5 Essentials lessons to learn while growing up as youth
- Your partner & Friends circle is your biggest financial decision
Choosing your partner or friend is the biggest financial decision you’ll ever make. They’ll either support you, or they’ll work AGAINST you.
Choose wisely.
- Compound interest is the way to wealth
Compounding is when you earn interest on your previous interest.
If you want to become a millionaire, then time is your ally. Start investing early & often.
You may not see results immediately, but 5, 10+ years from now you will
Learn to invest.
- Income does not equal net worth
How much you earn doesn’t mean how much you are worth.
You can earn N500,000 and spend N490,000 of it.
You would have LESS money than someone who makes $60,000 but saves $20,000
Know what you want and what you have .
- Start a business
88% of millionaires are entrepreneurs.
If you want to be a millionaire, then stack the odds in your favor by building a business.
And thanks to technology, you can start your own business online and from your home
That's what brought the idea of JL Creative Solution a consulting company patronize us.
- There is no such thing as a free lunch
Even if you THINK you’re getting a good deal – think again.
There will ALWAYS be an opportunity cost.
Examples include:
- Your time
- Your money
- Your energy
- Your happiness
Weigh the pros and cons before you sign a deal.
- Don’t be Penny wise & Pound foolish
Look at the bigger picture.
Saving N300,000 on Online bags/ clothes or coffee won't make you rich.
Look at the bigger costs of life:
- Your mortgage
- Your car payment
- Other major expenses
Only spend on what you need.
- Debt is robbing you of your future self
When you put money on credit (like a credit card) today, you are actually taking away your future spending power.
If you can't pay off your credit in full every month, you can't afford your lifestyle.
It’s that simple.
From experience .
- Wlth isn’t sexy
Don’t fall for the trap that you need to invest in “sexy” strategies or assets.
To build wealth you don’t need to:
- Buy cash-secured puts
- Invest in alternative assets
- Follow complex hedging tactics
Index funds work just as well.
- Solve problems, make money & Be happy
The wealthiest people in the world have all 1 thing in common:
They are problem solvers ☑️
When you solve someone’s pain point, you make money
Send me a DM Joel Lakene Luka for blueprints.
- How you spend N10,000 is how you’ll spend N100,000
Building wealth comes down to habits.
So take note of how you treat N10,000.
Do you save/invest it?
Do you spend it on unnecessary things?
Work on your spending & saving habits first. They are the foundation 🍷
You can reach out to me for business Strategies and ideas
See you'll at the TOP .
All written and compelled by Joel Lakene Luka.
Joel Lakene Luka, is a Medical doctor, transformational speaker , social innovator , award winning public speaker and writer .
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