Welcome to Millionaire Thursday – What is your wealth plan?

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So you want to be rich? That’s good! What’s the plan? Being rich or financially independent is not by accident, it comes about as a result of a plan and a consistent commitment to action.

Many of us desire to be wealthy. We imagine how pleasant life will be when we have everything we ever desire, when we are able to drive the cars we admire, live in our dream house, travel the world, eat the best of cuisines, wear the best of cloths and accessories, play golf with the high and mighty, be counted amongst the elite in the society, be invited for exclusive events, have access to money without worrying about your account balance and donate to charitable causes in order to be called a philanthropist.

These lofty imaginations bring smiles to our faces and give us some intense sense of hope that someday life will really be good for us. Some pray about it and sow seeds in church in anticipation of divine provisions with a hundred fold return effect. Some do well with savings and others actually are committed to an active and admirable investment lifestyle. Some are banking their hopes on the success of their business and others are eyeing their retirement pension fund payment.

But for a majority of us, being rich is but a desire and a dream without any concrete plan or roadmap on how exactly we intend to be rich and financially independent. Some don’t even know what it will take to attain financial independence but are hopeful that their dreams will come to pass someday. Indeed, it is good to dream and I am an advocate for big dreaming but the foundation of the actualization of every dream is a concrete plan backed by a commitment to acting on the plan relentlessly.

Financial independence is a state in which an individual or household has sufficient wealth to live on without having to depend on income from some form of employment. This state can only be attained with a concrete plan for consistent savings, asset acquisition, a commitment to health and wellness, development of multiple streams of income, reducing your expenditure by living within your means and sometimes even below you means, avoid being a show off and wasting money on an unsustainable lifestyle, being financially astute and keeping your eyes and ears on the ground for good investment opportunities.

These are but a few of the component of a financial independence or wealth plan. A google away will give you access to a world of information and sample plans that you can model yours by. You know that failing to plan is actually planning to fail, right? So without a concrete plan on how to attain financial independence, do not be surprised when you turn out a complete opposite of what you always dreamed of for yourself. Being wealthy has never being by accident, be intentional about it henceforth!

By Ekow Mensah

Founder of TANOE & TANOEMoney

 

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