We
all have dreams. We all want to believe that deep down in our souls that we
have a special gift, that we can make a difference, that we can touch others in
a special way and that we can make the world a better place. At one point in
time we all had a vision for the quality of life that we desire and deserves,
yet for so many; those dreams have become shrouded in the frustrations and
routines of daily life that we no longer even make an effort to accomplish them.
Do you remember when M.K.O Abiola was
contesting for president? Do you remember when Abacha was still the president
of Nigeria? Do you remember hearing the news that Abiola, Fela and Abacha died?
Think
for a moment. Where were you then? What were you like? Who were your friends?
What were your hopes and dreams? If someone had asked you; where will you be in
ten or fifteen years? What would you have told them? Are you today where you
wanted to be back then? Is the girl/boy you were then going to be proud of the woman/man
you are Today?
A
DECADE CAN PASS QUICKLY, CAN’T IT?
More
importantly maybe we should be asking ourselves, “How am I going to live the
next ten years of my life? How am I going to live today in order to create the
tomorrow I’m committed to? What am I going to stand for from now on? What
actions can I take today that will shape my ultimate destiny?
You
see ten years from now, you will surely arrive Insha Allah if Allah spare our
life. The question is; where? Who will you have become? How will you live? What
will you contribute? Now is the time to consciously design the next ten years
of your life- not once they’re over. We must seize the moment. We are already
immersed in the early part of a new decade.
You
see this decade the years between 2010- 2020 is going to be the most exciting
world changing decade in the world history: it is going to be a decade where
you are given the opportunity to explore your potentials and creativity to the
fullest. It is a decade where you see young people become millionaires without
necessarily using their college certificates or spending years in a formal
organization.
Your
potential for success in this decade is as wide as your willingness and
determination to succeed. It is going to be a decade of abundance, where the
frontier is not limited to your state or country alone but the world at large!
But
it is also going to be the most volatile world changing decade in world
history! People will be replaced with technology; companies that have existed
for decades will be winded, the rate of unemployment will soar and just going
to the higher institution for a degree will no longer be enough to make you
rich. A decade where rich people can become poor in a twinkle of an eye.
To
live a life that matters and make this decade a one of abundance for you; to
achieve your outmost in life: you need to play in the area of your core
competencies, in the area of your strength. How do you do this? By discovering
your gift…. Your talent… and utilizing it to the fullest.
What
is your passion? What is the thing that you know how to do better than anyone?
What do you get a standing ovation for when you do? What are the activities
that give you your greatest sense and purpose in life? What do you think about
most of the time?
To
figure this out and make it work for you; you need to understand the three parts to great wealth:
2. DEVELOP YOUR BRAND AND CASH IT
3. TAKE
CHARGE OF YOUR CASHFLOW
1 The first step is to discover
your passion. Your passion must either be fulfilling people’s need, creating a
value or solving people’s problems. You want to have a passion that is
beneficial to the people which they will be willing and ready to pay for. You
don’t want a passion that will just earn you applause and end there. Applause,
standing ovation or thank you won’t put food on your table. So to choose a
viable passion test it with the following:
- Profitability & viability test: is it profitabile? Is the idea something that can be utilized in your community?
- Test it with your technical skills: do you have the skills to utilize it and if not can you learn it or get someone to utilize it for you.
- Test it with people: is your idea something they think they can buy? How much will they be willing to pay for it how often will they want to buy it and how many people is interested in your idea?
- Is it the future or does it fill a need now: can you execute your idea now or do you have to wait till a future date for the time to be right?
- Can you cope with the competition, if not where are the gaps?: Do you have the resources, funds, skills and business know how to compete favorably with the competition if not where are the gaps? What are they not doing or which segment of your niche are they not addressing that you can come in and service?
2 Develop your brand and
cash it: you don’t want to be another fashion designer, you don’t want to be
another website designer, you don’t want to be another Engineer; you want to be
the best in your field and love your clients by giving them the best deal
possible and by treating them right.
CocaCola may be just as any other
cola product out there. But it is a global brand today because it invested in the
brand; time, human resources and money.
If you must stand out, do not be
deceived, you’ve got to invest a lot in yourself. Just the way you decide to
read this to add value to yourself, you must continue to read and continuously
seek knowledge. You also need to take advantage of the times. It starts with
that little gadget on your hand called a phone, that search engine called
Google, even those social media called
facebook, linkedin etc.
Build your brand by solving a
major problem. Any idea that is not a major solution to a problem may not be
needed after all. Ensure your ideas are unique and are solving someone’s
problem. Example is Apple with iphone, ipad etc. To build a major brand; you’ve
also got to innovate or die. Where are some of our music artists of the
90s? Baba Fryo, Blacky, Raskimono etc?
Gone with the time.
Where are the barbers of those days before the
arrival of the electronic clipper? Gone with the time. You’ve got to move with
the time, adapt new methods and improve continually or you face
out.
To build your brand and cash it
you’ve also got to network with the right people. It starts from your family,
friends, club members, religious circle etc. And it’s not about asking them for
money, No! In fact you may not even need their money, Just plug in to the
network they have and get connected. Someone always knows somebody that has the
resources to make your vision come true. People pay heavily to attend programs
for network. Build your network and cash your brand. But does it end there? No
when you start generating your cash; it’s time to….
3 Take charge of your cashflow: Making money will not
solve your financial problem if cash flow management is the problem. No matter
how much you make or I give you, if your funds are not properly managed and
utilized you will end up flat broke.
After earning from your passion and brand, your next step is
to take control of your cashflow. You should be aware that for every liability
you have, you are somebody else’s asset and for every expense you make, it is
someone else’s income.
Most people cannot get ahead financially because every month
they have bills to pay. They have phone bills, tax bills, electric bills, gas
bills, food bills and so forth.
Every month, they pay everyone else first and pay themselves
last, if they have anything left over. Hence, they violate the golden rule of
personal finance, which is “pay yourself first”.
Begin your cashflow management plan.
Ø Pay yourself first:
put aside a set percentage from each paycheck or payment say (10% or
20%) you receive from other sources. Ensure that you do this no matter how
urgent your need seems. Deposit that money into an investment savings account.
Once your money goes into the account. NEVER take it out until you are ready to
invest it.
Learn to live on the remaining 90% or 80%. You might argue
that the 100% is not enough to meet your expenses but the truth is if the
90-80% is not enough then the 100% will not be enough because we have been
taught to expand our needs according to the resources available to us.
To achieve your financial goal; you must be ready to
cultivate the habit of paying yourself first. Without this achieving, your
financial freedom will be a dream.
Ø Focus on reducing your personal debt if you have any: gaining financial
freedom also entails doing it the right way. Debt is an obligation that must be
paid. Don’t be like those who don’t pay their debts. The prophet (SAW) was
reported to have said that all the sins of a Matyr(shahid) will be forgiven
except his misappropriation of debt.
Draw a plan to pay your debt no matter how little it is. Make
an agreement with your creditors to pay in installments and ensure you don’t
break the agreement. Don’t be discouraged in the amount you have to pay what
you should focus on is that you service your debt monthly. With time this gives
you credibility and the ease to offset your debts.
Ø Begin
to buy asset that generate cashflow now and not sometime in the future! For our use here; we
define assets as what puts money in your pocket and liabilities as what takes
money from your pocket. The more assets you can buy, the more your money will
be working for you.
Many accountants, financial planners and bankers are struck
on the net worth calculations. They do not understand the power of cashflow.
They have been trained to put money away until you need it in the future……A
saver’s mentality forgetting that inflation, unforeseen circumstances, natural
disasters are eating up the assets that is why most people lost their money in
the stock market crash. That is one of the disadvantages of investing for
capital gains (An increase in the price of an asset).
Review your financial statement and remove all entities in
your asset column that do not generate cashflow for you currently.
When you have assets that generate enough monthly cashflow to
cover your monthly expenses, you are financially free. This is one of the
highly guarded secret of the rich. Acquiring assets that you believe will
increase in value in the future and also spending money to maintain it is
actually a liability for you.
What is the wisdom behind having five lands and still finding
it difficult to put food on the table or living comfortably? Invest in cashflow
not capital appreciation.
Ø Turn your liabilities into
assets that generate cashflow: if you have acquired any liability that you
think are assets like a house, land or car convert them to cash flow generating
assets as much as you can. Rent the raw land out to farmers, car dealers, car
washer service provider etc. construct some shops to the landed property and
rent it out.
Ø Apply rule one to the cash
flow that you generate and use it to acquire more cashflow producing assets.
Don’t stop with just one or two assets.
“Note
that those who can’t control their cash works for those who can
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