Wealth Building Questions & Answers

What is money? it is simply a vehicle or a means of translating your dreams and aspirations into forms with economic values. Money does change the opportunities in life and the lifestyle of people. Here are answers to questions people ask regarding wealth, I believe this will assist you in taking your wealth building potential to a new level of financial returns.


Q. Some people never obtain financial independence, why is that?
A. Usually the reason is because financial independence is not the most imporant on their value list. Many times you will find someone who's top priority is to ensure that they have an education, or their top priority is their children, socializing or their religious beliefs, even though many people may say they want to be wealthy, if it is not on the top of their value list, they sadly never get to achieve it.


Q. Does having a plan for what you want to do with money help you build wealth?
A. Yes it does. Studying wealth and what you are going to do with each naira you earn allows you to have a clear vision of how you will manage it, and what you will do with it. You can quickly grasp money making opportunities, when you have a clear picture and well thought out plans on what you will do with money, and how you will use it. Opportunities will simply pass you by when you lack financial planning and managerial skills to put money to good work.


Q. Do you have to have money as one of the top three values if you truly want to be wealthy?
A. If you do not make building wealth amongst your top priorities in life, you will most likely never achieve the financial independence you dream of. The same goes for having a savings. If saving is not a top priority on your list, you will never get around to saving. because you will rather spend the money that should be saved on things which you have considered to have a higher priority than your savings. You will find financial independence slipping out of your grasps each time you fail to make it your top priority.


Q. Why must you have a cause for wealth?
A. There must be a driving force, a compelling reason, a motivating factor for you to want to get Wealth, that is what having a cause for wealth is. The greater the cause, the greater the wealth. If you have a small cause for example to just want to survive and have enough money to just make ends meet, then forget wealth; you're not going to have financial independence, you are just going to have enough food to eat. But, if you have a big cause for example to build a park in your community and buy a piece of land and build a park for all of the kids so they don't have to walk across the busy intersection to go to the park; now you are going to rally more energy and boost to building wealth for that cause. If you are going to build an organization for a health concern that is a city or statewide venture, you are going to build even bigger wealth. So, the size of your cause will decide your motivation and the size of the wealth that you can accumulate.


Q. Why is it essential to resolve guilt to build wealth?
A. Feelings of guilt usually arises when people dont feel worthy of something. This type of feeling is dangerous, because it sets up traps that sabotage and interfere with your wealth building potentials. It's wise that you deal with this feeling. Do not let yourself feel guilty for building wealth, unless if maybe gotten illegitimately, but otherwise reject such thoughts and build up your self worth. You deserve to earn every money you make. Do not feel bad about it.


Q. How should one handle debt?
A. One way to look at debt is to see it as somebody who has invested in you and therefore deserves to be thanked. Rather than see the naira value of the debt and get all bent out of shape and frustrated about how much you owe, turn your debt into service and focus on the service. Don't focus on the debt, focus on the service. For example Let's say you owe 100,000naira and you need to repay 10,000naira per month for it. Then calculate how much you will need to pay each day which will be 10,000/30days = 333.3naira so you need to make that amount each day. Now find out how many products, service or ideas you have to make 333.3naira a day and concentrate that much more on your service. When you focus on converting debt into service and concentrate on serving people, the debt goes away. If you concentrate on the debt and not the service, the service goes away.

These are just a few questions and answers that hopefully will put you on a surer footing to wealthbuilding. Always remember that what you think about the most, is what you reproduce most easily. Therefore it is important to have a control on our emotions. Money is made from strategies not emotions, so it's best to have strategies that override emotions. To sum it up here's what Warren Buffett said, 'Until you can manage your emotions, don't expect to manage money!'

Parting Tip:
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This is your season of building wealth. Do it with Joy.