Welcome to the last newsletter of the month of July.
Earlier this month, there was a social media campaign known as the “Labour challenge”. This campaign was a direct response to sentiments attributed to one of the presidential aspirants – Chief Bola Ahmed Tinubu.
What resonated firmly with me from the various posts was the fact that (young) Nigerians in large numbers were creating jobs for themselves even in the face of a seemingly difficult economic or business terrain.
This in my opinion is key as wealth creation requires a source or vehicle or means of livelihood. This is a very common trend amongst the wealthy or financially well-to-do.
This is why I believe as adults – mentors, guardians or parents; we owe it to our mentees, wards or children to teach them this principle early in life.
Whilst it is very correct that wealth is built or sustained by what is saved and invested; it must nevertheless have a source.
For those of us who have read the book – “The richest man in Babylon”; we would recall the very 1st lesson which is to “Pay yourself first”. However, that can only happen when you have a means of livelihood.
I write this as a follow-up to last week’s article because we need to be intentional about creating our wealth legacy for future generations. Indeed, over 50% of wealthy people did not inherit anything but rather created it themselves.
Although it is very commendable to leave behind assets and investments for our children; teaching them the mindset of wealth creation is better in my own opinion.
Research has shown that very few families pass on their wealth successfully. 70% of these families lose it by the second generation and 90% by the third.
The best way to prevent this is by focusing on the intangible things such as value creation, hard work and delayed gratification.
In conclusion, building wealth is never complete without intentional efforts at ensuring the legacy lives long beyond us. We need to ensure anything we’ve laboured for is transferred to competent and prepared hands.
See you all in August and till then, please play your part in preparing for 2023. Register to vote if you haven’t done so or pick up your voter’s card.