by Sharon Akinoluwa | Apr 16, 2023 | Business Success, Financial Freedom, Wealth Creation
One of the fastest ways to grow your wealth is to generate income from multiple avenues. This makes your money grow exponentially. In your quest to build wealth, it is important to know and understand that the more sources of income you have, the faster your wealth can grow. The possibility of attaining your financial goals can drastically be increased with multiple streams of income. Wealthy people all around the world generate income from multiple sources. They understand the power of multiple income sources in their wealth-building endeavors. No wealthy person the world over has one source of income stream. Their wealth is created, fed, and sustained through the concept of multiple streams of income. Unfortunately, most people have only one income source: their employment. They work to receive a paycheck at the end of the week or month. When you generate income from multiple sources, you can reduce the risk of relying on any one income stream, especially in this uncertain economic environment in which we have found ourselves. And increase the odds of enjoying financial stability in your favor as your earning potential grows over time from multiple sources. Building multiple streams of income is no longer a luxury; it has become a necessity if you will ever make a reality of your financial dreams and aspirations. Having multiple income streams is a powerful wealth-building tool, with it you can increase your wealth passively. Tom Corley, author of “Rich Habits,” studied the habits of millionaires during a five-year study of the rich and poor. Here’s what he found as it pertains to most self-made millionaires and their...
by Sharon Akinoluwa | Jan 11, 2023 | Business Success, Financial Freedom, Wealth Creation
One of the key principles of success is the principle of emulation. This principle says, you will be successful in the proportion to which you find out what other successful people are doing, and then do the same things yourself over and over again. As a wealth seeker, this principle can dramatically increase your probability of achieving financial success. Unfortunately, there is a limit to which you should emulate some groups of “financially successful” people. Listen, in your quest to live a financially free life, there are four groups of people you must not emulate or model their spending habits and lifestyle. Many of these people came into wealth, not as a result of financial intelligence or wit, but have wealth thrust on them through luck. As a result, they are careless in their spending. They live a lavish lifestyle and spend as if there is no tomorrow. 1. The Pseudo-affluent: these are mostly professionals and corporate executives, who earn a high income, but spend the majority of what they make on lavish lifestyles. They live big and large: they drive the latest high-end luxury cars; wear expensive designer suits and clothes fly first class and dine at the best restaurants. They have the appearance of wealth; unfortunately, they do not have the true substance of wealth- assets. As a result, they are usually just one to two paychecks away from being broke. 2. Wealth Inheritors Many wealth inheritors are prodigal sons and daughters who are unable to preserve, let alone grow whatever wealth they inherited. These are people who have not had to worry about money for much...
by Sharon Akinoluwa | Nov 24, 2022 | Business Success, Wealth Creation
How do janitors and teachers achieve financial freedom while lawyers and accountants find it difficult to meet their financial obligations? Why are some guys who work two or three jobs broke while some who work for a few hours a day make millions? Answer: these financial achievers know what they want and how to get it. They have financial goals and plans that will aid them in the achievement of their goals. To achieve financial freedom, you need to set it as a goal. This is the place to begin your journey to financial freedom. Goal setters are goal-getters. Fortunately, this is quite easy for many to do. The challenge many people have is how to achieve their financial goals. The good news is that this shouldn’t be a problem. Achieving your financial goals and building wealth must begin with making a financial plan. This means setting out how you can accomplish your goals is a critical factor in achieving them. Understanding A Wealth Plan A wealth plan helps you to take a look at your current financial situation while helping you to understand what you must do to achieve your financial goals With a valid wealth plan, the probability of achieving financial freedom becomes greatly enhanced. Your wealth plan is the vehicle that takes you from point A to point B……from where you are to where you want to be financially. A wealth plan that is based on proven principles is your sure access to financial freedom. Unfortunately, many people who desire wealth don’t have a wealth plan. Many have trivialized the need to have a vehicle...
by Sharon Akinoluwa | Nov 13, 2022 | Business Success, Knowledge Monetization, Wealth Creation
One of the major downsides to most of the teachings being peddled by most supposedly financial gurus and experts is the tendency to focus on how to save and invest money without first teaching people how to get the money they would save and invest. This article is to open your eyes to one avenue through which anyone and everyone can generate income. The main reason I tend to favor this path to wealth building is that we all have the basic raw material that is needed to make this a reality: knowledge. Your knowledge is all you need to generate income through this avenue. And the good news is we are all knowledgeable in something; something that others are ignorant or less knowledgeable of. And it is our privilege to teach these things to these other people for a fee. Knowledge monetization is one of the most lucrative business models with great potential to create financial freedom there is. It is a business model that offers you the opportunity to productize the knowledge between your two ears. Yes, your knowledge can be turned into an information product that would generate a good income for you. You might want to ask what an information product is. What Is an information product? An information product is simply a product that conveys knowledge or information for instructional or educational purposes. It is a structured format where your knowledge, experience, and skills are taught and communicated to someone, in order to meet a predefined purpose. Generally, an information product contains important facts about a subject or issue of interest. Your information product...
by Sharon Akinoluwa | Nov 1, 2022 | Business Success, Kingdom Prosperity, Wealth Creation
In all of human history, now is the most awesome time to pursue your financial dreams and aspirations. This is because building wealth and achieving financial freedom has never been this easy. The knowledge of how wealth can be accumulated has never been this accessible. The information, strategies, and principles of wealth building can be more easily accessed in the public domain than ever before. Doing a little study of what makes for wealth accumulation will establish the fact that there are three basic steps to it. One fundamental truth every wealth seeker must know is that building wealth is not rocket science. It can be achieved by engaging these three basic steps. Knowing and engaging these 3 steps will guarantee the acquisition of wealth any day, anytime, and anywhere on the planet earth. This is essentially so because these are universally tested and proven money-making strategies that will surely grow your money over time. They will empower you to make, manage, and multiply your money. Now let’s look at these three steps. The Step 1 The number one step to wealth building is to generate enough income to meet your financial needs and also have some money to save for investment. This is the first rung in the ladder of wealth building. This is the place to begin your wealth-building journey. When it comes to earning or generating income, basically, there are two main ways to do it. You can either earn passive income or earned income. Earned income is essentially linear in nature, that is, you are paid once for every work you do. While passive income,...
by Sharon Akinoluwa | Nov 24, 2021 | Business Success, Wealth Creation
Financial freedom or wealth building is really not about earning a huge salary. It has very little to do with the position you occupy in your organization…….whether you are a janitor, driver, or CEO. To be honest with you, it has nothing to do with what stuff you possess or how large you live. Living in an upscale area of the city, wearing designer clothes, and driving exotic cars are not what make for financial freedom or wealth building. How Do I Achieve Financial Freedom? When most people think of creating wealth, they think of earning more income by working more hours or changing jobs. As awesome and commendable as this step might be, it is good to know that salary is not wealth. And earning a huge salary might not necessarily culminate in wealth accumulation or financial freedom. The reason is that as an employee, your salary or take-home pay is classified as earned income or active income. Unfortunately, this class of income lacks the tool of leverage, which is a vital key in the process of wealth building. This lack of leverage is a major drawdown to every attempt at building wealth with earned income. This is because your ability to generate income is tied to your personal time and effort. This means if you want more money, you have to put in more hours of labor. Unfortunately, there is only so much you can do in 24 hours. And in a case where you couldn’t show up for work as a result of sickness, accident or what have you, you don’t earn. The good news is...
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