How To Build Wealth From Nothing By Yourself

build wealth from zero

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Some of us are born into wealth, while others are born into nothing and have to build their wealth from zero by themselves.

Here’s how to do it.

When I talk about building wealth from nothing, I don’t mean how to build wealth if you literally have no dollar to your name.

You can’t make money without money in this present world. You need to have at least a source of income first. A job that helps you keep the lights on.

You should be able to feed yourself at least, and have a place to live.

Else, none of the things I’m going to talk about here is going to matter much to you.

If you have nothing to your name, go look for a job and get some money coming in first, then you can think about building wealth.

My name is Bright Ochuko, and I won’t call myself wealthy as at the time of writing this.

I’m just a guy that makes more than he needs right now. And I’m on the journey to becoming wealthy.

I am however writing this to share with you, what I’m doing right now to build wealth, so that in the nearest future, I can actually call myself wealthy. So that you can take a leaf from it to build wealth too.

So, what are the steps am taking to build wealth?

Start a business

The first step to becoming wealthy is to start a business. One thing you must know is that you can never become wealthy by just working a 9-5 job your entire life.

That will never happen. You only become wealthy when you have your own business, when you’re making your own money, and when you can control how much you make, by the amount of work you put in.

If you only have a set amount to make at the end of the month or at the end of the year, just like you get from a job, then you can’t become wealthy off of that.

On a job, you have a set amount to make at the end of the month or at the end of the year. It’s called your salary.

If you want to make more than that, you’d need to get promoted or you’d need to negotiate for a salary increase.

And the fact is, you can’t become wealthy if you’re being paid salary. That’s never going to happen.

The only way you can become wealthy is if you can control how much money you make. And the only way to do that is by starting your own business.

If you’re ever going to grow wealth from zero, you need to start a business right away. You don’t even have to quit your 9-5. You can start a side hustle. Your personal business on the side.

The one business I’m currently doing, and I usually recommend people to start is the You-Business. And you can learn all about it right here.

Invest Your Money

Start a business is great. It’s very important. But what’s even more important once you start making money from your business is find a way to start making that new money you’re making work by themselves for more money for you.

The one mistake most people make when they start making money, even I made that mistake myself, is to just start spending the money on themselves and thinking they’ve arrived.

No, you can’t do that.

You have to invest that money into assets that will earn you more money, for the day you decide that you don’t want to work again.

There are 2 main things you can invest in today. You can invest in other businesses, and you can invest in real estate.

I live in Nigeria, and real estate is one of the best things to invest in once you start making money. And I believe that’s the same with other parts of the word.

But land. Buy as much land as you can possibly buy.

Invest in other businesses if you can. So that you become part owner of those businesses. You have shares, and you make money when those businesses make money, even though you don’t work there.

That’s one of the reasons why investors in Shark Tank make a lot of money. If you have a good eye for new businesses with very big potential, you stand a chance to make a lot of money when you invest in these businesses.

Crypto is another thing you stand to make a lot of money from when you invest in it. Investing in Crypto however can be quite risky. So, you have to make sure you know what you’re doing before making any kind of investment in it.

Don’t spend money on liabilities

When you start a business and you start making money, especially more than you’ve ever made in your life, there’s usually that urge to just go out there and enjoy that money. You know? Splurge a little bit.

And if you’re not careful, you’ll find yourself spending money on liabilities. Things you shouldn’t spend money on.

Things that make you lose money, instead of making it. Expensive clothes, jewellery and cars you don’t need. Sometimes, jewellery and cars can end up becoming assets, but the point is, you have to be careful what you spend money on.

If it ain’t bringing in more money, but just keeps your money stored up, depreciating and not accruing more money for you, it’s a liability. And you’re never ever going to become wealthy

You’ve got to spending on things that keep your money dormant and depreciating, and spend on things that increase the value of your money.

Don’t save money in the bank.

This is very important. Don’t just hoard your money in the bank unless it’s accruing interest.

If you save 500k USD in the bank for a whole year. At the end of the year, it will still be 500k or a little over 500k if it’s accruing some type of interest.

On the other hand, if you buy real estate like land worth of 500k for a whole year, at the end of that year, the value should be well over 500k to a million.

That’s why it’s important to invest your money. Don’t save paper money. It’s worthless. The government prints more money everyday, so your 500k will depreciate in value after a year if you don’t invest it in assets that increase in value with time.

Conclusion

I truly believe you can build wealth for yourself by doing the above.

You can’t build wealth by working 9-5. Start your own business.

Invest money in assets that increase the value of your money.

And try as much as possible not to spend money on liabilities that reduces the value of your money.

And last but not the least, don’t just keep paper money stored up in the bank. The value always goes down.

Instead, invest it in your business and in assets that bring in more money. So you can grow your wealth over time.

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