I was watching a vidoe of Mr. Emmanuel Olumide where he talked about the financial wealth pyramid in wealth creation and I thought to paraphrase what he had to say. According to him “In the pyramid of wealth, we have 5 set of people. The first set are the people in financial crisis. They are at the bottom of the pyramid. nothing is working for them. They have no jobs and they are constantly looking to borrow money or beg families and friends for handouts.
The second set of people are in financial instability. They are not in crisis, they may work and earn very little a month so they usually have to borrow money from the loan sharks to augment their salary. Their take home cannot take them home. They are making money but the money is not enough for what they need so they are unstable.
The third set of people are in what we call financial stability. These are the middle class, or lower upper class. They are working, they have good salaries, the money can take care of them. They have a house and may even be landlords, they have cars, they travel abroad and their children are in private schools.
These people are financially stable but they are the most deceived set of people in that triangle because they think all is well but all is not well because the reason they think they are stable is because they have a reliable source of income. But the day they lose their job, in 3 months they are poor because everything they have is based on the income that is coming. These people may make good money monthly but once they lose their job they are back to instability.
The next set of people are in financial independence. That is where you start talking wealth. When you are in financial stability, you have enough assets that the money that is flowing from the assets is enough to take care of everything you need and more. whether you work or not is irrelevant.
The last set of peopel are at the financial freedom stage. At this stage, it’s not all about you. You can decide to take care of 1000 people and still be okay.
Life is all about impact, you start up with survival, you become successful then you move to significant. But in order for you to come out of survival, you must have significant mindset at the point of survival, that’s what takes you to success.”
We are in desperate times in Nigeria right now. The devaluation of the Nigeria this time last year, and the removal of fuel subsidy have contributed in pushing more people into poverty.
The first step in getting out of the rot is to get a job. Any job should suffice initially. However, as you earn, you must set aside a minimum of 10% of your income to invest in yourself. You have to find out what your interests are or what hidden skills you have that you can build on to increase your earning. Then as your skill increases, you can then apply that skill to earn more.
The more you earn, the more you save, then you transition to investments until your investments give you enough returns to live comfortable without having to depend on a job.
The Path to Financial Freedom Starts Here
The truth is, most people never attain financial freedom because they don’t take the steps needed to build wealth. But you can break the cycle.
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