My definition of being wealthy from salary earnings is if i can save 30% of it every month after all expenses inclu. miscellaneous exp.

the main probs is how many people earn the said 500k to 1 mil among the nigerian lower and middle classes? about 7%,being wealthy is when you have an investment that employs other people or investments that will yield other investments,example dangote..the moment you become an employer instead of employee you start becoming wealthy.the likes of oprah,eric wore,zuckenberg,dangote,all used the leverage of networking to becoming rich.how?they found a need,created a solution,involved other networks of contacts,e.g friends,family, business partners.this is all network marketing.the diff being they al did it with the right product.

ronald4lif:
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. T[b]hat's just how I see it and I refuse to fuel the bank accounts of the fat cats forever[/b].

Strangely... we all want people aka slaves to help us build our businesses aka fuel the bank accounts of fat cats.

@OP:

Depends on your expenses.

ttmacoy:
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.

Lovely Piece

oyb:



stop this please

his mother was dead already.

you can referece man know man for nigerian businessmen -but the us is full of self made successes

or you want to spill some beer palour rumor about zuckerberg,dell, musk, jobs, brin, paige etc?

check your facts cuz i know what i'm talking.
Zuckerberg got funded immediately. And mentorship from some1 who'd played the start up game way before him (character played by justin timberlake in the movie)

Amberon:
No she didn't come out the blue. And spare me the Illuminati crap. She worked for her money just the same way most other people do.

she may or she may not.
There's usually more than meets the eye.
Most illuminati videos are paranoid but some are note worthy. Fact still remains, coming from obscurity to great wealth $B in such a short time is phenominal and meteoric. It is very untypical. So go figure.
Rockefeller, is a conk illuminati- he's dead . But he was lauded as a good man in the eyes of the world. So some of this illuminati vids aint b.s.

SerialGist:


Easier said than done!! I repeat, easier said than done!!!

so is losing xcess body fat or quitting drugs/swearing etc.
It requires discipline. That's why few people win. So it's not the monetary amount per se, but the character cost.
#check videos of stup.id lottery winners.
For those who returned to brokesville, are you saying they did'nt taste huge amounts of money? Did the huge amount "make them rich"?

lordizak:

You just said trash, OP is correct for anyone being satisfied with just N500k that person can't make more as further expenditure; like big time projects will run him down. U might wanna look at the word complacent.

let me ask you, "How many people earn N500k/m" relative to the employable workforce?
Living within your means is'nt complacency. It's common sense.
People with your mentallity, in order to appear affluent, will quickly trivialise any amount. They'll say "common 1m/m, 500k/m, 200m " etc. And spend whimsically. Check these types out. They usually end broke and struggling and/or heavily in debt.

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For Christ sake NO. You salary cannot make you rich. You have to "STEAL" either from your office if you are a worker or from the masses tax payers money if you are a politician.

asalimpo:
You can't create "wealth" as you define without some serious capital . Dangote was given N500k back in 1978 to begin cement importation business.
He said , as at then, the money could buy 100 mercedes benz cars.
So by todays value,that couldve been worth 500m-1b+.
He had also received mentorship from his relatives (who funded him). His family was already rich, so he didnt need to learn by trial n error.

Bill gate was from a rich family, mum was a board member on ibm, his primary school fees was higher than harvard tuition fees!
Attending a rich, elite school he encountered a computer machine , learnt how to program on it.
Microsoft's big break came when ibm decided to enter the p.c market and needed an o.s (operating system) for their line of machines. Gates supplied th os , made his money, and with that funding grew microsoft.
It is believed that his mum influenced the ibm deal.
Without serious funding, your vision will die on you. Vision , smarts aint enuff.

There is this saying about if you don't have the capital, look for the way in which your idea or vision can help an already blossoming idea or vision of someone get better. Like meeting the marketing manager about ideas that can help them make more legit money rather than going cap in hand for a job opportunity. Our mentality matters.......do more digging about many grass to grace story; Dangote and Gates are just two of the many billionaires. Cheers!

First of all, What do you define as "Rich"?

As can be seen, (in this thread) responses to the question vary due to different opinions on what is considered "Rich".

Tequilah:


In which country and in which industry??

Chai,you like to argue eh.

Very soon ,you will ask me the street and road no.

Engineermbugame:
wetin u de talk self betting? my senior bros wo started it from jambite to gradaute level wetin he don show ?always beging me money,i hate people talking abut betting .

that's what am, saying it pays not

Franky9584:

hahaha, must u call man u?

yes they are crashing out of Europa soon

bukatyne:


Strangely... we all want people aka slaves to help us build our businesses aka fuel the bank accounts of fat cats.

@OP:

Depends on your expenses.

Lol. Didn't even see it in that light. Just goes to show that humans are self-centred and greedy lots. Not wanting to be an employee and same time need others to assist them in growing their own business. Life sha.

nogasimplicity:
yes they are crashing out of Europa soon

really? . . .i guess u must b a chelsea fan

cooldipo:



There is this saying about if you don't have the capital, look for the way in which your idea or vision can help an already blossoming idea or vision of someone get better. Like meeting the marketing manager about ideas that can help them make more legit money rather than going cap in hand for a job opportunity. Our mentality matters.......do more digging about many grass to grace story; Dangote and Gates are just two of the many billionaires. Cheers!

in theory it makes sense but in reality it's a bunch of bull. Motivational speakers/writers espouse this sh*t because talk is cheap.
Many people with smart ideas cannot raise the money they need , it's just impossible. Nobody will lend them. So they wallow in mediocrity.

Franky9584:

really? . . .i guess u must b a chelsea fan

yes my dear

nogasimplicity:
yes my dear

I no dem by did words...wot position are they now?

Franky9584:

I no dem by did words...wot position are they now?

i will answer that by end of the season

asalimpo:

let me ask you, "How many people earn N500k/m" relative to the employable workforce?
Living within your means is'nt complacency. It's common sense.
People with your mentallity, in order to appear affluent, will quickly trivialise any amount. They'll say "common 1m/m, 500k/m, 200m " etc. And spend whimsically. Check these types out. They usually end broke and struggling and/or heavily in debt.

well said, but I still don't buy ur idea. I am with the OP.

nogasimplicity:
i will answer that by end of the season

ok. . .fingers crossd

ronald4lif:


Lol. Didn't even see it in that light. Just goes to show that humans are self-centred and greedy lots. Not wanting to be an employee and same time need others to assist them in growing their own business. Life sha.

True

MrTolu:

Depends on the work place. Steve Ballmer became a US$billionaire working for Microsoft.

not salary but through stocks he owned in the firm

calculator123:
salary cannot make u rich,only thinking outside d box can

#fact

What you do with your salary depends on whether you will be rich or not