Everyone loves a good “rags to riches” story. There’s nothing better than to hear that someone who was languishing in extreme poverty had the good fortune to turn things around by creating wealth. Deep down in many hearts we love these stories because we also yearn for the day our own rags to riches life story becomes reality. We wish we were the ones who made the transition.
Yearnings and wishing tends to give us the notion that these rags to riches stories happen suddenly, literally overnight. You lie down a pauper and wake up a billionaire! No one has the distinction of becoming wealthy this way! This is because between rags and riches are several doors you need to unlock. You will require several keys…..
The first key is a good idea. Ideas rule the world. You need a strategic picture of what goods or services to provide your target market at a profit in return for their money. There are still many inventions, improvements and innovations yet to be discovered that can help make the world a better place. The wealthy drive ideas and cherish them more than anything else. Make sure to research and test your idea before you launch out.
It is essential to have a plan. A plan is your roadmap comprising steps you are going to take and alternative courses of action if the planned outcomes do not materialise. Your plan does not have to be full of technical precision and finesse; just ensure that you write down every aspect of your business idea and commit to doing things daily that take you towards your goal. Remember what happened to the person who failed to plan? He planned to fail!
An oft neglected key is that of financial literacy. You cannot control what you do not understand. You must master money and how it operates with a view to controlling it. Without this key you might succeed in the short term, but you are going to lose it all eventually. Invest time and energy into studying money, reading biographies of the wealthy to give you a clearer picture and possibly get a financial mentor. Many who neglected this key have gone back from riches to rags so avoid this pitfall.
The wealthy embrace change and think differently. The thoughts, attributes of those who have are in stark contrast to those who have not; because wealth is in the mind. Even your beliefs will be affected because you currently have wrong impressions about something you do not have which will have to be replaced. Be ready to embrace the wind of change that will blow over every area of your life as you contemplate moving from rags to riches.
Time management as a key cannot be overlooked. It is said that you can know the difference between the rich and the poor by how they use their time. Time must be respected and invested in profitable and fruitful ventures if you want to create your own success story.
No man is an island. You need to cultivate a pool of people – “Team You” who are interested in your succeeding because you cannot do it on your own. Bankers, Lawyers, Accountants, Stockbrokers, industry professionals etc.must work with you. This is extremely important because your network seriously contributes to your net worth. This is popularly known as connections. You must understand that most people were not born with connections; and today’s power brokers will not last forever so work hard on developing a network in every sphere and strata of society. Move with the right people always. You should also employ the best you can find.
Get ready to use and deploy loads of patience, perseverance, positive and possibility thinking. Things will not always work out as planned. You may start off making losses or your idea might not be quickly embraced by your target audience. You’ve got to be tough and hang in there. You can’t afford to quit! The road to wealth is littered with many pot holes; you will avoid some and definitely fall into others. Make sure you come out and keep striving.
Finally keep investing in yourself. Invest in your own continuous personal development. One of the reasons you are where you are is the knowledge you have acquired and applied. Creating your own success story entails gathering information that will be different from what you currently have.
I want you to know there’s a lot going for you as you make your way from rags to riches. Nigeria has tremendous growth potential with lots of foreigners trying to cash in; Africa is the next frontier for industry according to most experts; funding initiatives are springing up; many rich people are giving back to society in terms of time and money; the internet has made it easier to research, test ideas and study money; government is boosting growth in SMEs with several initiatives, among other things.
So what are you waiting for? Get up and act now! I look forward to reading your own rags to riches story someday!
Kenneth Doghudge
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