If you’re interested in knowing how to become a millionaire in Nigeria this year, then you must read every single word in this article.
Almost everyone wants to become a millionaire, but the fact remains that it is not everyone that will end up truly becoming one.
Another sad thing about it all is that some people have actually become millionaires and, somehow, along the line, they made a few mistakes that landed them back on ground state.
We don’t want that to be your portion… never!
That’s why we at NaijaHomeBased have done some studying into the lives of millionaires in Nigeria, and decided to share with you 10 tips you can follow to become a millionaire too–and remain one or even grow bigger when you eventually do.
First of all, who is a millionaire?
Although most people are of an opinion that a millionaire is someone who has up to ₦1 000 000 at his/her disposal, I personally do not agree with that.
It is most appropriate to refer to a person as a millionaire if that individual has enough money to cater for every need and still remain a millionaire.
So, in real sense, you need to have way, way more than just ₦1 000 000 to be considered a millionaire.
Now that you know who a millionaire truly is, let’s move on to the real deal.
10 tips that will help you become a millionaire in Nigeria:
1. Work on your mentality
This is the first and most crucial step in your quest to becoming a millionaire. You need to eliminate any form of mentality or part of you that accepts poverty as a way of life.
There’s a proverb that says… “Your actions depict your meditations”.
In other words, what you think is what you act towards. So, to become a millionaire, you need to think like a millionaire.
It might be difficult at first to make a switch from the previous way used to think, hence the need to cultivate a reading habit. Read motivational books, texts, write-ups and quotes that can guide you on the right path.
People have different methods they adopt when trying to work a change on their mentalities. Some people prefer writing down notes and placing them where their eyes can meet frequently; maybe at noticeable areas in the walls of their rooms; or the homepage of their notepad, mobile phone or computer. If that’s what works for you, then do it. If not, then you need to find what works for you.
2. Learn to grow your savings
This is one discipline anyone who wants to become a millionaire must develop. You must learn to save something from whatever daily, weekly or monthly income you get.
I know it’s hard, especially if you’re in the low-income class; but just you need to find a way to save something; even if it demands you cutting off some excesses or luxuries.
A saying goes like this: “if your life doesn’t depend on it, then you could do without it”.
That doesn’t mean you shouldn’t do things or buy properties that will make your life comfortable; however, it’s better to postpone certain wants (not needs) for the meantime, while you’re working on your savings.
Your savings will come in handy in the next few steps!
3. Study & set targets before making any investment
There’s no mistake in the arrangement above. Each step that precedes the other must be strictly followed if you really want to become a millionaire.
Many people go about it the other way round, which is totally wrong.
Before making any investment whatsoever you must carry out a feasibility study. With that you’d be able to tell how profitable an investment would be, and how long it will take to reach its peak.
Millionaires have this mentality in common: They target and make investments only on the most lucrative business opportunities around.
Another important point to note is, before investing into any business, you need to set your goals and targets, and they must be discrete and time bound. Your goals and targets are what will keep you in check from time to time during the growing phase of your business.
4. Start small, think big
In our first point, we made mention of you working on your mentality and thinking like a millionaire. That actually means conditioning your mind to think big; which is the right thing to do.
However, you thinking big doesn’t mean you must start big. Many of the big businesses and companies you see around you were at some point small businesses and companies. Therefore, you must never despise the days of little beginnings.
Here’s the reason you must start small…
…some times, no matter how hard you try to save up some money and raise the capital for your intended business, it just will not become enough.
And as a result of that, you’d be left with just the option to invest the little you have and build from there.
If you actually want to become a millionaire in Nigeria, you must learn to invest the little you have on maybe a secondary project.
In another sense, you can invest on your primary business, but in a smaller magnitude.
For instance, if you’re looking to start up a grocery store and your capital is not enough to stock it up with every single item required, then stock it up with whatever items your capital can cover.
Reason is, if you decide to keep the incomplete capital and wait until it’s complete, other needs or emergency may arise; and before you know it, you’ll discover yourself eating into the incomplete capital. We’ve all been a victim of that at some point 🙂
5. Learn to take and manage risks
Successful entrepreneurs are all risk takers. In fact, they live and breathe risk taking. Similarly, if you want to become a millionaire you must be ready to take risks.
Truth be told, every form of business investment shoulders a certain level of risk. Which means, if you’re not ready to take risks, you’ll not even make an investment in the first place. And if you don’t make an investment, you’ll never become wealthy. Except maybe you participate in Big Brother Naija, who wants to be a Millionaire, or one of those TV programs that turn people to millionaires overnight.
Notwithstanding, you must be ready to learn and manage risky decisions. If the risk level is too high and the chances of you failing in an investment is enormous, then it’s better to avoid that investment.
In other words, if the odds are against you, don’t do it because you’re trying to take risks and be successful.
6. Diversify and expand
Stagnancy is one of the huge problems aspiring millionaires face. At some point in life, the next decision becomes so difficult to make.
This may come as a result of you doing just fine in your line of business and not aspiring for anything more. That is actually called complacency.
Whatever line of business you’re into, you must always have a new and bigger plan for every week, month, or year that’s to come. A plan to expand and increase from where you currently are.
Furthermore, there’s what they call putting all one’s eggs in a basket. This is something a person who wants to become and stay a millionaire must not do.
Always have new line of businesses you plan to invest in in future. That way, a change in government policy or law, riot, natural disaster or accident will not set in and ruin all of your hard work in one day.
7. Cut off bad influences
Show me your friend and I’ll tell you who you are. That saying was valid, is valid, and will forever remain valid.
For clarity sake, I’m not telling you to go ahead and make millionaire friends because you want to become one yourself. It doesn’t work that way. People do not necessarily have to be millionaires before they can impact your life positively.
However, there are some people that just don’t share the same ideas with you; they don’t have any aspiration, ambition or desire be better in life. Having such people around you may end up influencing the way you think, in negative ways.
Don’t get me wrong. It’s not that you should not be friendly to everyone around you; however, don’t give them the privilege of making an impact in your life and decision making.
8. Employ only forward-minded and productive workers
If you run a business that requires hiring of personnel from time to time, then you must be extremely careful when carrying out recruitment processes. Reason is, the people you employ have a massive role to play in how successful your business will become. Bad employees may end up sabotaging your efforts, while the good ones can take your business to unprecedented heights.
Take a leaf from the most successful sectors in the world. Their recruitment process is so rigorous that it instills a lot of freight on potential applicants.
There are several qualities you must put into consideration when recruiting any personnel for your business. Examples are:
- Friendliness, etc.
9. Embrace technology & follow trends
What used to work a couple of years back may not work anymore. It is possible that the way your business is being run now may not prove effective if run in similar fashion next year. This is something you must realize if you truly want to be successful and remain successful in life.
Let’s take a supermarket for instance. The way it’s being run in recent years is way, way different from many years back. Successful stores have the latest gadgets installed that have greatly minimized the rate at which items get stolen by customers, or by which employees do away things that belong to the store owner.
If you run a supermarket, and you don’t have plans to install those gadgets, then you’re wrong.
A technological gadget that greatly reduces the risks merchants face is the POS. Using a POS encourages customers to carry out cashless transactions. And this will reduce the risk of serious monetary loses during robbery.
There are so many other trends that make businesses safer and better to run.
Another one is the use of the services of insurance companies to cover up some losses in case of unfortunate incidents.
10. As you grow richer, learn to have self-control
Last but not least, you need to learn to control yourself when you begin to earn big. This is something most people find it difficult to avoid when they become millionaires. They want to buy it all.
As a matter of fact, there’s nothing wrong with taking good care of yourself. There’s nothing wrong with enjoying the fruits of your labor.
Notwithstanding, it must be done with care and caution; so that you will forever remain a millionaire when you end up becoming one.
From all the points I listed above, it’s not so difficult to tell I encourage entrepreneurship.
You could begin the early stages of your adulthood as a civil servant or employee of another company.
That’s where many people who now own big businesses and companies started from. Some even started with some of the looked-down-upon profitable menial jobs.
You must have it in mind, though, that real sustainable wealth is gotten from one’s investment or personal business.
So, if you’re currently working for someone and don’t have any business of your own, then you need to start thinking of how to setup one.
I’ve shared with you several tips that can help you become a young millionaire in Nigeria. If you have any other tips you can share them using the comment section below.
Every opinion is welcome 🙂