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Published on July 1st, 2010 | by Olumide

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3 Wealth Generators

Money

In my quest for real wealth over the years, I have discovered that there are certain elements that always generate wealth. I will mention 3 of them here and try to keep my explanations short since I will soon be publishing a book on the subject:

1. Influence: Wealth is a product of influence. In fact, to get wealthy, just gain influence. If 100 people would do anything you ask them to do, then you can have access to a part of the finances of the 100 people. If Barack Obama were to sell a book on leadership, he is likely to sell more copies a professor who is known only to his students even if the professor has a better grasp of the topic. In other words, your influence determines your wealth.

Of course, the kind of people over whom you are influential could also be important. If I am a rock star in the city, there is a good chance that I will be richer than a rock star in a village.

2. Knowledge: Do you know Warren Buffet’s biggest secret? He never invests in anything he does not know about. With more knowledge comes more answers and solutions to people’s problems. Wealth generation is all about problem solving!

But just being knowledgeable is not enough. You must be knowledgeable in things that matter. For instance, it is possible to have a PhD and be poor! True knowledge is not a function of educational attainment. There are stark illiterates in my country who control millions of dollars because they understand they are very vast and resourceful with regards to their chosen areas. But there is something else they have and that is point number 3:

3. Financial Intelligence: Financial intelligence is very different from educational intelligence. As a matter of fact, many who make it educationally never gain true financial independence. Financial intelligence means knowing when to save, spend and invest. It refers to mastering the art of multiplying money. For those who have it, it’s like a ‘Midas touch’. They can start small and grow big. They understand times and seasons.

A lot of people think that you will become wealthy because you are into a business or investment that is very profitable. That is probably why here in Nigeria, most people rush to put their money into the investments in vogue. But people don’t realize that if there is high demand for anything, the value rises. But once everyone has it, the value falls. You won’t make it because you are investing in stocks or forex or real estate or anything else. You will make it because you know how and when to put money in or pull it out.

In my book, ‘Wealth Generators’, I will provide more details. It will be available soon.

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