WHO IS THE NEW CEO? How to build your personal wealth

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Wealth by definition means different things to different people. What some people may see as having arrived may be just another person is starting point. Either way, making money, any amount of money,requires a certain level of commitment. Interestingly it brings us to the popular saying that everyone wants to go to heaven but no-one wants to die. Most people would like to be financially comfortable, but few, very few are willing to pay the price for making that dream a reality. But if you are keen on making “serious” money, follow this tested and trusted path:



It is not enough to say you want to be wealthy; you need to define how wealthy you want to become. Dangote-wealthy? Bill Gates-wealthy? Your landlord-wealthy? Having a clear-cut vision of how wealthy and seeing yourself in that future helps in bringing it alive. Truth is: you cannot be wealthier than you see yourself become.



Okay, you have envisioned the future, abi? The next task is planning it. Ever wonder why army generals spend time in the war room charting and reviewing battle plans and formations? Because the outcome of the battle depends on how well or badly it was planned. The same way you need to carefully plan your strategy for making wealth. You need a mission statement that helps you track your movement. You also need to constantly review and reappraise your progress.


It is very important to know what you have since it is foolish to plan with what you don’t have. This is where budgeting comes in. Drawing a realistic budget helps you manage your spending while making room for contingencies.


It makes sense to have short-, medium- and long-term plans in order to achieve your different goals at different stages without upsetting the whole plan or your future. Start with your Personal Savings when it comes to budget. It is advisable to start saving today for the money you would like to see in future. For instance, the guy that puts away 15% of his net income on a monthly basis has more money to look forward to in future than the one who saves only 5% of the same amount monthly.



What’s the point of detailed planning when there’s no discipline to carry it through? No wonder it is said that ‘discipline is the soul of an army’. Discipline requires a resolute mind that refuses to be distracted from its mission. It is discipline that would help subject you to regular self-appraisals in order to ensure that you are not living above your means. Truth be told: temptations lurk at every turn. Temptation to buy the latest mobile phone when, after all, most of your friends have it; temptation to indulge yourself needlessly, spend money to impress a new girl; temptation to spend on the spur of the moment, and so on. In all, a disciplined mind understands the need to stay true to the overarching objective which is to build wealth. And this wealth cannot be built on frivolous spending, or worse still, on borrowing. And speaking of borrowing, isn’t it pathetic that people actually borrow to throw owambe parties, or some such gig? Debt acquired through such is simply identified as a wealth killer. If you must borrow, it should be for investment purposes, with a defined payback plan to cover it, whether short-, medium- or long-term.


Saving vs Investment

Most people would swear by their grandfathers that it is good to have a saving. But they are partially right, partly because it is the concept that most people grew up with, and mostly because they never met Warren Buffet, the great American investor. Buffet it was who said, ‘Never depend on a single income. Make investments to create a second choice.” It makes sense too. Creating multiple streams of income that would lead to great wealth is made possible through investments not savings. While savings ensure that a certain percentage of your income is there for your future use, investment activates your savings (that’s your money working for you) that will yield profitable returns thus creating an extra source of income while the primary source is still intact.


At this stage of your journey to building your personal wealth, you will need Meristem. As a one-stop financial services “supermarket” Meristem offers you various products that meet your need, class and preference. Due to their expertise in the field of wealth-building, Meristem would help drive your plans to reality. And you can enjoy some of their retail products including Meristem Savings Investment Scheme (Meri-SIS), Fixed Term Investment Portfolio (Fix-tip), Aspire, Meristem Trade Equities Investment (Meritrade), and so much more, offering you flexible investment opportunities with as low as N10,000 to what you can afford.


Trust Meristem to deliver the product and plan to meet your needs.




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