I\’ve heard it said, pun intended, that the only way to make money is to either inherit it, to marry into it or to steal it. But in all fairness, the majority of us cannot fall under any of those categories.
So how do I answer all the young people who often ask me how they can be rich or successful? The many who desire to be wealthy?
Let me start by saying that I do not think there is a single formula. There is no one tested method to becoming wealthy. What worked for Bill Gates or Warren Buffet, or my role model Richard Branson may or may not work for you.
Closer home, what worked for Kenya\’s rich may not work for you. Think about it. Your parents probably couldn\’t afford to take you to expensive schools where you made connections with rich folk that have the resources to patronize your business.
No, the majority of us, me included, went to normal folk schools. We probably received substandard education and probably had an even harder time landing that first job. For those, who have not even reached those milestones, fear not. We have gone through it and so will you… successfully.
Today I will give you two tips on what you are probably doing wrong, to prevent you from becoming wealthy.
First and most important, is the fact that the majority of us have never defined what \’being wealthy\’ means to them today. When I first went into business, I can clearly remember having a target to make one million shillings by a certain time. More so, I knew what I intended to do with that money once I had made it.
This is the essence of becoming wealthy. First define what it means to you; not to your peers, friends or family.
Does it mean owning a home? Or having a certain make of a car? Does it mean having a desired bank balance? That when you have met all your obligations, you still have money left to play with? These become your goals.
A tip for you: these goals should achieve balance with all other aspects of life including health and spirituality. Have the wisdom to know that wealth is not defined by material terms alone. Perhaps it could mean the ability to take care of your family, your parents and siblings… not forgetting societies unwanted. It could mean having a kind and generous spirit.
Remember that there\’s always more to life than tangible assets. Incorporate your values in your wealth goals.
Secondly, once you have defined \’wealth,\’ you need to focus all your energy and be dedicated to achieving it. Think back to yesterday for example. How much time and energy would you say, you directed towards achieving these goals?
I want to challenge you to identify the Most Valuable and Profitable (MVP) activities that will help you achieve your goals. If for example your goal is to make one million shillings, what MVP activities are you involved in? How much money are you saving versus spending on night outs? How much money are you spending on investments with high returns?
The key is to spend 60-80 percent of your time and energy on MVP activities. Try as much to eliminate the non-value adding activities.
This is not as hard as you may think. Take for example a weekday. If you wake up an hour earlier and leave an hour later when the traffic has cleared, you will gain two extra hours daily.
These two hours can be dedicated to thinking about and researching on your goals. The information you gain today, is time saved tomorrow and can be allocated to action. It can also be time dedicated to exercising… an activity that helps you achieve physical health.
In conclusion, I will give you a tip that has always worked for me in addition to the above. Always carry a pen and a notebook where you can jot down ideas that come to you in the midst of some other event. This way, you can remember to explore those ideas further when you have more time on your hands.
That idea that you forget to explore, could be the goldmine towards achieving wealth.