Transcription
Luke chapter 19, verse 11 to 16.
So, we will share number one on principles of wealth creation. I believe these things I'm mentioning would be sufficient for some of you because all you just need to do is get through the all so much available channels. You can get more light on any of them.
Number one: Principles of wealth creation.
Number two: Get a regular source of income. Get a regular source of income.
Number three: Build wealth through a career.
Number four: Create multiple streams of income. Create multiple streams of income.
Number five: Choose the right location. That is a very interesting one, and I will intentionally throw light on that as we go on.
Number six: Engage in long-term savings. Oh, should we? I believe you should. You better put it as engage in long-term savings and investments. Long-term savings and investment.
Number seven: Always save at least 20 percent of your income or profits.
Number eight: Never spend more than what you aim. Never spend more than what you end.
Number nine: Always spend within the limits of your budget. And that already, that first of all implies that you must always have a budget.
Number ten: Avoid debts. Avoid debts.
Number eleven: Invest your money for growth. Invest your money for growth.
So, this calls for strategic investment, not just putting money somewhere when you are making profit every year. But if the center of your investment is a depreciating asset, like a national currency that is consistently depreciating in value on the long run, the benefit of compound interest, which is like a, you know, that major key to an exponential growth in your wealth over time, the consistent depreciation of a national currency that serves as a bedrock of your investment will water down all the appreciation and value that you ought to have achieved. So, you have to be sure, you have to be very, very sure that that particular thing that if your investment is built around is not itself depreciating in value.
Another one, very, very good example is land. Without finding out, it's always very likely that the value of land somewhere 20 years ago, 15 years ago, 10 years ago, would have appreciated significantly as of today. And that's for land. It applies without you doing anything on the land, without you attending to the, just, you know, if the light is occurred somewhere. It's this applies most of the time. But you can also have something else, and that thing is depreciating consistently in value, like a national currency. [Music] So, you have to invest your money for growth.
Number twelve: Diversify your investments. Diversify your investments. For 10 years, you may never understand the reason for this. 15 years, but one thing that is consistent about life is that there are cycles in life, and these are embedded in scriptures. There's nothing new under the sun. What has been before will be again, good and bad. [Music] So, there will always be some time where something that had been consistently doing so well slows down or even goes out of trend. And there, you see the benefit of diversifying your investment.
Number thirteen: Own a business. Own a business. Own a business. And you can do this jointly. So, it is not so much the the right title is own a business and not necessarily be your own boss. You know, you can, you can, you can own a business while you are working somewhere. While you are working somewhere, you can own different businesses while you are working somewhere.
And number fourteen: Take calculated risk. Take calculated risk. There's room for this. There is room. There is room for this, but it's easier when you are younger. [Music] It's easier when you are younger.
Number fifteen: Have enough insurance. [Music] Have enough insurance. There are reasons for this. Your God forbid, something goes wrong. We have seen fire outbreaks at certain public markets, and you see someone suffers losses that is in the range of hundreds of millions in one day. Have enough insurance.
Number sixteen is a follow-up to 15: Have an emergency fund. Have an emergency fund. Something you can fall back on. And for those who have never taken this seriously, they started taking it seriously after COVID broke out in 2020 because for almost six months, there was a complete lockdown. And so, those who did not have anything to fall back on for as long as six months found themselves in very, very difficult situations. So, have an emergency fund.
And lastly, consult good financial advisors. Consult good financial advisors.
So, on point number one, principles of wealth creation, some of the things you need to be well aware of in the school of, in this journey of building real wealth is that one, you must have a very specific wealth goal. Very specific wealth goal. But I challenge every parent to set this goal for each of their children. [Music] Because the longer the time that is available to achieve it, the easier it is to achieve it. The easier it is to achieve it.
Something very interesting that we observed: to become a multi-millionaire, [Music] you have to activate these things we just listed out. But we now discovered that when it comes to becoming a billionaire, there is something slightly different that now enables the few that get eventually get to that level. One of those factors is that a lot of them in this present time are inventors. They are inventors. [Music] And the beauty of this factor is that it can take you from nothing, nothing, by-passing all the levels to arrive at that level of mega wealth.
And I was sharing some two or three Wednesdays ago, I just made reference to it, that you could go to a church today with 10,000 members, and as of today, there is not a single member of that church that is currently researching on an invention. Some of these inventions take a lot of time, 40 years, 30 years. These inventions consume a lot of effort. One of them made over 5,000 attempts before he came up with this invention that made him a billionaire. However, in this present time, because of, you know, the advantages we have, we now have access to so much information online, unlike before. So, you know, the journey is, is a bit easier than it was some decades ago. [Music]
So, when you are, God puts the burden of an idea in your heart, and you start researching, you start researching on how to achieve that thing. In this present time, it may not take as long. It may not take as long as it would have taken you 20 years ago, 15 years ago. So, one major factor or channel through which billionaires are now emerging is by inventions. By inventions. You can just sit there, and your eyes are opened through observation that if only there was a product that is able to achieve this thing, the market for it, the demand for it. And when you come up with an invention, there's already someone somewhere, a big mega multi-billionaire or firm somewhere, ready to buy up your invention from you.
And I shared with us how a young Nigerian, less than 35 years old, about two years ago, came up with this invention and sold it to Apple for a billion dollars. Young man from the Southeast, based in the U.S., for a billion dollars. And he was not paid incrementally. It was a one-off payment. An adventure. And he didn't go through the various levels of, you know, becoming first of all, flowing at this level, and then eventually became a millionaire, became a multi-millionaire. No, with just that invention, just that invention, he got to that ultimate level. Someone listening to this message is destined for greater heights. [Music]
So, please encourage your children. Encourage your children because the children coming out now, coming out in the last 20 years, you know, there are certain features and attributes we are observing about them in terms of creativity, in terms of, you know, the tendencies towards innovation. Mentor them. Drive them to apply that tendency in the right direction. And one of those right directions is the reign of innovations and inventions. [Music]
Someone noted that seven major ways he has discovered seven people became billionaires. One, he said, some of them, they got there by invention. Some by innovation. And then a majority of them [Music] by investments. Number four, it is also observed that some of them was by becoming an entrepreneur. And number five, question is that you must never assume that you know it all. And that tells you that many of them have had to leverage on the competence and expertise of other people. Many of them working for them or working with them. [Music]
And the sixth thing this study advised observed or pointed out is that you should avoid making flashy investments. Flashy investment means investments that are not well thought out, that are not well thought out. People have made tremendous wealth from Bitcoin and a few others in that realm, cryptocurrencies. But some others have also lost so much. Some lost so much because they were going into a fraudulent scheme right from the beginning. It was a fraudulent scheme, and they didn't know. But some people knew. And then some got into the market at the very wrong time, at the very wrong time.
And the seventh thing that this study advised from their studies of the ways of billionaires and their journey in life, it says you must never quit too soon. The billionaires, a majority of them, are men and women who refuse to give up. So, there could be a down moment in one of your major businesses. You will be shocked that that same business is going to recover after some time, and it's going to emerge once again as your major source of income. But if you have sold it out too early, it could lead to regrets, and whoever bought it off you will be the one to benefit. [Music] You