Wealth is admired by all, but only a handful of people have attained the position of satisfaction as far as wealth, fame, and success. In Africa, the list is even more depleted, and this reflects the hardship faced by Africans.
However, according to a majority of the few who have scaled the huddles to attain financial success, the reason why many Africans remain poor can be traced to their personal rules of money. Many African billionaires are in agreement when it comes to the reason why many Africans are poor – indiscipline and reckless disrespect for the rules of money.
They also claim that these are the reasons why there is an endless list of Africans who are unable to sustain their wealth. As it is often said, it is one thing to become rich and another to maintain wealth.
With a current net worth in excess of $13.5 billion and maintaining the position as Africa’s wealthiest businessman for the twelfth year running, Aliko Dangote has positioned himself as an authority when it comes to maintaining money rules.
Billionaires claim that money rules are easy and effective, albeit that they need a lot of discipline to be able to maintain them.
Here, three African billionaires share their most cherished secrets as they reveal the utmost money rule that can lead anyone toward the point of financial independence. Aliko Dangote, Tony Elumelu, and Strive Masiyiwa each share one easy but effective money rule. Check them out!
Do Not Save Your Money in the Bank, Invest! – Aliko Dangote
Aliko Dangote is the richest man in Africa, and he has maintained that position unopposed for the past twelve years. So, if he says saving money in the bank is not a wise decision, then it isn’t! The Nigerian billionaire business tycoon achieved his admirable feat by making smart business decisions, and he claims one of those decisions was opting to save rather than save his money in the bank.
During a recent interview, the billionaire noted that ‘‘Dangote Group is not doing like other Africans who keep most of their money in the bank. We do not keep money in the bank. We fully invest whatever we have, and we keep investing”.
However, he warned against investing without understanding. “First, I only enter a business that I can fully understand. I never enter a business that is not clear to me,” he added.
Be Frugal with Your Spending – Strive Masiyiwa
For the Zimbabwean billionaire, Strive Masiyiwa, life is not all about living a lavish life and driving the fastest cars – yes, even if you can afford it. The business mogul reveals that thanks to his mother, he learned how to be conservative from childhood, and this helped to shape his perspective about money.
“My mother would be quick to rebuke me if I did anything that was ‘showy’, or an attempt to impress others,” he recalls. He added that controlling spending is a trait of wealthy people.
“Years later, I discovered that the old lady could easily have bought herself a Mercedes anytime; she was just frugal!,” he added, speaking about his mother.
Cultivate the Habit of Putting Something Aside – Tony Elumelu
For Nigerian businessman, banker, economist, and philanthropist Tony Elumelu, who is renowned across the African continent for his support in his home country Nigeria and around Africa, one must learn to pay himself first.
Elumelu reveals that maintaining a strict savings culture is one of the reasons he is where he is today. He says learning to put something aside has helped him build his financial independence and revenue base.
He is credited with the famous saying, “If I didn’t save from earning one dollar, I would not save even if I earned $1bn. This money rule shaped me into having a disciplined mindset of not spending all but saving more.”
