Today, you find out why building your house is not an asset. Build your house, with the very first 10 million naira you have, and you would be making a mistake.
I am so sure you would be highly puzzled as to why I would say this. Truth is, after this session I accepted it.
After reading the book THE AUTOMATIC MILLIONAIRE by David Bach, which was the 10th book we had read in the study group I belonged to, I had to create this!
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In the review session, a lot was shared, I will share to you too.
A lot of Nigerians really grow up with two major goals after marriage. First is to get a house, and next is to get a car.
Even if it’s a bungalow, just get a house. Well, when you think of rising costs, you’d know okay it’s not all bad.
It is a good one if your goal in life is to be average or middle, but if you follow my writings, you’d know the goal is wealth!
So, if the goal is wealth. Say you get your first N10 million naira, which can actually build a fair house for you. It is left to you, now while you may build a house with that money and move into the house, if you are one who doesn’t take risks.
But if wealth creation is your goal, then you should not even listen to fear. What would you do? You would use that same amount of money to invest in an income producing asset.
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It’s like what we had read from THE RICHEST MAN IN BABYLON by George S. Clason, where he advised that you save up money for a year, but after that year, you do not eat up that money — No!
You make that money to work for you! What you can now eat is the fruits of that money. If you want to go extreme, even the fruits of that money, you put to work! It’s the fruits of the fruits that can now spend!
WHAT ABOUT BUILDING FOR RENTAL?
Why most people believe that being a landlord shows that one is rich, the truly rich know this to be false. Ever wonder why there are few rich people? Cos only few people doubt the general opinion!
Again, say you muster up N20 million naira and use it to build about 6-8 units of self contained apartment in a one storey building. Truth is, in 5 years time, the rent you’d accrue won’t be enough to have given you the total money you out in it. Not to talk of profit!
While having a building is wise for sale of legacy and to have to point out and indicate where the money you spent went to, it is safe to say it is for the long term.
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Just before I close, I’d like to add in what Goodness had opined. Never you buy anything that you can’t pay for twice. And never you buy anything in debt! Always pay as you buy!
It’s a very simple step but it helps you stay afloat financially!
Meanwhile, if you have more ideas to share or contrary opinions, the comment box is a wonderful circle to be in.