7 Crucial Strategies to building your Wealth in Africa in 2022

It seems a bit late for you doesn’t it? Let me tell you what, as long as you’re still alive and fit, you are far from late. I remember one old man who started his business at the age of 65, and guess what, he had an amazing last 25 year of his life developing a company which today is one of the top Fast Food companies in the world. His name is Colonel Harland Sanders, the Founder of Kentucky Fried Chicken, commonly known as KFC. If Colonel Sanders had believed that he was too late to the game, then we wouldn’t know about KFC today.

So continue reading on, you may find inspiration from this article. After careful study, I have realised that each one of us has some form of wealth one way or another. Your wealth could be your skill, your business, or your assets. I have also realised that not even one of us likes being stagnant in life, we all want to grow. In this article we’ll delve into the most crucial strategies to growing your wealth.

1. Start by making a plan, Setting a vision and having a clear focus

Planning is a strategy taken into achieving your wealth goals. It also goes alongside with having a vision on why you are taking this step. Now why is it important to really think about and make a concrete plan for your financial goals? Writing down your goals makes them easier to visualize and creates more accountability. People who write down their goals are significantly more successful in achieving them compared to those who just think about them. Now this is when the word focus comes into play, having the zeal in growing your wealth after planning and visualizing.

2. Be Disciplined

The most successful and wealthy people in this world are very disciplined. Before we can talk about anything else, it’s important to note that discipline is of absolute significance. One man once said:

Jim Rohn

“We must all suffer from one of two pains: the pain of discipline or the pain of regret. The difference is discipline weighs ounces while regret weighs tons.”

As you can see – Indiscipline leads to regret. But how does this apply to growing your wealth? Let’s supposes you have a business for selling Eggs. You supply your eggs to restuarants and retail shops. One morning you decide to throw a big party and use half of your eggs for baking and food preparations. Later on when your clients request for eggs you have none. This will make your clients think that you are not reliable and they move on to other suppliers. This is one of the reasons why some businesses grown while others remain stagnant. So you definitely need to teach yourself discipline in order to grow your wealth.

3. Make a Budget and stick to it

Now many of us dread the “b” word, but budgeting is a key element to building your wealth. Budgeting is necessary because it helps you control your spending, track your expenses and save more money. In addition budgeting can help you make better financial decisions, prepare for emergencies, get out of debt and stay focused on your long term financial goals .

What does it mean to stick to a budget? Budgeting is telling your money you’re in charge. Sticking to the budget is showing your money you’re in charge. Here are a few ways to help you stick to your budget and jump start your savings:

• Sleep on big purchases
• Never spend more than you have
• Stick to the lower credit limit
• Try a no spend challenge
• Stop paying too many fees e.g DSTV and Netflix and Amazon Prime all at once.
• Plan your meals. Don’t go to a restaurant on every single day. Think about the money you’ll be spending.

Bonus Tip: Budgeting isn’t only about discipline, it’s a tool to help you reach your goals, to do what you want, live the life you want to live. So keep it fun, reward yourself when you stick to your budget, it will change the way you think about budgeting from a chore to an activity that can help you grow your wealth.

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4. Develop a Wealth-Oriented Mindset

My number one tip for building long term wealth is changing your mindset. Everything starts there because you are the only one holding you back. Sure you need to pay off debt, manage your money better and make saving automatic BUT you really have to believe you can do it and it is worth it. Your mind is a powerful element of your being, it can make your dead poor or extremely wealth. A positive mindset is one that will help you grow your wealth even through difficult moments.

5. Remember to keep Learning

There is no wealth like knowledge, and no poverty like ignorance

Buddha

You need to take time and the initiative to learn about money and investing. Basically reading books especially with different view points, as well as listening to other successful people in personal finances on entrepreneurship and reading financial websites (essentially you gain more knowledge). The internet has graced us with vast amounts of information we can all learn from. But I’ll definitely say this. Find the right information for your craft.

6. Invest wisely, stop wasting Money and Work Hard

Saving and investing a percentage of your monthly income, may sound a bit old school but in reality this is still on the top of the many ways to build up your wealth. By doing so, your money increases over time without having to do anything. Stop buying things that you do not need. This is one practical way to build your wealth but it takes discipline. Work hard now and enjoy the perkslater; be driven by the goals that you jotted down.

7. Get out (and stay out) of Debt

Debt is like a mosquito. Even if you try smacking it, it keeps buzzing. You definitely need to avoid being in debt if you want to build your wealth in 2022. Your most powerful wealth building tool is your income, and if you spend your whole life paying off loans to banks and credit card companies or microfinances you will end up with less money to save and invest for your future. It’s time to break the cycle. Get debt out of your life first, then you can work out easily your wealth building process.

In Conclusion, remember you won’t get wealthy over night. Building Wealth is a process and it won’t be easy for many people and some will quit along the way. There are steps that have to be taken. Heading to such a lifestyle considers patience, consistency, discipline and accepting all challenges that will bring you down. At the same time, those challenges that knock you down are the ones that will build you up. Aim higher and stick to your goals.