Toyin Popoola - Nuggets of Gold

5 Signs you will become RICH

Growing up, I lived in an average middle class neighbourhood…

Within a mile radius to my right lived the very poor and to my left was the very rich and powerful in just less than 5 miles.

Later in life I was privileged to live in the affluent environment where the elite, the rich, the powerful lived. That is to my left!

I was able to see and observe first-hand the signs for a rich, wealthy and fulfilled life and I noticed that majority of them share certain traits.

Money is good, however money doesn’t buy happiness but gives you options.

It is the love of it that is the root of evil! That’s why Jesus clearly stated you cannot serve God and mammon.

So,

The 1st SIGN you will become RICH is to:

Avoid instant gratification.

Generally speaking, we want things now rather than later. There is psychological discomfort associated with self-denial. Every new thing becomes and addiction and obsession.

You cannot grow wealth if the money you do have is being spent frivolously.

Having a bad spending habit is like working out all day at the gym and then walking into the most unhealthy fast food joint in the city.

They cancel each other out.

I found out the rich don’t rush to buy new cars. They know how quickly cars depreciate. So by waiting for just a couple of months, they are able to buy the same car for 20% less than they would have at new.

Learn to Invest.

I started making money in my 3rd year in Grammar school. I was making so much that I could afford to pay for my tuition and upkeep through University.

At the time, I spent all I made, because I did not understand the 3 Ms of money according to Larry Burkett.

Making it, Managing it and Multiplying it! I lacked financial education.

Educate yourself financially, invest in stocks and buy assets and soon you will be happy to see how much compound interests you’ve earned... which according to Albert Einstein is the “eighth wonder of the world and he who understands it earns it, he who doesn't, pays it!”

Let me share with you some compound interest investments that can boost your savings:

1. CDs: considered a safe investment, Certificates of Deposit are issued by banks and generally offer higher interest than savings.

2. High-Interest Saving Accounts.

3. Rental Homes.

4. Bonds.

5. Stocks.

6. Treasury Securities.

7. REITs.  Real Estate Investment Trust

I encourage you to start investing as soon as you can. it’s never too late and you can start today.

A popular Chinese proverb says: “The best time to plant a tree was 20 years ago. The second best time is now.”

These are the 5 signs you will become RICH one day... And I want to thank you for your time!

Which one do you agree or disagree with? Let me know in the comments section below as I will like to continue the conversation on the subject.

Thank you guys and stay tuned.