In 2024, many want to become rich, and X (formerly known as Twitter) user Joshua Oghenekaro shares a few tips on how to get rich in 2024.
We came across an X user, “@differentKaro,” who shared insight on becoming rich in 2024. This article explores eight (8) steps that can build wealth for those who seek to forge their path to financial independence.
- Get a Job: It could be anything, but you need something that pays you enough money to invest and grow your wealth, and if you need to upskill to get a better-paying job, then do so. Regardless, you need a source of constant inflow.
- Pay your Debts—especially the ones with Interest: While borrowing is a good concept in finance, you should only borrow when you stand to gain more in the form of investments. which we will get to.
- Cut down on your Spending: Many things we pay for or buy are unnecessary, wasteful, redundant, and luxurious even if you aren’t rich yet; for example, why do you pay for both Netflix and Amazon Prime? Sometimes, you pay for a subscription you do not use; have a budget and track all your spending occasionally. You should know where every kobo of your money is going. You want to ensure you are not leaking funds. And finally, just because you can afford it doesn’t mean you should pay for it; for example, if you use an iPhone 11, and your iPhone 11 is working just fine, there is absolutely no need to upgrade to the latest even if you have the cash. You can use it for years until it breaks. The goal is to build wealth, not live like you’re rich when you aren’t. Being rich is based on how much you have, not how much you spend. When you finish it, you no longer have it.
- Save: Having savings is very important for two reasons. One is for emergencies so that you can stay within your budget in case of unforeseen events. The second is very similar, but that is in case you lose your job or your investments fail, so you do not have to start from zero again or borrow, and you can have something to live on while you work on your next move.
- Invest: This should be done in three ways. Many would like to say this is an option, but I have never seen a bastardly rich man without these three investments.
A. Your own business: Have a for-profit business that does something meaningful that you can maintain to earn more or build to the point where you can sell it to an even bigger company.
B. Real Estate: This doesn’t mean purchasing land five minutes away from the Dangote refinery and hoping the price rises in 5 years. But rather more like owning houses and having tenants or buying, renovating, or reselling those houses. These are also great options for constant inflow.
C. Stocks: You should learn to invest in stocks of companies like Tesla (TSLA), Apple (AAPL), and smaller companies with great potential, as well as index funds like the Vanguard 500 index fund ETF-VOO and others. Learning and researching are essential because these are just examples, not financial advice.
6. Read and watch a lot of finance books and videos: There is a lot of non-common knowledge you can only learn by reading finance books and watching finance-related videos.
7. Japa: Yes. Our economy is relatively small and weak. You cannot become rich in Nigeria because the economy can’t support it. To be a billionaire, for example, that billion dollars has to come from somewhere, and since we do not have that many billionaires in Nigeria, plus most of the population is very poor, your chances are very, very slim. However, people do, but there is a common trend with them; most are government-affiliated, so you know it’s either forced or stolen.
8. Be prepared to take calculated risks: While this can mean different things, it is necessary to add that many wealthy people have had to make tough decisions in their lives, some of which are against their character, morals, will, and sometimes the law. As you grow in wealth, one day yours will come, and it’s essential to make the right decision because sometimes the risk might be worth it.
Source: Joshua Oghenekaro, @differentKaro
