Three Ways to Make Money

I have tasted poverty and riches and I tell you from a sincere heart that it is better to be rich. I have explored and experimented with different approaches to making wealth over the past three decades and I can assure you based on my personal experiences within the period that apart from coming into substantial inheritance or winning the lottery, there are only three tested and proven legitimate ways to build personal wealth. They are as follows:

1. Stock Investment. I know many of you don't want to hear about this but don't run away yet. If you got your fingers burnt in the past, it could be that you were unlucky or didn't get good advice. You bought stocks at peak prices just before the market crashed or you bought the wrong stocks that were fraudulent by design and pumped up by deceit. Nevertheless stock investment remain one of the best routes to wealth.

First Bank is selling for less than N4 per share now. It was once N33. But its realistic worth should be around N15 per share. Sooner or later, as the economy recovers, it will get back there. I plan to buy a million shares of the bank soon for about N4 million. I am prepared to wait for five years for the economy to bounce back and the stock attain its true worth. If I sell at N15 an investment of N4 million will fetch N15 million. That wont be a bad investment.

Note that you do not need to have millions before you can invest in stocks. You can start with just twenty thousand naira. I started with N500 in 1991.

2. Real Estate. There is hardly any rich person anywhere in the world that does not have some real estate as part of his or her wealth. Real estate is everything from a half plot of empty land to the biggest estate in the world including everything in between. Property appreciates and brings in steadily increasing income or revenue stream. If you buy a plot of land today and clear the bush on it, the value increases. If you fence it, the value goes up by almost 50%. If you sink a borehole there, twice the cost of sinking the borehole is added to the value of the land.

You can sell at any stage of development. If you build shops, hostels, office spaces or apartments for rent, you are assured of steady income from rent. You can build and sell outright or you can develop and sell midway. It all depends on your objective. But to profit from this, bear one rule in mind. LOCATION is everything in real estate. If the location is good you will make money. If you buy at obscure inaccessible location, you have just tied down your money.

I have had several successful exploits in Real Estate and I have learnt invaluable lessons. A half completed building I did in PH swallowed N5.1 million over four years. I sold it for N12 million. The Engineer who built it is here on my friends' list.

The return on real estate investment is huge and is less volatile than the stock market. It is also more enduring as the investment does not depend on the success of the company invested in as is the case with the stock market.

3. Business. If you own a business, no matter how small, as long as you are able to run it successfully, you will make money. The secret here is to do your homework thoroughly. First, select a business that revolves around what you enjoying doing. If you love cars, you will enjoying selling them. If you love buildings, you will enjoy selling building materials. A business must sell goods or offer services for payment.

Again I have experimented with a number of endeavor and I have been largely lucky. But make no mistake, I research thoroughly any area I want to venture into. I seek experts opinion. I put trusted hands in charge and I make sure I will be able to access adequate funding for such ventures. A business that runs successfully is a cash machine.

Identify which options suit your temperament and put your plans into action. It is usually in times of depression like this and not in boom times. that foundation for great fortunes are laid, It is your right to be rich and happy. I wish you success in whichever endeavour you opt for.

Written by Dr Remi Adeoye

YOU SPOKE WELL JOOR... ESPECIALLY IN THE PART: It is usually in times of depression like this and not in boom times. that foundation for great fortunes are laid,