Welcome back to another session of creating wealth.

I trust that you have digested the first session of Lesson one.

I am proud to say that I have been getting a lot of appreciation, feedbacks and technical advice on how the articles should go. I wish to use this medium to appreciate your feedback, support, wisdom nuggets and prayers. I hope the article does start you on your journey to becoming rich and wealthy.

However, this addendum became necessary following some questions and feedback that fellow readers pointed out and my aim is to provide clarity on how to become wealthy.

According to “Joseph Murphy in How to Attract Money”, Wealth is a state of consciousness; it is a mind conditioned to Divine Supply Forever flowing.

In his words, he says that the man who knows the workings of the sub-conscious mind is never, therefore, worried about the economic situation, stock market panics, devaluation, or inflation of currency, since he abides in the consciousness of God’s eternal supply.

In less technical terms, the battlefield of wealth or poverty is in the mind.

Some people believe they were born without silver spoons, some people believe that money is the root of all evil; some people believe that you shouldn’t have too much money.

Those thoughts were sown into our subconscious minds and must be broken.

Let me inform you that our subconscious mind accepts our beliefs, feelings, convictions, and what we consciously accept as true.

What do you see? A half-filled glass or half-empty glass.

That determines your perspective to creating wealth. For you to be wealthy, you must be an optimist at all times. You must engage your subconscious mind by declaring positive affirmations.

I know I had to keep a book of positive affirmations which I read every morning after my meditation and morning devotions.

Let me share some of those positive affirmations with you:

“I am prospering every day.”

“I am at the right place at the right time.”

“I will always be happy and cheerful no matter the problem nor the challenge.”

“I am growing in wealth and in wisdom every day.”

“Every day my wealth is multiplying.”

“I am advancing, growing, and moving forward financially.”

“I am the captain of my soul.”

I try not to use words like “I don’t have.”, “I am broke.”, “I can’t do It.”, “It is not possible.”

These words are very powerful, they go and tell your subconscious minds that you are in a state of lack, you cannot achieve your goals in life or you can never be rich.

So you must break every negative thought with positive thought.

The next myth to be debunked is that for you to be wealthy, you must work at a multinational, own two or more car and have a house of your own.

Our educational system and work environment taught us to focus on getting a good job, buy a house on mortgage and pay for 20+ years, buy lots of stuffs we don’t need and have just enough to get by on.

I have met people who earn over 10 million per annum, yet they are still poor because they spend all that money buying stuffs, living in luxurious houses and driving posh cars. Whenever, you speak with them, they will tell you they want to change jobs, because the money they earn is not enough.

And I have met a 32-year old young man who has never earned up to 3 million naira per annum and he is a landlord, who lives in a house of his own and makes over 10 million naira from collecting his rents.

Let me clearly state that what made all the difference is what each one did with his income.

Income is defined by Wikipedia as money received, especially on a regular basis, for work or through investments.

How you invest your income will determine how wealthy, you will become in the future.

If you invest your income in buying stuffs you don’t need. You will end up becoming wealthy but with stuffs you don’t need (liabilities) and you will end up selling them at low value and you will be left with little or no money.

However, if you invest your income in buying into businesses or assets that keep making money for you even when you sleep, you will end up one day having multiple sources of income and that’s the first step to becoming wealthy.

Let me tell you about a man who had so many investments in bonds, treasury bills, mutual funds and stocks in and out of Nigeria. He started keeping these investments when his kids were born. When they were ready to go to the university. He started recalling all these investments. He was shocked!!

The money did not only pay for his kids (all four of them went to Ivy League schools) tuition, he had a lot of money to buy a new SUV and invest into properties as he prepared for his retirement.

I got some feedback from some readers that they have been badly burnt while investing in passive income. They invested in passive income and they didn’t get their initial capital let even profit.

Personally, I always recommend that people invest their monies into passive income that they are very knowledgeable about and that has available information.

For example, if you want to buy bonds, treasury bills, or mutual funds, they will give you a yield value and some form of guarantee that your initial capital is guaranteed and they will inform you of the interest you will make.

When you buy crypto currencies, they make speculations on the future value of your money (which might be right or wrong), but either ways you have access to your money.

My skepticism begins with passive income investments that require you to enroll people to make more money, passive income schemes that cannot really tell you how much money you will make after 1 year, 2 years, and 3 years.

One acid test for faulty passive income investments is this:

Can you liquidate or cash out your investment within a one week period when there is an emergency?

If you do, kindly check if you get any interest at all and if you did not get any interest, kindly check to be sure that your principal is still the same amount you put in or less.

Please only invest in business that you are very knowledgeable about and that you have taken time to study the model.

Finally, I want to dispel this myth that for you to be wealthy, you must be an entrepreneur, start your own business and have multiple streams of income.

Let me buttress this fact with what James Altucher said in his book “The Rich Employee” He said “We all need money, thank you very much, and not all of us are cut out to be entrepreneurs.”

James Altucher also shared this in his book: “One of my best friends from 8th grade invested $25,000 in Uber’s first round. That $25,000 is now worth $50,000,000.”

I have seen employees who became wealthy (remember wealth is a state of mind and a consciousness that you are not in lack) by having multiple streams of income and with about 4 streams of passive income.

Although James argues in his book that you need 15 sources of passive income to become a billionaire.

I can tell you about someone who has 5 cars on Uber, owns stocks of Facebook, Google and buys foreign mutual funds. His net worth is in excess of over 100 million naira ($260,000+) and he is not even 40.

Every time we speak, he reminds me of the fact that he started with 10 million naira (about $30,000+ then) which he generated over a period of 10 years work and savings.

I call that the power of Compound Interest and this is what men like Warren Buffet have grown their investment portfolio with over the years, so we must understand that our passive income must be allowed to compound for years before we can become wealthy.

Finally, as an investor in passive income, you must have a long term perspective to investment. In my opinion, your passive income investment might not make economic value in the first 1 to 3 years, but as you gravitate into the fourth year and above, it not only generates revenue, it generates residual income.

However, you must provide that passive income with the right micro and macro nutrients that it needs, so that it yields the much required fruits.

The key discussion here is that you must have the right mindset; you must save more and divest into passive income, you must develop multiple sources of passive income and have a long term perspective to investment to guarantee your journey to creating wealth.

I hope I answered all your questions about passive income.