The latest Africa Wealth Report by NEW WORLD WEALTH reveals that there are now over 160,000 millionaires in Africa. Are you one of them? I am not, FOR NOW. However, I am certain that there is always room for new entrants. Ever wondered why most lottery winners or jackpot hitters aren’t able to sustain their wealth? I have. My theory is that they are most times not prepared mentally for the change in fortune they subsequently experience. Hence, the need to tool up mentally by adopting an abundance mindset backed by a solid plan.
This mindset toolkit costs less than ignorance. If you had a significant wealth change today, what would you do with it ? Your answer gives an insight into how much of such you can sustain. Here are possible suggestions :
1) REAL ESTATE: I mentioned in one of my columns an interesting statistic I came across. Analysts have suggested that to avoid a serious housing crisis by 2020, there is a need for the provision of a minimum of 1 million houses per annum for the next 4 years. Who wouldn’t want to get in on this awesome adventure? In business, the numbers don’t lie !
2) SMEs: Tomie Balogun said it all
” In Nigeria , capital is not readily accessible to a lot of small businesses due to high interest rates and private equity sharks who are sometimes more focused on financial returns than really working with small businesses to help them grow.”
Start- ups especially those in the education , technology and agri-business value chain are certain hits in our nation’s economic narrative . I have been greatly inspired by the amazing work done by Tony Elumelu in supporting upstarts and his audacious drive should be a model .
3) WEB 2.0 : Take it or leave it, the Internet has come to stay; period ! Most offline services are being virtualized . We see Hello Foods in the meal order space, Madam Sabi in the grocery shopping space and so on.
Technology has become a great influencer in our time.This piece is currently served to you via a web platform. Being a web sojourner , I have been greatly inspired by the diverse offerings and the inherent earning potential in creating web platforms .
The list is endless but the bottom line is never to get caught unawares by sudden wealth or any kind of wealth for that matter . Get acquainted with various investment vehicles now that your grind hasn’t yielded the kind of monstrous wealth you have dreamt of as an entrepreneur. There is wisdom in early preparation . No farmer waits for the rain to come before he starts sowing his seeds .
The essence of this article isn’t to tell you how to or what to do if you strike lottery gold but rather to spur you to have a plan regardless of sudden wealth or not .It’s not just about striking gold , it’s about maximizing the golden opportunity.