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Poverty: Ex-bank CEO, other financial experts teach people how to create wealth

Per Second NewsAugust 9, 2021107

…says 90 percent of people in the world are behind their retirement goals

By Ajuma Edwina Ameh

Financial experts including a former Managing Director/CEO of a bank and erstwhile Deputy Governor have advised young people to strive to create wealth and succeed in life by firing up their entrepreneurship spirit.

According to them, to succeed in life there is need for people to have entrepreneurial spirit.

Persecondnews reports that the experts unleashed rules of wealth and creative ideas advice at a virtual conference tagged, “Wealth Creation, Entrepreneurship and Financial planning”, organized by City of David Beltsville, Maryland.

The experts stressed the need for a second source of income and move away from relying on weekly or monthly wages alone.

In his presentation, the former Deputy Governor of Lagos State, Otunba Femi Pedro, a well known entrepreneur, advised people to invest wisely rather than spend on “unnecessary things”.

He said: “Money infusion, that is the first sense of financial security. The more money you make, the more things you acquire, and anytime you acquire these things, they make you poorer; it takes part of that money away from you and you will not be able to establish yourself.

“A lot of people are these category, particularly those who handle bulk income; entertainers, athletes, footballers, they make a lot of money.

“That is why you hear stories of entertainers, athletes, footballers, who make millions and a few years later everything is gone, they are broke. The trick is to be able to convert this money into wealth and discipline yourself to be able to sustain this wealth and grow it.

“When you are in poverty trap, you have a problem, you are trapped in a cocoon. You can stay in poverty trap for the rest of your life.’

Speaking further, the former deputy governor, disclosed that in the process of developing his strategy for wealth, he came up with 10 rules.

“So, in the process of developing my formula for wealth, I came up with 10 rules; what I call the rules of wealth.

“They are basic rules that many of us are probably familiar with some of them. I’m able to put these rules together because I look at my life for the past 35 to 40 years and I believe that these rules have been very helpful to me, as I have followed some of them and they have worked.

“The first one is what I call the positive wealth mindset. This is a personal habit. Some of us start buying the negative mindset from the day we were born, from the family we were born to.

“Our mind is conditioned to feel that once we grow up, we go to school, we graduate, we get a job, that is the beginning of our success ladder. That is the mindset we grew up with so we don’t think of any other thing.

“For some people it’s the opposite. They are born into families of entrepreneurs. They see their parents running a business and they try to understand that that is the only way of life, and they get used to it right from childhood.

“So many people have never ran a business in their life, their mind is conditioned to working, they have never invested. Some of us are financially illiterates; we don’t know what is happening in the financial world.

“To have that positive wealth mindset, you either have to have it from childhood, or if you don’t have it from childhood, you have to gain it.

“The second rule of wealth is very basic; everybody talks about it but not many people practice it, it’s simply Character and Integrity. You can not succeed if you lack these values.

“Self discipline is the major distinction between people who create and build wealth, and those who are trapped in poverty. Self discipline is being able to control your emotions, wants and needs.

” If you don’t need something, don’t buy it because your friends have it. The only way you can be wealthy is if your income exceeds your expenditure. You cannot creat wealth if you don’t save money and invest it in something,” Pedro, who was deputy to Ex-Gov. Bola Tinubu, advised.

According to Pedro, his spirit of entrepreneurship helped him in his work as the deputy Governor of Lagos State.

“So, my only advice is that going into your future, get yourself a second income; don’t rely on your weekly or monthly wages alone, because if you do you will be trapped in poverty for the rest of your life,” he stated.

Speaking, the host and Pastor of City of David Beltsville, Maryland, Pastor Abbey Olusanya, advised on the need to have a vision by “identifying yourself with what you want to do.”

He stated: ”Don’t be a jack of all trade. We are in a country where they throw many things at you simultaneously, and if your mind is not made up you will be jumping from pillar to post; they will keep tossing you around.

“You need to identify where you are heading to. A lot of people know where they are, but they don’t know where they are heading to.”

Also speaking, State Farm Insurance Company Agencies Territorial consultant, State of Maryland, Lee Greenhowe, advised people to invest and save for retirement, sayi as retirement is very beneficial and important.

He said: “I want to talk about retirement plan. Everybody’s retirement plan is going to be a little different, based on your situation, age, the money you have, where you live, are you married or single, how many children do you have.

“Retirement is very beneficial and important. 90 percent of people in the world, if not more, are behind their retirement goals. Save for retirement until it hurts. Meaning if there’s anything you can put back, put it back; for instance the fancy clothes, the luxury cars.

“I’m not saying don’t buy, don’t enjoy your life because you work hard everyday, but if you won’t be able to afford clothes after retirement, put it back.”

On his part, the Chief Executive Officer, Karak Healthcare group, Doyin Famodu, stated that you have to build a diverse portfolio in entrepreneurship.

“Do not put all your eggs in one basket. You have to build a diverse portfolio. You have to make optimum use of your resources.

“Optimum use of your resources includes internal; time, funds, knowledge, skills, inspiration, talents, abilities and capabilities. External are friends, families and resources,” he explained.

In her lecture, the State Farm Insurance Company Agencies Territorial consultant, State of Delaware, Renee Wiley, spoke on the need to have a life insurance.

According to Ms. Wiley, seven out of 10 women are going to outlive their husbands, adding that there’s a need for women to ensure their partner or husband has a life insurance.

“So you have children, family or people that you are taking care of. And if you are a single income family household or double income family household, and your partner is dead or gone, their ability to earn a living is taken away from the family, that is one of the reasons to have life insurance.

“Second reason is that in times of paying taxes, If you put money in life insurance, it will grow without you being taxed on the growth.

” If you get life insurance, you are looking at financial security for the next generation, you are looking at family legacy; what do you leave for your family or your children,” Wiley said.