Almost everybody wants to be wealthy. Some Nigerians want to join the wealthy club so that they can enjoy a fine lifestyle for life. Others love the sheer showmanship of wealth. Others want to be rich so they can help those living in poverty.
Whatever the motive, most of us want to “make it.” However, the mistake many people commit is they confuse the show off with real wealth. The truly rich are prudent and smart with their money. They find creative ways to keep the money growing. Here are the lifestyle changes required and 9 things rich people do to keep getting richer:
1. Have a financial growth mindset.
Wealthy people are incredibly creative when it comes to thinking about business and finding different ways of making money. Super-successful people set themselves apart because they nurture a financial growth mindset, which changes how you view money and helps you focus on seeing profitable opportunities.
This mindset  helps successful and wealthy people believe that there are always bigger and better projects to work on. They are open to exploring new ideas and creating a positive outcome. So even in challenging times like the pandemic, they kept their eyes open for the opportunities.
2. Create multiple income flows.
The more money you have, the easier it is to make more money. And the easiest and fastest way to make more money is to have multiple income streams. That way you always have money coming in and can use the excess income to invest in new income flows.
There are two basic forms of income: active income, in which you work for the money you make, and passive income, in which payment isn’t directly tied to the number of hours you work. Passive income includes rental property, dividend stocks, consulting, training, writing a book or creating an app, all of which will bring in a steady flow of income.
The crash of the Naira and the current run-away inflation has made this option more challenging. That shouldn’t stop you from moving in that direction.
Rich people make their money work for them. They know that investing makes this happen. While saving money for a rainy day is important, your investments are going to do the heavy lifting to help you become wealthy.
Saving means putting money into a safe place until you want to retrieve it, but most savings accounts don’t yield high interest, so this pile of money basically stays static — it’s not going to grow much beyond what you add. But smart investments will give you healthy returns, which you can then reinvest. When you invest in something, you also accept some amount of risk, so you never want to invest more than you can afford to lose.
4. Take calculated risks.
The rich don’t gamble on big financial decisions; they do what they can to mitigate risk. They do their research and analysis, and determine which options best suit their financial needs and business desires. They weigh the pros and cons, and then take calculated risks.
They make financial decisions by asking themselves, “Will this bring me closer to my goal?” They avoid frivolous risks that aren’t really going to benefit them, and never take a cavalier attitude when it comes to money.
5. Focus on learning and self-improvement.
Wealthy people are usually avid readers, but you won’t find many mindless beach novels in their bookcases. The wealthy understand the importance of self-education and pushing themselves to become better in all ways. In fact, if you look at the books piled by their beds, you’ll mostly find titles on While 85 percent of rich people read two or more self-improvement books per month, only 11 percent read for entertainment, compared to 79 percent of the poor. And a whopping 94 percent of wealthy people read news publications, compared to 11 percent of non-wealthy people.
6. Never completely retire.
The ultra-rich certainly have enough money to never work another day in their life, but the majority of them keep working, at least to some degree, often well past 70. That doesn’t mean they’re clocking long days at the office; indeed, they’re probably taking their fair share of vacations and enjoying flexible schedules. But many rich people never completely retire. This is not because they can’t afford to, but because they enjoy what they do.
Many are entrepreneurs at heart, and the desire to run and grow a business never leaves them. The stability of working and the sense of purpose and fulfillment it gives them is an important part of their overall happiness. Working gives them an ongoing feeling of success and an objective to keep them focused. Not to mention that it keeps the money rolling in!
Insight’s Chairman, Biodun Shobanjo and Prima Garnet Lolu Akinwunmi are industry examples – they are retired but still engaged.
7. Avoid overspending.
While non-wealthy people daydream about spending money without worry, buying fancy cars, big houses and expensive clothes, the rich understand that the more money you spend, the less you have. The wealthy wouldn’t stay wealthy long if they spent excessively. No matter how much money you earn, you will end up poor if you spend more than you make.
The rich recognize that the less you spend, the more money you have to grow your wealth. Keep in mind that frugality is relative to your income — a wealthy person may spend much more than someone who is considered middle class. But in relative terms, the rich tend to be thrifty, and they make sure they don’t overspend.
8. Get outside the comfort zone.
Wealthy people are successful because they have learned that success comes to those who embrace a little discomfort. They understand that the only way to really improve is to push yourself beyond your limits. If you want to become wealthy, you’re going to need to fuel your creative spark, come up with unique business ideas and then take the plunge.
Wealth and success don’t emerge from the safety of a 9-to-5 job. They come from drawing on your inner strength and going for your big dream. All successful business leaders, visionaries and game-changers have gone beyond their comfort zones in order to achieve the ultimate success.
It is true that many Nigerians work themselves out but have very little to show for it, because of the challenging environment. But that shouldn’t stop you from pushing the boundary and going for excellence wherever you are at
9. Take time to reflect.
Many of the self-made wealthy spend time in focused thinking  every day. Spending 30 minutes (or more) in a quiet space gives them time to reflect on their life and goals, to think about their health and relationships, consider their career and financial goals, and analyze where they’re currently at and where they want to be. Critical thinking time is essential to staying ahead of the market and considering what changes may be coming your way.