While there is no one rule for wealth creation, to build wealth one must follow a certain level of discipline. Here are the three secret disciplines you need to master to grow your wealth.
- Save and Invest
- Delay gratification
- Ignore the Joneses
1. Discipline to Save & Invest
We are all limited by the number of years we have to be able to run around actively. A twenty-year-old today probably has another 20–30 years of active working life left. This is to say, as we age, the physical labour we can offer reduces. This period is when we can set the foundation of our wealth.
The moment you have decided to create your wealth then you should take action towards making it happen by starting a dedicated savings account. Irrespective of the amount you decide to save periodically, your savings should be automated to make it easier to achieve discipline and consistency. You should also invest your money in opportunities like mutual funds and other investments.
Now in picking a savings account, it is important to find one with zero or minimal fees and with considerable returns. Your saved-up cash should not sit in a bank, it should work for you to generate returns. For instance, if you saved up 1M Naira in 2017, at 10% interest per annum and one year later, the money should have increased by itself to 1.1M Naira. This is how you grow wealth, steadily. Try out Cowrywise today.
2. Discipline to delay gratification.
If you look around you, you’ll probably notice that we are surrounded by advertisements that are aimed at making us spend money on things we do not need. The new iPhone, the new cars, the new designer labels, the new shoes…the list is endless.
If you have a goal of becoming wealthy someday, you should learn to postpone buying these things until you have well enough. This is not to say you shouldn’t enjoy some of life’s little luxuries. The point here is that you could always delay buying luxuries until you achieve your important money goals. You should learn to live way below your income.
Or better, ask these questions: Do I need this item to survive? Does this item bring me additional cash? Am I buying this to impress my friends?
3. Discipline to ignore the Joneses.
The Joneses are all around us. They are those families and friends who spend money just to impress others. Our neighbours with all the flashy toys, our friends who buy the latest gadgets to show off but are barely able to pay their rent.
To be like the Joneses is to spend your little savings on what the Joneses are buying. This never-ending race to be like the Joneses always leads us to make poor financial decisions that are detrimental to wealth building.
When making any purchasing decision, it is important to ensure we‘re not trying to live life as dictated by others. We should learn to spend money wisely.
What is the fastest way to build wealth?
Spend less than you earn. Live below your means. Save the remaining and invest where it grows steadily over time. That is how you build wealth fast. However, many people never really build wealth as they keep spending as much as they earn. Then, later in life, they depend on a pension or their children to support them in retirement.
How do you create wealth from nothing?
- Educate yourself. Understand how to build wealth.
- Liquidate assets you don’t need anymore.
- Avoid unnecessary debts and wasteful spending.
- Automate your savings
- Invest
- Share your financial knowledge with your circle. What is better than one wealthy person? Wealthy people.
Watch this video on how to build wealth with a 9 to 5:
We will like to hear from you if you have identified additional disciplines required for wealth creation!
Get started on your journey to wealth creation with Cowrywise now.
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Good evening, my question to you please if open an account today in naira his the money will converted to us dollar to running the account
If you are investing in a dollar fund, yes.
Can the funds be traded rather than investing to increase gains?
What if your money is in cash(Dollar)
Please I already have an account, will I have to re-open another account before investing in dollar?
Can I invest in the next eurobond using dollar (cash)? If yes, will my returns be in dollar as well or it will be converted to naira??
Hi Helen, you can invest in Eurobonds at any time. However, we only accept naira deposits at the moment. Also, your returns accrue in dollars.
So which is best to earn the second way or first?
Focusing on returns will be better
Hi, what is the minimum amount you can invest with.
Hi there. You can invest the naira equivalent of $100
Hi Ope, does that mean I’d need two accnts to operate the fund, I.e a naira account to put in the naira funds which is d only 1 u currently accept, then a domicilary account where my returns would accrue in?
I want to invest in your Eurobond.
I have re-installed your new app an still can get the eurobond plan?
How much is the minimum equivalent dollar for a start?
Can i get an overview of all the benefits and rules of this plan?
***and still can’t get the eurobond plan?
Do you allow people from south Africa
Hello, my question is if I invest in the dollar mutual fund how do I get the returns?
Will it be in naira or in dollars and will I have to open another account for the returns to go into
Can’t you go down to 50USD
Hello Nsikak, currently the minimum is $100 but we we are looking at a possible review in the future.
The new minimum is $10
Hello will I have to re-open another account before investing in dollar?
luckysolomon444@gmail.com
I have invested in dollars mutual fund… It means I Will get my return in one year
Hi Jonathan,
How is the return/interest on your investment from November 27,2020 so far??
No you don’t have to, just click on invest in mutual funds, you will see the options there. You can navigate and alot with your account.
If I invest in the euro bond, it is expected that my return accrues in dollar, right? And how do I withdraw the dollar? Do I need to convert it to naira, if yes, how can I convert my dollar to naira on the app. Lastly, how long do I need to leave my investment on cowrywise? Or can I withdraw anytime?
Am interested. Let’s say I put in a $1,000. What the ROI…within 1 year.
Your interest is 6.6% then calculate it for one year, I think so
Hello,
As a Nigerian, can I save my money in dollars even though I don’t want to invest in a dollar mutual fund?
Pretty soon, yes!
If l invest in naira am l going to get it back in dollar
You’d be getting it at the prevalent naira exchange value of the dollar.
Am going to save in naira am going to get it back in dollar
You’d be getting it at the prevalent naira exchange value of the dollar.
Hello ope pls how much is $10 in naira
How long does the investment last.i.e when can I get my returns
I will give BIG CONGRATULATIONS to the entire Management of COWRYWISE for this wonderful opportunity to be a good investor with simple and sound education on various investment opportunities an investment can be done with little and grow within a short period period of time
God bless
Thank you so much ?
Now if I put 100$ in one year what is my return
If my return will be in the current dollar rate at the time, when i am investing and when am getting my returns, what exchange rate do u use? Black market rates or the bank rates – please verify in each case. Thanks.
Hello please if you can create the one we can start with the minimum $1 we’ll be happy ??
I just started investing in eurobond funds on cowrywise. So far so good, it has been a good platform to invest money and earn back. Kudos to the team behind this platform