Creating Wealth: A Roadmap for Business Owners, Employees and Income Earners

By Michael Onuorah | 3 min read
11th June 2017
Creating Wealth: A Roadmap for Business Owners, Employees and Income Earners

Let me officially welcome you to this maiden article that teaches you how to create wealth.

Whether you are an entrepreneur, business owner, employee or student, this article is for you.

My goal is to teach you how to create wealth and how to start the journey to becoming a billionaire.

How do I know that this roadmap works?

Probably, because I know it has worked and I have used it again and again.

I wish to share this series on how to create wealth. Join me as we explore the rules of creating wealth.

Rule 1: In order to be rich or wealthy, you need to get yourself to a point in your life when you have a minimum of 4 or more sources of Income.

In less technical terms, you must develop multiple sources of passive income.

According to Investopedia, Passive Income are earnings an individual derives from a rented property, franchise, partnerships or businesses in which he or she is not materially involved.

Put in another way by Wikipedia, Passive Income is income resulting from cash flow received on a regular basis, requiring minimal to no effort by the recipient to maintain it.

One mistake that most working class young people make is that they work so hard for a paycheck, yet when they earn their pay check, they buy the most expensive things life has to offer them- Cars, Perfumes, Clothes, Phones and Games.

In most cases, they are in debt even before their next paycheck comes and this cycle continues until they retire at 65. So the only time they earn a passive income is when they earn their pension or their retirement income, which in most cases is never enough.

So in order to call yourself rich or wealthy, you need to start creating Passive Income.

Are you still there?

I heard you ask me the next big question: How do I generate passive income?

How do I also generate passive income that continues to generate income all the time?

In order to answer these questions, I want to state a key economic fact: "Human beings are Insatiable"

What these means is that as long as man exists, they would always require a product or service to keep them going, so passive incomes will be around for a long time.

I wish to quickly list a prospective list of passive incomes that you can access or invest into as you begin your journey to creating wealth.

S/No.

Passive Income Type

My Comments

1.

Put your Car on Uber when you are at Work from 9am to 5pm

People make close to 150K per month for putting their car on this scheme.

2.

Register for an Online store on Jumia, Konga, Jiji, Obeezi and sell stuffs online, while you sleep or you are at work.

No need to build a portal. No need to pay for Marketing. Make money all the time.

3.

Buy Crypto Currencies (Bit Coin, The Billion Coin) which keeps increasing value everyday

Each unit are worth over 1,600 Euros and the value keeps increasing.

4.

Rent a Shop and put Washing Machines there and offer to run a 2 days wash, iron and deliver service

Good Business, profitable and can run without you. However, install cameras and deploy ATMs and insist customers pay with card.

5.

Rent a Shop and put games machines and let young people play games for a fee

Good Business model, profitable and can run without you. However, install cameras and deploy cards that can be preloaded with game money so employees don't touch cash.

6.

Buy a property and put it up for rent or AirBnB

Would cost you more initially, but will make you asset rich in the future.

7.

Setup a YouTube Channel and setup Google AdSense on your YouTube channel

This would fetch you money, when you grow viewers. E.g. Mark Angel Comedy has over 500,000 viewers and they are paid for adverts.

8.

Buy and Rent out Expensive Equipment, Tools

People would rather rent than buy; however ensure business is well planned with insurance and good repair policy.

9.

Become a digital book publisher

Write short stories, 60 to 100 paged books and sell on Amazon and book stores. It would generate money while you sleep.

10.

Create a business system and franchise it out

Every business should be built as a system that can be franchised or sellable. So setup your business as a system and it will make money while you sleep.

11.

Create a video based training courseware using experts

People never stop learning, so create a digital university that keeps educating people and they will keep paying you.

 

Phew! What a long list! I hope you understand my point of view.

The journey to becoming wealthy begins with making your money work hard for you and not you working too hard for your money.

Let me close with a prayer point that my mother used to pray for me when I started my first business: "May you never work like an Elephant and Earn like an Ant" 

I pray the same prayer for you and I hope that you start setting up passive income right away. We will continue this chat next week.

Michael Onuorah
My name is Michael Onuorah. I am first and foremost a teacher, problem solver and a servant leader. I want to honestly state that what drives me in life is helping people to start their journey to self-discovery. I believe that is my primary purpose. My secondary purpose is to be a teacher that demystifies various areas of learning ranging from Database Administration, Entrepreneurship, Information Technology, Business Administration, Marketing, Logic and Problem Solving. And My tertiary purpose is to be a problem solver. I want to teach people how to solve problems relating to what we encounter every day.
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