How to build a fortune
Money is important and crucial to your legacy – but there’s an art to handling it
Whoever said that money isn’t important simply didn’t have any. Money is as important as oxygen.
For many years, I was broke in mind, empty in pocket and frustrated in my heart. Money flowed through my hands like water from a tap.
One day, that all changed. I picked up The Parable of Dollars: Proven Strategies of Financial Success (Success Power) by Sam Adeyemi, who’s a teacher based in Lagos, Nigeria, and his book changed my life. I’m passing on five critical principles that will make money work for you instead of you working for it.
1. What you don’t see, you don’t spend.
Money will come into your life, but if you don’t give it an assignment before it hits your pocket, it will evaporate into thin air. Set aside 20% of everything you earn automatically and save it. If you don’t see it, you won’t spend it.
2. The way you handle R100 is the way you’d handle R1 million.
I’ve often heard people say: “If I won a million rand, I’d give to everyone I know in need and support many charities.” Here’s the reality. If you can’t do it when you have R100, you won’t do it when you have R1 million. You need to shift your thinking.
Many lottery winners lose everything and more within five to 10 years of their windfall. As soon as the initial excitement abates, they revert back to the person they always were. They increased their money, but didn’t increase their capacity to retain it.
3. Expand your knowledge capacity and solve bigger problems.
For many years, I wanted to get a promotion and a salary increase, but I had neither the education or skills to achieve it. I had to make myself more valuable to my employer by solving problems in the company that nobody else wanted to tackle. Once you make yourself indispensable to the organisation, you no longer have to chase money – it chases you.
4. Think abundance, eliminate scarcity.
An open hand is always full. The ability to embrace an abundance mindset opens the door to bigger opportunities than you realise.
When I left Disney to go into business on my own, I wanted not only to speak, write and sell books, but to help others like me. I made a point of spreading the word about other people’s books and recommending other speakers for engagements. I simply eliminated the scarcity mindset that I had to hold onto everything for fear of losing it all.
In Zen and the Art of Motorcycle Maintenance (HarperTorch), author Robert Pirsig relates this story: “A monkey comes across a trap, which consists of a hollowedout coconut, chained to a stake. The coconut has some rice inside which can be grabbed through a small hole. The monkey’s hand fits through the hole, but his clenched fist can’t fit back out. The monkey’s suddenly trapped… but not by anything physical.
He’s trapped by an idea, unable to see that a principle which served him well – ‘when you see rice, hold on tight!’ – has become lethal.”
5. Fancy clothes, cars and trappings don’t make the man.
Too many men think that once they’re making money, driving a fancy car and living in a big house, they’re successful. I’m here to tell you that fast times don’t last.
There’ll come a point where you recognise the shallow nature of those things. Instead, buy a car and drive it for 10-20 years. Stay in the home you’re in now and pay it off. Live below your means instead of trying to impress others. Focus n filling the emptiness inside.
Make a list of everything you owe and resolve to pay it off. And once you’re debtfree, learn how to handle money so that you can build generational wealth. Show your children how to create a job instead of just working at one.
Simon T Bailey has a free ebook for you. Simply visit: simontbailey.com to submit your email address and he’ll send it to you.