Never! u cannot become wealthy working for others!

abbey621:
There are two critical flaws with your analysis.

1. You assume most entrepreneurs make close to that a year when in fact more than 80% of all entrepreneurs in Nigeria make less than 4m Naira a year.

2. You assume that a person earning 500k Naira per month won't invest some of his or her salary. All it takes is an investment of 200k Naira per month into a profitable venture or investment with recurring profit added on by compound interest and you are left with a steady cash flow.

I always like to use myself as an example because I started from the very bottom. Nowadays I make over 1m Naira per month as salary, an additional 700k per month from my investments, this might sound like a lot but my expenses are about 1.2m Naira per month when I add all the bills, taking care of family and so on, if I decided to keep the remaining 500k Naira per month in a savings account, I wouldn't be sound financially but what I've done for the past 18 months is invest the remaining amount in a peer funding site which pays anywhere from 16 to 26% per investment period. The result is this, 5.4m invested and 1.1m in profits after tax. The lesson here is this, wealthy people are constantly investing, they don't see themselves as wealthy and are eager to pursue every opportunity!

So on point... you have said it all.

LeksideOLM:
I heard this from a very rich man...

He said" your salary can never make you rich, it can only sustain you.is only what you invest with your salary that will be be left for you"...

You cannot be earning 500k per month nd be living a 50k salary earner lifestyle...
Or will a 500k earner will still be sitting on the street canteen to eat? Or neglect the latest designer in town? Never....

The more you earn or have, the more you spend...

#Myopinion#
The more you

It's advisable to maintain the same lifestyle while your salary increases cos with that overtime and with the right investment you will be wealthy at that point you can gradually upgrade your lifestyle.

There is no Yes or No answer here; the answer is simply capital NO. No one can be rich on account of his savings alone except with miracle.

From time immemorial, it is not know to me any richest man/woman whether now or ever before who became wealthy from his earnings alone. You can only become wealthy through investment. You may also become rich If you are from a royal family currently on the throne and receive influx of money, gifts, donations etc.

Don't twist wealth to mean contentment or satisfaction for that will defat what wealth actually connote
*NaijaLegalAnalyst*

Deleted

YEs with time. With decades.

my boss salary is £ 1m a year that's like £100000 a month, me thinks he is wealthy. don't ya all think he is?

Wit jux #100, u can win more dan #10m in a day only on bet9ja

The problem is not in the amount of money you earn either as a salaried man or an entrepreneur. The problem really is in your expenses. As long as you bite more than you can chew, even if your business on a worst day earns you a million dollar, you are not different from a salaried man who earns relatively low but spend less and save more. As Robert Kiyosaki put it succinctly, "it's not how much you earn but how much you save and how long that saving works for you". You can be rich in both ways it all depends on your spending habit.

Nope

i've once heard in a seminar that someone who works from 8am-4pm is not likely to become a millionaire because an employer only pays an amount s/he knows you can only use to sustain your living as an employee not to enrich you. But from the example you just give, if i should be collecting such an amount of money (#500k) per month, just give me 2years, you won't have to ask me what i've done with the money coz my investments will speak for themselves.

jauntty:
No....... Salary keep you a step above BROKE line

Cha.

JojMoneybag:






Abbey,how do I become financially independent like you......awaiting your urgent response.....E:jimae007@gmail.com

I had the help of parents who worked from the bottom all the way up, I still wonder how my mother and father got up all those years to work from 6A.M to 5PM MONDAY to FRIDAY and sometimes on SATURDAYS. The greatest way to be financially independent is to spend less than you earn. This way you can have savings monthly, with those savings you can now pour it into quick but safe investments. Another way to become financially independent is to scan your environment, realize something that is lacking and come up with a plan to introduce the product or service that is lacking. With proper marketing and distribution, you will create another source of income completely different from your primary source of income. Try to get yourself a copy of Rich Dad, Poor Dad! My pin is on my profile, glad to be of help.

In today's Nigeria? Hell to the No! Unless you're some very top politicians or a top notch in one of these (oil) companies.

Your salary place a limit on you. you can never be richer than your calculations.

Your salary is a value placed on you per time; I mean your worth as a person.

You are always under pressure.

@freelanswer, the problem is which is the safest investment. Bond n treasury bills are nose-diving. Real estates? Story for another day

gypsey:
my boss salary is £ 1m a year that's like £100000 a month, me thinks he is wealthy. don't ya all think he is?

One out of one million.

abbey621:


I had the help of parents who worked from the bottom all the way up, I still wonder how my mother and father got up all those years to work from 6A.M to 5PM MONDAY to FRIDAY and sometimes on SATURDAYS. The greatest way to be financially independent is to spend less than you earn. This way you can have savings monthly, with those savings you can now pour it into quick but safe investments. Another way to become financially independent is to scan your environment, realize something that is lacking and come up with a plan to introduce the product or service that is lacking. With proper marketing and distribution, you will create another source of income completely different from your primary source of income. Try to get yourself a copy of Rich Dad, Poor Dad! My pin is on my profile, glad to be of help.

Nice one sir.
Great piece there!

waice6571:


One out of one million.

not quite, a lot of folks are on £1m a year salaries perharps even higher than that, anyway the question is, is he wealthy?

Not possible

Depends on the climate the individual is working. For someone who earns a monthly equivalent of a million naira in the West such money will lead him to no where after taxes, rent cost, car insurance and other expenses.

They can manage to build a house after a couple of years but that doesn't translate to being wealthy. You're just a slave to the fat cat bosses and corporations.

But for someone earning a million naira monthly in Nigeria they can be seen as wealthy (in some cases) as the general expenses and cost of living is relatively low. But that doesn't also meant they are affluent as they would still live on budgets bargain.

I think for anyone to be seen as wealthy in global standard they should be looking at 5million naira a month income and an average of 50million a year. Anything less is just an average income earner and middle class status. And the likelihood of earning such income as an employee is near to zero and improbable.

So, the best and only way to become rich and affluent is via self employment and entrepreneur your own business or corporation. That's just how I see it and I refuse to fuel the bank accounts of the fat cats forever.

small letter yes.

Franky9584:
Wit jux #100, u can win more dan #10m in a day only on bet9ja

yes its possible but i think is vice versa because you can still play 100 everyday in a year and still not win 1 kobo thereby losing 365000 in a year if only you stick with #100 per day cause man u might cut one coupon by 1. 45pm and barca or arsenal will be playing by 8pm there is every tendency that you will play again. so bet 9ja is out of this unless you play man u not win euorapa with #100,000 lol (OYO)

Franky9584:
Wit jux #100, u can win more dan #10m in a day only on bet9ja

yes its possible but i think is vice versa because you can still play 100 everyday in a year and still not win 1 kobo thereby losing 365000 in a year if only you stick with #100 per day cause man u might cut one coupon by 1. 45pm and barca or arsenal will be playing by 8pm there is every tendency that you will play again. so bet 9ja is out of this unless you play man u not to win Europa with #100,000 lol (OYO)

Becoming rich on one's salary is an individual thing, one might say, "d more u earn d more u consume" however, don't also forget dat d more one earn d more one also save.
There are different hypothesis to this,
1. Your consumption is dependent on your income, wic makes it increases wen one income increase and vise versa.
2. Some spend bcus dey want to attain d level of their neighbor, relative and friends. And by so doing they spend much and save little, how den can such person be rich. Even wen his income increases, his consumption also increase as well as his savings. And wen recession catch up with him, he de-saves so to meet up with his level of spending.
In my own opinion, becoming rich as a salary earner depends on d individual as to wat he can do with d little he has in other to become rich. But depending on d salary alone is a big, huge fallacy as to make him rich.

Freelanswer:
I was jolted out of my years of day dreams the other day discussing with friends. They were talking enviously about someone who landed a job where he receives N500,000 monthly. Huge, isn't it? But, as soon as I heard them, a question occurred to me and I asked: "In a year, how much will that person receive?" Six million naira! "How poor it is when you compare it with most average entrepreneurs who earn several millions in bulk severally over the course of a year!" I said. I continued: "This is really an eye opener. Even if that person receives 1,000,000NGN/month, that's only 12,000,000 in a year and it's not in bulk, and yet everyone in the family and in town expects so much from him... when a 24-year-old undergraduate made 91,000,000 NGN through MLM in 2015 alone ... I mean in bulk without being bullied around in office politics and all that". My thought process still continued after I left that discussion and so I decided to share it here.

Can earning a salary really make you rich and happy? The example given above is of people receiving some of the most 'handsome' pay packs in town and how many are they even? On the Zero Sickness Nigeria Campaign website, you will find a page entitled "poverty too is a sickness" which shows how easily even uneducated people earn 10,000,000 NGN in bulk in just a year doing almost nothing except that they invested.

From the above you'd think I do not approve of salaried jobs. I even believe you can be rich and very rich with your salary only if you invest it intelligently. The best investment is not always the one that takes you most money. It is the one with the highest ROI. To get this, do a great deal of background checks but just enough to not let analysis paralysis stop you. For example, the example of uneducated people said to be earning 10,000,000 NGN in bulk in just a year talks of an investment of Thirty-six thousand naira (N36,000) only when someone elsewhere is putting in Twenty-two million naira (22,000,000 NGN) in a property he would sell for 30,000,000 in three years.

My point is this: you can become rich with your salary only by investing it well - not by saving it away. And the best investment is not always the flashiest. Oprah Winfrey made her money by investing in "controversial self help ideas" according to Wikipedia.

An undergraduate making N91M is a fairy tales. People do not believe that poo!

No wonder our civil servants steal

Yes some people can be rich and wealthy through employment.. When we say salary are we restricting this to those at junior levels who only earn small amounts or are we including those who rise up through the years and earn significant amounts?

We have people like Segun Agbaje of GTBank who was an employee all his life and is doing very well. Same with IBTC CEO and many others. The new Google CEO Sundar Pichai was recently paid $199m so yes people can get rich as employees.

Are you saying people who join companies like Goldman Sachs and work up to be partners are not rich enough? yes they may not be billionaires but remember not everyone aims to be a billionaire so we should stop using that as a threshold for success. This also applies to doctors who work up to be renowned specialists in their field or people who become partners at firms like Mckinsey or work up to very very senior levels at companies like Shell where they are paid in stock options.

You can also become wealthy as an employee if you are fortunate to work for a company before it goes public and have the opportunity to buy or receive shares aka Facebook, google employees and many others.

We also need to consider the fact that while you can be rich as a business owner, you also have very high chance of not making it. Majority of the businesses which start especially in countries like Nigeria close down within a few years as there is a lot more risk.

We need to recognize and accept that there is a place for everyone, those who are better at starting businesses and those who are better at growing businesses. They require different skill sets hence why the likes of Mark Zuckerberg aligned with the likes of Sheryl Sandberg to help build Facebook into the multi billion dollar company it is today.
Same with Microsoft with Bill Gates partnering with Steve Balmer and many others. It is the reason why Richard Branson is good at developing ideas but not running them.

Someone like Seun of nairaland has done well building such a valuable website, but it may take partnering with his version of Steve Balmer to take nairaland to the next level where it makes money not just for him, but for the nation through **** employing many Nigerians and even listing on the NSE. Facebook alone has created a lot of millionaire employees following it's IPO a few years ago so let us stop stigmatizing employees and making everyone run after business irrespective of if they have the skillset or not.

One thing I also notice is most people shouting entrepreneurship do so solely from a money perspective, but the likes of Bill Gates and Mark Zuckerberg have a passion for making an impact and finding solution rather than just be driven by quick money.

LeksideOLM:
I heard this from a very rich man...

He said" your salary can never make you rich, it can only sustain you.is only what you invest with your salary that will be be left for you"...

You cannot be earning 500k per month nd be living a 50k salary earner lifestyle...
Or will a 500k earner will still be sitting on the street canteen to eat? Or neglect the latest designer in town? Never....

The more you earn or have, the more you spend...

#Myopinion#
The more you

Not particularly true. You can be earning 500k and live a 50k lifestyle.

Someone who owns a business also has a limit on his income. Your income is limited to how much profit your business makes, and successful business owners will pay themselves a salary from the business not just take money anyhow so even as a business owner you may still end up getting paid monthly.

Business owners also face a lot of risk and tons of businesses fail everyday. A simple policy change in Nigeria can kill a business overnight e,g. BDC with the CBN cutting them off.

taurus21:
My advice,make sure you are not getting into a JOB. It stands for Just Over Broke. Next to the doctors and lawyers there are many people exchanging their time for low money. Someone who has a job has a limit to their income. Instead think about how you can create JOBS.

Please remove Abram from that list lol, he made his wealth by allying with the communist party in Russia and was able to buy state enterprises at very cheap prices. You can say he was lucky and knew the right people at the right time.

Freelanswer:

A lot of gr8 info you've given us here. Thank you. I will only differ with you on the sentence I've re-quoted. If you were right in that, then there would never have been a case of a wealthy person from a poor background such as Moshood Abiola; Stev Jobs; Roman Abramovich, John Paul DeJoria and many more. So, please, don't discourage those of us from a humble background.