To my young African brothers and sisters (especially you, my brothers), let me share with you some strategies on how to build wealth for yourself and your loved ones. The strategies are very simple, so don’t dismiss them because of their simplicity. It’s strategies I’ve learned from rich mentors and coaches, and you don’t have to come from a rich family in order for them to work for you. Ready? Here they are:
1. HAVE A COMPELLING VISION
10 years from now you will arrive, the question is: WHERE? In 10 years you will either arrive at a well designed destination or an un-designed destination. You need to increase the size of your dreams, dream bigger than you used to, and then take those dream and put them down on paper, and PRAY that God gives you the strength to overcome challenges as you work on your dream. You’ve heard some say that you must lower your expectations? I say no, don’t lower your expectations, INCREASE your expectations. Expect good things to happen to you. Expect success, expect yourself to achieve greater things. If you have 1 customer now paying you R2000 monthly for your services; how would your life be if you had 1000 customers paying you R2000 monthly? What sort of life would you have with a R2 000 000 a month income? Design a plan to have that many customers if it be your desire, and trust to God to give you a plan to serve them effectively – HAVE A COMPELLING VISION.
2. PRAY FOR WISDOM
Prayer is important, even if you are not a believer. If, for instance, you pray for your friends and family, even if you don’t believe in God, you will have a sense of gratitude for having them. Gratitude opens the door for more blessings. Back on wisdom, wisdom is the ability to understand things both pragmatically and theoretically. When you understand the thinking behind your vision, and the know-how of when and how to execute, this gives you an edge. Wisdom will remind you that you are not supposed to compete with anyone. You are supposed to dominate, not others, but yourself first, then the space you are operating in. Wisdom reminds you that you are not operating at your best potential, and you should step it up: PRAY FOR WISDOM.
3. GATHER INFORMATION – be an avid reader.
You really need to put aside time to study subjects that will bring you closer to achieving your goals and dreams. How many business books have you read so far? Property books? Financial books? If you want to be wealthy, you must study wealth, and study wealthy individuals. Read biographies on successful people from different spheres of life, from presidents to entrepreneurs to sports personalities: let their stories inspire you to take action. But above all: Be an accumulator of knowledge and information.
4. BUILD STRONG RELATIONSHIPS.
You’ll notice that I didn’t say build relationships with a lot of people – I said build strong relationships. Having 5000 friends on Facebook means nothing if none of them can take your phone call. Start with your family relationships, mend those that you can mend, and if possible: GET MARRIED. Marry someone who shares your values and believes in your vision. See if your vision and theirs can be combined to create a bigger family vision. Let me tell you something; when things are tough, nothing is sweeter than getting home to a spouse who loves and supports you, and children who adore you. Get married, have children: and let them be part of your reason for working on your vision. Surround yourself with successful mentors, don’t seek for them to serve you, you serve them first. “You are the average of the 5 people you spend most of your time with” – this includes your spouse, so choose wisely.
5. BUILD A GOOD NAME FOR YOURSELF
A good NAME is better than money. There are people who don’t need to ask the bank for a loan, the bank begs them to take a loan. These are people whose names have gone ahead of them to speak good things about them. Remember that everything you are doing daily is contributing to your NAME and reputation. Character and integrity will be required for you to build a good name. If you are blacklisted, don’t just let it go, work to remedy the situation. Do you have integrity? Are you trustworthy? Are you a gossip? Don’t let anything damage your name. Change direction and FIX YOUR NAME. Business is built on trust, and if no one trusts you then no one will do business with you.
6. BUY PROPERTIES
Cash flow positive properties should be part of your wealth building strategy. Of all the millionaires and in some instances CEOs of billion dollar companies I’ve met, most built their wealth through property, and majority are reinvesting their earnings into the property market. Read books on the subject. It’s tempting to buy a car first, but what would happen if you bought a cheap flat, and rented it out then wait 3 months to finance your car? And continue on your property investing journey? We still have flats going for R200 000 in some parts of Gauteng, SA. Why don’t you make this part of your long term wealth creation?
7. UNDERSTAND HOW MONEY WORKS
MONEY follows preparation. MONEY follows ideas and MONEY follows problem solvers.
How many problems are you solving for humanity? I for instance am a property investor and I run a property company, so I solve accommodation problems for humanity. If I was to think of you today, what problems can I say you can comfortably solve for me? I can write a lot on this subject but I’ll leave it here: How can you make money flow to you?
“DREAMS DON’T WORK UNLESS YOU DO”.
I wish you success.
CEO, Quality Growth International.