There are 3 basic facts to note before one can truly maximise the pathway to wealth as revealed by Olumide Emmanuel. These are
- There is a place called The Wealthy Place: If your heart cannot come to agree and believe that there is a kind of life where one does not have financial struggles, you cannot become wealthy.
- There is a path that leads to the wealthy place: after believing that there is a life without financial struggles, you must also believe that there are specific roadmaps that if followed will bring one to the wealthy place. If you think that financial freedom is a matter of luck (not specific principles), you cannot create wealth.
- Discovering and following the path that leads to wealth will make anyone wealthy—it’s only a matter of time: there are also no exceptions to the rule. As long as anyone follows the pathway once they discover it, they will create wealth, no matter their race, religion, country or background.
Once you believe these three statements, then you are ready for what the book, Pathway To Wealth by Olumide Emmanuel teaches.
There are three bus-stops on the pathway to wealth and they are
- Financial intelligence (the doorway to the pathway)
- Financial planning (the process in the pathway)
- Financial discipline (the guarantee on the pathway)
Financial Intelligence (Pathway To Wealth by Olumide Emmanuel)
Financial intelligence is gaining an understanding of the inner workings of money through personal development and capacity building. It involves learning how to make more money, learning how to protect your money, learning how to budget your money, how to leverage your money and how to improve your financial information.
Financial intelligence comes by financial education. There are 5 types of education, four of which do not contribute to financial intelligence. They include: academic education, professional education, financial education, spiritual education and personal/health education.
As you embrace financial intelligence, you are already on the pathway to wealth. The book is loaded with different information to give you financial intelligence but you shouldn’t stop
there. You have to keep learning, growing and get committed to a lifetime of learning, personal development and capacity building because financial intelligence is in levels.
Financial Planning (Pathway To Wealth by Olumide Emmanuel)
Financial planning is the process of coming up with a proven blueprint that will take you from where you are in your finances to where you want to be. Your financial planning has to be unique to your experience depending on the resources you have available and the environment you find yourself, but there are certain components that must characterise your financial planning.
- Ascertain your location: set clear where you are financially, establish the resources you have any available: you assets, liabilities, investments and income, identify your responsibilities, and your age.
- Determine your destination: this is the definition of what financial freedom/rich means to you. How old do you want to be when you get financially free? When do you want to retire? How much do you need to cater for your needs and responsibilities? If you can’t tell where your destination is, you won’t know when you get there.
- Choose your vehicle: the vehicle you choose determines how fast you will get to the destination. Here, vehicle means the means you want to use to create wealth. It could be real estate, stock market, business, intellectual property and so on.
A word on spending and investment: One principle of money management I have learnt which Olumide Emmanuel also teaches in The Pathway To Wealth is the 70/30 principle. It requires that you are only allowed to spend 70% of your income. Of the remaining 30%, 10 should go to charity (tithe), 10 to savings/investment and 10 to personal development (increasing your financial intelligence). But as I learnt from Sunday Adelaja, depending on how fast you want to get there, you can adjust the 70/30 principle to 50/50 principle or any margin that will enable you do the things that create wealth more.
Financial Discipline (Pathway To Wealth by Olumide Emmanuel)
There are no hacks or special revelations to reveal here. Financial discipline is the point of staying committed to what you have learnt and planned. After you have made the decision to convert your income to passive income, which is the truest form of financial freedom, you must then commit to rise above waste, delay gratification and follow the plan you have laid down.
Of course, this is a very very brief summary of what the Pathway to Wealth by Olumide Emmanuel teaches but it sums up the concept. You can only do yourself good by getting a copy of the book yourself and reading to follow to its principles.
Olusegun Iyejare is career coach and certified counsellor. He helps entrepreneurs balance mental wellbeing and entrepreneurial success. Think about maximizing your potential or living a fulfilling life and Olusegun is your go to person.