Financial Freedom Nigeria

Creating Wealth Now

It’s about other people’s money

people's money

by Lloyd Onaghinon  lonaghinon@financialfreedomng.com

 

The people who tend to create wealth are also those who tend to accumulate other people’s money either in large volumes or in large value. They are able to serve more people in number or in value. As stated, if we command our wealth we shall be rich and free; if our wealth commands us, we are poor (Edmund Burke, Letters on a Regicide Peace, 1796, culled from Other People’s money, John Kay, 2015).

The issue is how we are able to command people’s money. How many people are willing to entrust their funds to us either directly or by purchasing our service or product? This is the point we need to reflect on.

That takes me to the issue of export vs import. The bane of Nigeria. As an economy we tend to import a lot compared to what we export. This is why the government has been talking about diversifying the economy and ensuring we produce more. Anyone’s ability to serve more people means that so many more people are willing to trust you and give you their money.

How appealing are you, how appealing are your output? Who are you selling to? Is he satisfied with the quality of the product? Is he happy with your ability to provide after sales service? Does the product disappoint the person consuming it and trusting you to deliver? These are simple questions we need to constantly reflect on.

Second sets of questions will be at what level are we operating? Are we addressing people’s primary needs or their superior desires? Are we engaging their minds or are we just engaging them at their primary basic desires? As you improve the quality and the appeal tends to shift from primary needs to wants and desires. However the wealthy tend to be able to deliver over a long period of time to people who tend to be satisfied. What am I saying? I believe we are all on the same page and are able to reflect on these.

So the question is to find out how we can get people to trust us enough to hand their money over to us. How can we go about that? It will start with what I have to offer. What do I have to offer to someone? Is it my skill? Knowledge? Product? Idea? What do I have today to offer to someone? Am I offering these skills, ideas, product etc. to people or I am shy and doing nothing about it? I hear us say I am shy, I cannot walk up to someone, I am scared of rejection, the standard I currently am at is not sufficient etc. Are you serious? Do you really want to be wealthy?

The other area is am I able to get people to reorder what I have to offer? Am I innovating adequately to give additional experience or a consistent experience to the people who like my product? What is bringing them back to that product? Are they able to reuse my product? Is the trust level increasing?

I have chosen to actually position this particular write up as a series of questions and hope that we will reflect on them and as we answer these questions we gain the confidence to realise that we need to own a skill, product, service, product etc., we need to sell the product that we have, we need to be able to re-offer the product to people or get people to reuse them, we need to be out there approaching people and continuously improving while attracting more people. Why? This is because this is the way we grow our wealth. It is about other people’s money. The more people can put money in our hands the more we can sustainably grow our wealth.

 

Take Away

  • Nigeria’s economy is one that tends to import a lot compared to what is exported.
  • Find out how we can get people to trust us enough to hand their money over to us.
  • We need to own a skill, product, service, product.
  • We need to sell the product that we have – and re-offer the product to people or get people to reuse them.
  • We need to be out there approaching people and continuously improving while attracting morepeople.

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