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Opinions - August 26, 2022

5 Simple Strategies to Join Africa’s Richest

Everybody desires to be on the list of Africa’s richest people. While it is a nice thing to want, sadly, it serves as just a bucket list for many people. This, however, does not mean it is not attainable.

Since everything has a process and approach, being rich and successful, be it in the corporate world or as an entrepreneur, also has a strategy. This is not limited to having some of the successful and renowned people as mentors, it includes grit and readiness to tread and take the unknown and tedious path that leads to success and generation of wealth. 

The fact remains that there is a distinction between desiring something and acting towards attaining it. If you are ready to be rich, consider some of these strategies.

Africa’s richest people are known as prudent spenders

Imbibing intentional spending habits is one of the strategies wealthy people use to create and sustain their wealth. Instead of spending irrationally, rich people save and reinvest. This way, they have generational wealth. Contrary to popular belief, rich people do not look the part, they dress and act minimally. This can be seen in the simple lives of some notable billionaires in Africa, such as Strive Motsepe, Aliko Dangote, and Tony Elumelu.

To be conscious of your spending, you can have a budget of what you need and a priority checklist of how to spend your money, be it as an entrepreneur or an employee.

Your goal is not to spend, but minimise and save. Consistent with your spending culture, you are on your way to building wealth and being a part of the rich people in Africa. Remember that an expensive lifestyle destroys and wrecks a plan to get rich as quickly as possible.

Africa’s richest people are voracious readers

Learning has no boundaries when it comes to the rich. Since reading maketh a man, they continually read to expand their horizon and be abreast of what is happening.

Tony Elumelu, the founder of UBA and the Tony Elumelu Foundation, said on his Facebook page that Tony Elumelu – “Voracious reading is the solution to making a difference. I read two books on my area of interest every month. Knowledge increases confidence, and confidence is a key attribute for excellence.”

This applies to both entrepreneurs and people working in the corporate world. The more you advance in your skills and experience, the more increase in your salary. This is a way to get rich, save and invest.

Also, the more an entrepreneur reads, the more you discover new ideas and better strategies for running your business. This, in turn, yields a profit.

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Some of Africa’s richest people are renowned investors

Some wealthiest people built their empires by investing in the right businesses. There is no limit to the amount you can invest. However, you should have all the information about a stock before investing. This way, you can determine your investment approach, whether a slow or aggressive investment strategy. This is where you give 100% to a particular investment. 

Apart from stocks and the likes, you can also invest in a tax-advantaged account like a 401(k) or individual retirement account (IRA). The IRA helps reduce tax and increase your return on investment (R.O.I.). You can migrate to a brokerage account once you reach the limit of investment on the IRA. Investment as much as you can, and you will be wealthy.

Most of Africa’s richest people are problems solvers

Solving an existing problem is a method that has produced billions overnight. This explains why one of the typical advice from entrepreneurs is to have a nose for opportunity. This can be in the form of a problem that needs solving. 

An opportunity, be it innovation, invention, or blue ocean idea, can translate into billions of dollars. Since people want a solution, they are ready to pay for it.

Africa’s richest people have multiple income streams

One income stream can sustain you but cannot make you one of the richest people. You can get involved in different side gigs to give yourself a notch in the right direction. You can leverage and monetise your different skills and experience.

Your income stream can be passive or active income. Unlike active, where you need to be involved, passive income does not require involvement and yields returns for you.

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