Last Updated on July 26, 2020 by Henry Ibeleme
Who doesn’t want to be rich? That person is probably not born yet. Almost everyone wants to be stinking rich, to acquire their dream car and house, and live their best life ever.
If you’re going to become a millionaire in Nigeria, you have to work your ass off when others are dulling.
If there is something I have learned over the years, it is that anything is possible if you put your mind to it.
I don’t want to sound like your regular motivational speaker who believe you can be the president of the US.
Let’s face reality; a black Nigerian becoming a US president is highly unlikely. It’s time to be real and face the facts.
Although becoming a US president is not really feasible, but becoming a millionaire in Nigeria is more than possible.
I made my first million at the age of 23. Right from time, I have always known that I wasn’t cut out for the offline world.
The internet is where I sleep, wake up, and make money. I made my first million as a freelance writer, and it wasn’t because I was amazing.
Far from that, cause there are tons of incredible, veteran writers that I am not even worth to untie their shoelace.
But do you know the difference between an achiever and an underachiever? ACTION and PLAN.
An achiever doesn’t have to know all the ropes; he just gets to work with the little information he has. An underachiever is still reading tons of guides, planning, waiting for the perfect season to strike.
If you want to become a millionaire in Nigeria, you must be ready to learn and act. The world belongs to the doers, not the procrastinators or thinkers.
In this article, I hope I would be able to ignite the passion for making millions and being truly financially free. Are you ready to go? Let’s go!
Table of Contents
1. Begin With A Plan
No great man or woman has ever reached the pinnacle without a guide or a map.
Those who tried without these necessary tools ended up on the roadside, depressed and broken. A
Starting early to plan would be in your best interest if you’re still in your teen or twenties. There is always a magic that comes with planning early in life.
If perhaps you’re in your thirties, forties, fifties, and above, it is not over until it is over.
Colonel Sanders, the founder of KFC, didn’t meet his breakthrough until he was in his 60s.
This American entrepreneur had to battle with years of failure, disappointed before he finally meets success.
Age is not a factor when it comes to becoming a millionaire. The only prerequisite is that you start with a plan.
You need to know what you want, where you want to live, and even the kind of car you want to drive. If you can’t see it, or imagine yourself having that dream of yours, it isn’t going to happen.
- Part of your plan should include questions like:
- What will it take to achieve this dream?
- What behaviors or habits do I need to adopt?
- What money management skills should I implore?
- What kind of girl or boy should I be dating?
Listen to me, and if you’re not ready to make a total overhauling of your life and everything concerning it, you are not prepared to be a millionaire yet.
These questions would compel you to make adjustments, to plan, and to see your dream. Y
our ultimate aim should be freedom from financial hurdles and time.
Many are of the notion that money can’t buy happiness. However, a lack of it can’t make you happy either. All you need is to have a healthy mindset about money, and you’re good to go.
2. Understand Money
You cannot be a millionaire if you’re scared of the subject of MONEY.
Unless perhaps you’re one of the lucky ones to become a millionaire through a game show like, ‘who wants to be a millionaire.’ Or maybe, you found yourself in the political arena where you saw an opportunity to loot public funds.
If you want to become a self-made millionaire here in Nigeria, you need a thorough financial education.
I was reading ‘Rich Dad Poor Dad’ the other day by Robert Kiyosaki.
His emphasis on financial literacy is a pointer to the fact that it is something you can’t ignore.
It’s just like chasing a girl. To woo her and get her to be your girlfriend, you need first to understand her.
It might include learning about her likes and dislikes, and much more. I am sure you’ve even gone extra by learning about their favorite movies, books, or color.
To successfully woo money, you need to understand money.
Here are some things you need to know. I consider this an expo because you should be able to go out there and start studying money.
But since you’re on this platform, I am going to help. But before you read on, subscribe to my blog so you will always get new posts wherever they drop.
You don’t want to miss them!
1. Always Pay Yourself
I learned this from the book, ‘The Richest Man In Babylon’ and needless to say; it changed my life.
You might be wondering, ‘how do I pay myself?’ Well, you don’t need to be too ahead of yourself, as I am going to spill the beans without holding back.
Every time you receive an income, paycheck, or whatever, what do you often do?
Let me guess! You probably do some shopping and restock the house with some resources.
You might decide to settle a few debts, pay the bills, and gently eat the remaining balance until the next paycheck. Am I spot on?
If that is your story, take note that you’re not alone. But if you want to be a millionaire in Nigeria, you have to make a lot of adjustments to your finance.
Open another bank account, and pay yourself 10% of every income you get.
When you have gotten enough, you might decide to start up that dream business.
2. Don’t Show Off
The aim is to be wealthy, not to appear luxurious.
Unless you’re a public figure, where you have to fake it until you make it, if that doesn’t sound like you, then you need to start losing money to show-offs.
You don’t need to impress anyone with a new car or a new house. Only do those when you know your business or investments are capable of handling such expenses.
In today’s world, life is almost like a competitive, show-off parade—a life where you always remind your friends on social media how perfect your life is.
You do not need new clothes, shoes or a phone. What you need is to find a lucrative investment opportunity to dump that money.
3. Let Your Money Work
Money has hands and legs, and it is always ready to work for you.
The worse mistake you will ever make is leaving a massive amount of money in the bank.
Not only would you be losing some parts of that money to bank maintenance fees, but you also keep making the banking system rich.
Instead of allowing your money to lay dormant, put it to work. There are lots of investments, like Treasury Bills, stocks, bonds, or perhaps businesses that your money can go into.
To become a millionaire, you have to learn how to put your money to work. Your money should be able to make more money, and even more.
If your money isn’t multiplying, then you’re getting poorer.
4. Track Your Income And Expenses
I have never been good at tracking my income and expenses, but everything changed the moment I began.
You might not know this, but you might be spending more than you want every month without realizing it.
You do not need to be an accountant to track your earnings and expenses. Numerous tools can help you, like Google Sheet Monthly Budget.
You can easily download the Google Sheet from your apps store and begin tracking incomings and outgoings. That way, you manage your money better.
It also helps you manage impulse buying if you have any.
3. Get A Millionaire Mentor
To become a millionaire in Nigeria, you need to have a millionaire mentor. You might have come from a poor or middle-class family, which often limit when it comes to meeting such a group of people. If finding a millionaire mentor is almost impossible, there are other options you can try.
I made my first millions without a mentor. All I did was follow some awesome blogs, read great books, and today; I’m glad I did.
You know what, getting a mentor is hard. It is hard to find someone willing to lend you some of their time.
Everyone seems to be busy, despite how incredibly wealthy they are.
It often pisses me off. If you’re wealthy and yet you don’t have time for yourself or anyone, you’re still miserable.
In the absence of a mentor, read books that teach you about money. Listen to some great speakers on
YouTube and learn some personal development tips. The books you read, the blogs you follow, and the podcast you listen to will determine if you will become a millionaire.
4. Understand That Money Is Never Enough
Money is merely paper, a tool that helps you get some basic things of life. But here is a sad truth you must know, it can never be enough.
When I made my first millions, I was thrilled, and it gave me the hunger to pursue more.
The more I make, the more I want. It was like a bottomless pit I was trying to fill. But no matter what, I just don’t get contented.
It is good to be a millionaire, but it would be depressing if you think money would solve ALL your problems.
It never will, nor will it ever be enough.
It is a lesson that many often end up learning late in life. I am an advocate of making money, and I want you to become a millionaire in Nigeria.
At the same time, I want you to set realistic expectations. Do not look at money as a savior, but rather a servant.
When you have the wrong impression about money, you will end up making tons of mistakes.
5. Discover Who You Are, Your PURPOSE!
This tip is supposed to be number one in this article, but I think coming last would be most appropriate.
If you want to become a millionaire in Nigeria, the first and most crucial step is to discover who you are and your purpose in life.
Perhaps you love business a lot, and you aim to establish yours.
Aside from the company, maybe you’re the type that prefers to travel the world.
Whatever your dream or purpose is, it can serve as a path to becoming a millionaire.
I met someone recently who loves everything about filmmaking. It is a passion, a hobby that he just couldn’t overlook.
Many prefer to say that his purpose was to capture cinematic moments that thrill viewers. By following his calling, he was able to amass over two million YouTube subscribers.
He makes thousands of dollars every day from Adsense, becoming one of the youngest millionaires, I know.
The path to your success is often tied to your purpose.
I am a pretty good writer, and it’s been a passion that I can’t extinguish. Through freelancing, I was able to train myself in the university, feed myself, and pay rent and bills.
Through writing, I was able to make my first millions.
It’s easy to make money, especially if you have tons of skills that you can market.
You might have one or two, focus on the one you feel is more lucrative. You can become a millionaire, yes you can!
You just have to keep showing up and keep working on your dreams until it becomes a reality.
One trick that works for me is writing my desires, dreams, or vision on a piece of paper. Do you know what I do with it?
I pasted it in my bedroom; at an angle where it’s the first thing I see every morning when I wake up and every night when I sleep.
When you train your mind to see and feel this desire of yours continually, it would gradually manifest into reality.
Over To You!
Forget about every wrong lesson you’ve learned about money and start seeing it like this simple thing you can easily get.
The most important thing is to build your mind, to educate yourself financially. Making money is easy, but keeping it demands financial wisdom.
I have seen lots of people today hit millions, only to hit rock bottom six months later. Wisdom is the most important tool of all.
Now, over to you, at what age did you made your first million, and how?
How do you plan to reach that status if you haven’t joined the rank of millionaires?