Going by the viral comment of Kogi governor Yahaya Bello, who claimed to have made 2,000 people millionaires in the State, it is good we set the record straight and educate those who lack the financial knowledge on how money works.
To start with, I would like us to dissect the subject matter “millionaire” and what it means to be one.
This will enable us to put the discussion into more perspective, especially as it has to do with the application of financial knowledge.
Who is a millionaire?
A millionaire is somebody with a net worth of one million dollars (415,650,000.00 in Nigerian Naira).
It’s a simple math formula based on your net worth. When what you own (your assets) minus what you owe (your liabilities) equals more than a million dollars, you’re a millionaire.
Hence, you must be able to raise capital higher than your turnover (Return of Investment). For example, your savings must be five times more than your spending.
The question now is, does having One million Naira make you a millionaire?
The answer is simple, you can’t call yourself a millionaire for having just N1m of assets, so if next month you sell N200,000 naira assets, you fall back to thousandaire.
People who call themselves millionaires have multiples of million. It’s smart we use the global standard to measure our net worth.
For me, you should aim to be a millionaire in US Dollars or British Pounds than the Nigerian Naira which is declining day in, day out.
A-One Million Naira millionaire with no vision of creating wealth will end up becoming a data boy begging for an urgent 2k just to survive.
It is good that you grow your wealth instead of spending it lavishly for political gains. Lastly, instead of relying on government money, you can make cool cash by adding value in your little way. It is not about what the government can give me, it is about what you can give back to the society in terms of value.
– Arogbonlo Israel wrote from Lagos.
