In Nigeria, how can I become a billionaire?” This is one of the most basic questions that almost all Nigerian teenagers ask, yet it has a convoluted answer. There is no one-size-fits-all response to this topic; hence, the answer is complicated. It’s also disheartening that this question has led so many young people astray. Some people believe that the only way to become a billionaire in Nigeria is to engage in illicit fraud.
As a result, I’ve chosen to devise tried-and-true methods for anyone in Nigeria to become a billionaire. Of course, everyone, including you. Let’s get started.
Points to Observe Before Becoming a Billionaire
Before we go into the methods of becoming a billionaire in Nigeria, you must first develop the proper mindset. This will prepare you and help you overcome any obstacles on your way to becoming a billionaire in Nigeria. These preparation steps are as follows:
#1. Read Self-Improvement Books
The proverb goes, “If you want to keep a treasure away from an African man, hide it in a book.” I don’t believe it’s true, do you? African males read literature; in fact, Africa produces the world’s top writers and Nobel laureates. So, I feel that reading is a habit that Africans consistently do, but one of the issues is that we do not read finance books (books on financial literacy).
The Nigerian man earns money every day, no matter how small, but he has no idea how to multiply it. So the issue here isn’t how to get more money, but rather how to multiply what little he has, and the only way to overcome this problem is to read books. The books read here may not even be tangible copies. They could be audiobooks, articles, ebooks, YouTube videos, or anything else.
It is hard to live a better life without reading books about how to become a billionaire in Nigeria. All of life’s problems have solutions documented in books.
#2. Start the billionaire journey early.
This is another technique to become wealthy in Nigeria before the age of 30. “The best time to plant a tree was yesterday,” according to an ancient Chinese saying. This is correct, and it applies to everything else in life that involves time.
The ideal time to start your business was yesterday, but if you are only now realizing this, the best time to start your business is now. Another common misconception among humans is that it is never too late to begin. As solid as this fact is, I will equally state that experience is essential.
#3. Pick your Friends Carefully
It’s no longer a question of whether you’re average in comparison to those around you. “If you’re not successful, look at the people you’ve been hanging out with,” someone once said. You may believe that these two sayings are false because, after all, I am me and cannot be influenced by my friends or circumstances. This can be a good deal until you realize how mistaken you were.
To succeed and prosper as a billionaire in Nigeria, you must carefully select your circle of acquaintances.
#4. Be Selfish for Good Reasons
Yes, I’ll say it again: “Be selfish.” Consider yourself first and foremost. You cannot be a billionaire in Nigeria if you are not selfish. Dan Lok would argue that there is no incentive to assist someone if you are impoverished. In Nigeria, this is fairly prevalent. People who cannot afford to care for themselves financially try to care for their family or friends. You can’t become a billionaire with that kind of money.
How to Become a Billionaire in Nigeria
Here’s how to become a billionaire in Nigeria.
#1. Save Money Like No Tomorrow
In order to become a billionaire in Nigeria, you must first complete this step. There are many different perspectives on this approach, but I feel it is the first route for a Nigerian to become a billionaire. While some believe it is vital to save, others believe it is not that important; rather, what matters is producing more money.
And the business mentors involved in this fight are Robert Kiyosaki and Dan Lok. This is true on both sides, but if you want to be a billionaire in Nigeria, you need to start saving and managing your costs. In my article “2 Big Money Mistakes Young Men Make Today,” I mentioned a friend of mine who could have become a billionaire if he had followed this simple saving strategy, but he did not.
He couldn’t keep track of his costs because he wasn’t saving. He’ll be rich one minute because he has enough money in his account, and broke the next. So broke, yet you’d never know because of his packing. That’s all there is to say about him. I’ve witnessed the power of saving and its numerous advantages. I’ve also witnessed the consequences.
Only men who have experienced both sides will comprehend this. Whoever saves when he earns a dime will save even more when he earns millions. That is the main secret behind all of this.
#2. Diversify your Income
To become a billionaire in Nigeria, this is the second step. After you’ve saved a large amount of money, the next step is to diversify. Saving is not the goal; it is merely a means to an end, if you catch my drift.
You still need to be cautious with your hard-earned money at this point in diversification. Let me give you a list of things you should not do with your money to avoid losing it:
- You should not rush into investing your money in business because this is a once-in-a-lifetime decision.
- You should not put your money into a business that you are unfamiliar with.
- You should not put your money into a company whose ROI (Return on Investment) appears to be too good to be true. If anything sounds too good to be true, it probably isn’t.
- You should not put your money in the hands of an unknown person.
- Finally, you should avoid investing in Ponzi schemes. There are a lot of them in Nigeria right now. I’m not going to name names. It may appear to be legitimate, but it cannot be. Keep MMM in mind. What to do with the money you’ve saved.
#3. Invest in Real Estate Business
You cannot become a billionaire in Nigeria unless you invest in real estate. I am a big fan of real estate because it can turn you into a billionaire in the blink of an eye. I previously discussed how this happened to a man I know and how he was able to start his real estate firm without any upfront financing.
Apart from Dangote and others, most billionaires in Nigeria are involved in real estate or the sale of building supplies. It might be either of these two.
#4. Work In Between Jobs
Unemployment does not work, and you cannot become a billionaire in Nigeria on the small sums of money your father sends you every now and again. You must acquire a job, no matter how little or degrading it may appear, since without a source of income, you cannot expect to save, and without it, the entire billionaire scheme falls apart.
Be your own boss after you have enough money to start a business.
#5. Become An Entrepreneur
To become a billionaire in Nigeria, you must first become an entrepreneur. Which invariably means starting a firm in which you are the owner, control it, and profit from it. It is ideal to choose something you are passionate about and then get right into it; for example, if you love fashion, you could establish a fashion house; if you love photography, you could become a photographer; and so on.
But it doesn’t always have to be that way; you may establish a business based on your best judgment that you believe will be profitable and worth your time, or you could just invest in a firm where all you care about is your earnings at the conclusion of each business cycle; that also works. One thing is certain: working for someone else or the government is not the route to becoming a true billionaire.
#6. Prepare Action Plan
All of this will not happen until a well-thought-out plan is in place. Plan your daily activities, how much money you want to spend each day, how much money you want to save, and if you want to save weekly or monthly. Make sure you’ve covered every potential angle by writing everything down, making lists, setting and sticking to timetables, and so on. Most importantly, make a timetable for achieving your objectives.
This is the stage where, after deciding on a business idea, you create an excellent business plan. Once you’re satisfied with your strategy, you put it into action, because it wouldn’t mean anything if there were only heaps of paper in your bedroom.
#7. Build Your Character
It is serious business to command a strong character and personality in business. By strong character, I didn’t mean tall and frightening, but one with discipline and tenacity, one who could easily fend off failure and disasters, for the entrepreneur’s terrain isn’t always easy.
Without a strong personality, one will only engage in laziness, cheating, and get-rich-quick schemes (which never work), and nothing good has ever resulted from laziness and its offshoots.
#8. Take Risks
In fact, it appears like the billionaire’s only way forward is to take risks. You must be prepared to make ignominious decisions with the hope that all will work out in the end, on your route to becoming effectively wealthy, since, as the saying goes, “with great risk comes great reward.” Slouching on your couch and hoping for an easy catch isn’t going to get you anywhere.
How Do People Become Billionaires?
Finance and investments remain the most certain routes to getting ultra-rich. It has the most billionaires (372), including hedge fund and private equity tycoons, bankers, venture capitalists, and fintech pioneers.
How to Be Billionaire Fast?
Take the following steps to keep your money healthy and growing:
- Invest in stocks and other investments that will allow you to generate money quickly.
- Use your credit cards wisely.
- Maintain your technological edge.
- Be wise about how you spend your money.
- Maintain your physical wellness.
How Many Billionaires Are in Nigeria?
Forbes magazine has listed three Nigerians on its list of 2460 individual billionaires for 2023. The three Nigerians on the list are Aliko Dangote, President/CEO of the Dangote Group, Abdul Samad Rabiu, Chairman of the BUA Group, and Mike Adenuga, CEO of Globacom.
What Can Make You Rich Fast?
Some of the finest strategies to become wealthy (relatively) rapidly are as follows:
- Avoid (and Reduce) Debt
- Spend Intentionally and Save Money.
- Invest as much as you can in a diverse portfolio.
- Improve Your Career.
- Look for part-time work.
What Do Billionaires Read Daily?
Warren Buffett reads five newspapers and 500 pages of corporate reports every day for five to six hours. Every year, Bill Gates reads 50 books. Every two weeks, Mark Zuckerberg reads at least one book. According to his brother, Elon Musk grew up reading two books a day.
Conclusion
Take this advice to heart if you truly want to become a billionaire in Nigeria. Remember, it is not a mystery or reserved for a select few; anyone can become one if they put their minds to it and plan carefully. Best wishes on your mission.
- Top Industry that Creates the Most Millionaires in Nigeria
- Average Real Estate Agent Salary in United States
- HOW TO BECOME A BILLIONAIRE: Everything You Need To Know)
- HOW TO GET RICH: Free Tips to Get Rich in 2023 & Books
- HOW DOES ELON MUSK MAKE HIS MONEY?
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