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Is it practical for a person to become wealthy within one year? Some people spend their whole life living from salary to salary. I never knew what to do with my salary except spending immediately the alert enters my phones. And now that they are growing toward 50s or 60s they realized that they have to work until they are so old and sick that they just can’t work anymore. This is not a good life, I said to myself. And that is why I have developed this work to make you do something better with your life now before you start feeling remorse tomorrow.
Similarly, in our previous post, what made me to phone Herbert my friend was because I was not satisfied with the lot of graduating from school and remain a poor person. On the hand, I wanted to discover how to make wealth and consequently, live in affluence just like Herbert.
How To Become Wealthy
During the convocation ceremony, Herbert said, "As some persons probably know, I’m from a humble background the son of a farmer, with a large family and with no hope of an inheritance. I decided to create one for myself.”
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Notwithstanding, there are many reasons which have prevented us from achieving our dream life. But have you wondered if those activities or reasons are that important? Many say that time is their major setback. And here again I say, if a student who could have claimed lack of time could build such a massive wealth, then, time isn’t the problem. After all, we all have same 24 hours time.
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How to become wealthy even while in school?
While Herbert was still a student, he got a part-time job with a tech company. Because he understood that he needs to create wealth, even though, he didn’t fully understand the process of creating wealth. It was only a desire to create wealth. He labored long hours each weekend between Friday, Saturday and sometimes Sundays. In the cause of his job, he strives Week after weeks, and month after months to ensure he retained his position with the company.
And as his close friend, I still remember some days when he stayed awake all through nights just to cover up for some lectures he missed. Even though, he coupled study with work, he was never bored. I still wondered how he was able to manage the two daunting task together.
“A day came when the owner of the company visited. That was during weekend. This was just my 3 month working with the company. Since I started the work, I have only met him once.” That day marked the beginning of my friend’s success story.
“Just before the director left the office, he asked that I see him. Initially, I thought I have done something wrong. But when I examined myself, I was blameless. I quickly rushed to meet with him.
“First, he told me he is happy with me and my commitment to my job. Since I started, he had not received any complaint that I missed work, even when called on school days.”
“He then asked me why I decided to take up a paid job while still in school. I just smiled. He continued. That when I came for the job interview, I told them my parents foot my school bills. He was right. So I nodded to that. He then asked me what I have been doing with my salary for the last two months. Well, I didn’t respond to that, because I saw it as a prey to my private life.”
“Without a sign of answer from me, I guessed he assumed that I have been squandering my salary. So he said to me, Herbert, One of the smartest things you can ever do for yourself is to develop a habit of saving part of your salary every single month.”
“He continued, I know you are still young, youthful exorbitant lifestyle is seen every corner of schools. But let me tell you what to do with your salary. Save 50% of your salary and then use the other 50% to add to the money your parents sent you for your upkeep.”
HE STARTED SAVING 50% OF HIS EARNING
4 top secrets of how to become wealthy! Like my friend Herbert?
Well, as a student Herbert had limited responsibility to take care of. That was why he was able to save up to 50% of his salary every month. And sometimes, he saved up to 90%.
Nevertheless, you too can save to become wealthy. This according to Herbert this is his second secret to become wealth - saving.
I remember reading up this book, Richest Man in Babylon by George Classon. The author, George Classon has also provided a very useful technique to save money – the 10% principle. I will come back for that.
Are you wondering how much my friend Herbert was earning when he was working as a student? He got paid N20, 000. And here is the formula he got from his director.
He was to save 50% of 20, 000. That’s 20, 000 / 2 = 10, 000. Herbert worked approximately 2 years. 10, 000 x 2yrs = 240, 000 in 2 years.
And remember he sometimes he saved up to 90%.
THE 10% SAVING TO BECOME WEALTHY PRINCIPLE
Also, here is another method on how to save money to become wealth. I believe this method is most convenient for every class of person.
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The 10% principle states that you “Pay yourself first.” Begin today to save 10% of your earnings or salary. You can do this by opening a special fund account where the money can be deposited each month.
You can increase the 10% to any amount depend on your capacity. But never save below the 10%.
How does this 10% principle works? Herbert earns N20, 000 per month. In applying this principle, his savings every month will be: 20, 000 x 10 /100 = 2,000. In one year he will end up saving N24, 000 and in 2 years N48, 000.
In conclusion, the amount of money you have doesn’t determine whether or not you will become wealthy but what you do with the little you have.
Does it mean that my friend Herbert save N4.5 millionaire as a student to buy a house? Hmmm! I doubt!! Because he told us that he worked for about 2 year, nothing more, and nothing less. And that 2 years amount to N240, 000 excluding the months he save more.
So, what did he do to raise, N4.5 millionaire? Find out from the next part of his success story.