speaker and demand whatever fees you want. You have that authority.
The most interesting thing about this path is that you don’t need to be gifted, intelligent, or talented.
All you need to do is learn continuously throughout your career. Study the field, read everything you can find on the subject, enrol in classes, learn from mentors, and do so consistently for 10-20 years.
I’ll give you an example with Niyi Adesanya. Adesanya is a performance coach and public speaker. He began this career in 2005.
I met him in September in Kaduna during an event. He said that he charges some of his clients up to N3 million for a short training program.
2005 to 2019 is 14 years. In less than 2 decades he built the authority that allows him to do so. I rest my case.
6. Marry into a rich family. This is another easy path. Although, I imagine you will have to put up with a lot from the rich family. But if you don’t mind, then by all means…
So, there you have it – the paths to wealth accumulation.
Time is running out. What path are you going to take?