Create serious wealth when you master money
More than $8 of every $10 of wealth created last year went to the richest 1% - Oxfam Click To Tweet
This week the global charity, Oxfam International published a report on wealth distribution in 2017. A whopping 82% of wealth created was attributed to the richest people on the planet! In fact the bottom 50% of the world’s population saw no increase in wealth! Amazingly, the 3 richest Americans had as much money as the poorest 50%!In 2017 the 3 richest Americans had as much money as the bottom 50% - Oxfam Click To Tweet
The question that comes to my mind is – how come? How can 3 individuals be worth more than nearly 4 billion people combined? Do these stupendously wealthy individuals have any special powers that attracts wealth like a magnet? I mean, is God partial? Does He have favourites?When I consider how much some people have I begin to wonder if God is partial? Does He have favourites? Click To Tweet
The good news however, is that God treats everyone equally. That’s precisely why we all get 24 hours daily. The sun definitely rises and sets on the rich and poor alike. Humans are all imbued with giftings and talents that can help him to take charge of his environment.Every human being is imbued with several gifts and talents he/she can use to dominate the environment. Click To Tweet
If we’re all gifted, then how come a few make it while others fail to progress financially? If we’re all talented then why are so many talented people not generating stupendous results? Why are so many living in financial despair? Some people wonder when it’s going to be their turn to succeed financially.Some people wonder when is it going to be their turn to succeed financially? Click To Tweet
You see, there’s a fundamental difference between the rich and the poor. And it’s not down to whether you went to school or not. It’s also not down to which country you’re from. Neither is the colour of your skin, or the fact that you lack connections the reason why you’re poor.The colour of your skin, or the fact that you lack connections is not the reason why you're poor Click To Tweet
You see, the major difference between the rich and the poor can be distilled down to two words –Money Mastery. Many of us can attest to the fact that the IQ’s of rich people aren’t necessarily the highest. Those who went to school with them maintain that they were usually not the most brainy. What sets them apart ? It’s the fact that they’ve achieved an excellent understanding of how money works.What sets the rich apart from the poor is Money mastery, the ability to understand how money operates, which helps in its acquisition. Click To Tweet
What is money mastery?
Now mastery simply means to demonstrate expert skill or knowledge. The word mastery was first coined in the 12th century, which means that for hundreds of years man has always demonstrated expertise. So, by means of inclusion money mastery implies demonstrated skill and expertise in money matters.Money mastery, implies demonstrable skill and expertise in all money matters. Click To Tweet
We all know what money is. But many of us don’t know that money is an academic and intellectual course of study. Surely money can be studied, and the individual that does this ends up having plenty of it.Just as people study to become lawyers and doctors, anyone desirous of wealth must also study money. Click To Tweet
Where can you study money mastery?
Firstly, money mastery is not taught in any school anywhere. Secondly, there are usually very few qualified teachers. Qualified teachers are usually busy exchanging their knowledge for wealth. The good news is that these achievers have created training programs, books and other materials to help people get rich.Many rich people have created training, programs, written books and a ton of other material all trying to help people get rich. Click To Tweet
Furthermore, money mastery depends on the hunger and desire of the individual. Those hungry for wealth and financial success will study every material they can get their hands on. They will seek mentors and generally be in a hurry to act on what they know. Money mastery is studied on your own terms and at your own pace.Those hungry for wealth and financial success will study every material they can get their hands on. They will seek mentors and generally be in a hurry to act on what they now know Click To Tweet
What does a beginner on the road to money mastery need to know?
The study of money can be very simple to some, yet complex to others. One has to start with the basics and work one’s way up to true mastery. Here are 13 areas you must master if you want to be wealthy:
- The art of saving, keeping some money aside for future investments and emergencies;
- The concept of creating value that people are willing to pay for;
- Which investment vehicles to use to get substantial returns and increase earnings;
- A working understanding of what assets and liabilities are, and financial statements;
- How to develop various sources of income;
- Increasing your capacity to earn;
- Building wealth with your money team;
- Budgeting, knowing where your money is going;
- The best way to use debt and credit;
- Building a business from start to finish;
- Goal setting;
- How to avoiding making stupid mistakes with your money; and
- Spotting and taking advantage of opportunities and ideas.
The benefits of money mastery
Just recently, Bill Gates and his wife Melinda agreed to pay off Nigeria’s polio debt. This debt currently stands at $76 million and will be paid over 20 years. This is definitely one of the reasons why you need to become wealthy. You can literally affect/impact nations.Bill & Melinda Gates agree to pay off Nigeria's polio debt of $76 million. This is definitely one of the reasons to have plenty of money - to affect lives… Click To Tweet
Some of the benefits of money mastery include:
Freedom from money worries: It’s highly unlikely that anyone likes to worry about money. Money mastery will lead you to amass more wealth than you could ever spend. You’re free to live life on your own terms when you don’t have to worry about money.
Helping others and impacting lives: There’s no greater joy than using your money as a force for good in your environment. The more you have the more lives you can touch. Helping people achieve their goals is most fulfilling.
Improved confidence: Having money is usually a wonderful confidence booster. Being part of a privileged few to have made it does wonders to your morale.
Increased regard and respect: People tend to regard and respect the very rich amongst us. The saying is indeed very true that, “results always bring about respect.”
Wealth is attracted to you: Jim Rohn, perhaps America’s foremost business philosopher, is quoted to have said: “money is meant to be attracted, not pursued”. Money mastery will teach you how to attract money. Pursuing money leads to poverty as money can’t be caught.
Fun and enjoyment: Those with means and resources can exchange them for enjoyable experiences. Everyone wants to have fun and really enjoy life but only very few people can.
No limitations: Imagine doing what you love to do, 24 hours a day, 365 days in a year. Sadly only a few ever live life without limits. Imagine living life, being able to afford whatever, and going wherever. Those with money mastery truly live with few barriers or limits.
Get inspired to achieve money mastery
Without a doubt, money mastery and wealth building is not a piece of cake. Or as we say in Nigeria, “it’s not beans”. A lot of effort, diligence, persistence and perseverance is required. It’s definitely not an easy task, but at the end of the day the rewards are worth it.Wealth building is not a piece of cake, but at the end of the day the rewards are indeed worth it. Click To Tweet
You’ll also need large doses of inspiration to join this elite club of a few. Here are some examples of what those who have mastered money have done with it:
In June of 2017 Bill Gates donated $4.6 billion worth of Microsoft shares to charity. This represents the largest single donation he has made in 17 years. Gates’ recent donation brings his total number of gifts to charitable donations to $50 billion, according to CNBC. Gates and his wife Melinda are probably the most generous people alive.
In 2006 Warren Buffett pledged to give $37 billion of his fortune to the Bill & Melinda Gates Foundation upon his demise. And it’s expressly spelt out in his will. Warren is especially unique as he doesn’t believe in bequeathing large inheritances to his children, He wants the bulk of his fortune to be used for charitable acts.
South Africa’s richest black man announced in 2013 that he would be giving half of his fortune to charity as part of the Giving pledge. The Giving Pledge is a commitment by the world’s wealthiest individuals and families to dedicate the majority of their wealth to giving back. This amounted to around $1.3 billion at the time of his announcement.
The founder of Nike, has a networth of around $25 billion. In 2016 he bestowed upon the University of Oregon and Stanford University $500 million and $400 million respectively. The former donation was to establish a research centre, while the latter was for an education program for graduate students.
Facebook’s founder pledged 99% of his shares in the company to charity in 2015. These shares were worth a whopping $45 billion! The money will go to the Chan Zuckerberg Initiative, a company that Facebook says will “pursue its mission by funding non-profit organizations, making private investments and participating in policy debates, in each case with the goal of generating positive impact in areas of great need.”
Action plans for money mastery
In conclusion you can begin your journey to money mastery by taking the following steps:
- Reading the biographies of at least 5 of the richest people in the world to learn and be inspired by their success stories;
- Study at least 10 best selling books on money and personal finance;
- Meditate and research on what it takes to create value;
- Set SMART financial goals;
- Draft a budget
- Calculate your net worth. Net worth is Assets (what you own – Liabilities (What you owe);
- Watch you tube videos by experts on money such as Robert Kiyosaki, Dave Ramsey and yours truly. click here to access my content.
- Attend workshops and seminars, both online and offline on money and wealth creation.
- Apply all key learnings, review performance, correct mistakes and take action again to achieve your financial goals.
Don’t be surprised and amazed when you start to exhibit money mastery in the weeks and months ahead, when you take action!