HOW TO CREATE WEALTH AS AN IMMIGRANT – (FIVE WAYS)

• Wealth creation is not for people driven by avarice; creating wealth is 20% knowledge and 80% self-discipline.
• Secondly, it comes down to making smart choices about lifestyle, education, work ethics, career, saving and investment.

Financial crises orchestrated by war, inflation and recession make things hard for novices. However, you can still build wealth amid any financial situation by carefully pursuing opportunities rather than hiding from financial threats.

Immigrants hide behind financial threats, and waste time and good productive years. For most immigrants, complete documentation for permanent stay, poverty, age bracket, poor money mindset and lack of financial education are the main drivers of these attitudes towards deficient wealth creation.

Solving problems and creating values are what trigger wealth.

The two questions any immigrant trying to solve a problem or develop values should continuously ask themselves are as follows:

1. How can I find a problem to solve?
2. How can I create good values, offer them to the public, and get paid? 

The five ways an immigrant can find a problem to solve or develop values are as follows:

A. Adopting a “no problem is too small” mantra:

Every problem is an opportunity. You think of them as a too small problem for your certificates and ignore them. Please don’t ignore any problems or think they are not problems you were looking to solve. Make a very detailed list of the problems you found. Study all the problems on your list daily, and think about them. Then start thinking of solutions to solve them.

Understandably, you cannot solve all the problems on your list. Find someone who can help you solve any of the problems. Don’t hold unto the problems you discovered if you cannot solve them. Please don’t be greedy; share some of them with other people. If someone can help you solve any of them, share the wealth creation with them.

B. Don’t think about wealth; think about helping people:

Thinking about wealth will make you blind to see problems and solutions that will make you wealthy. Don’t concentrate on wealth; focus on people. People will pay for the help (either as a product or service) you will give them. So, you need people to know you and know the problem you can solve for them.

C. Lofty degrees are essential, but education is more critical:

Creating wealth doesn’t require a degree, but a degree or even a diploma experience will help. Degree experience will help you thoroughly search for problems to solve, and work experience does the same for non-degree holders.

Don’t stop learning; get the best education you can afford. Learn new things no matter what it is. No knowledge is a waste.
Don’t wait till you get all the degree certificates in the world.

D. Proaction:

You have to act to create wealth:  You have the number one to three; the first set of steps to work on is to fix your mindset and personal growth. Once you finish settling, read everything you can lay your hands on for personal self-development. 

• One-tenth of your wage goes to you in every earned income: You must pay yourself first. Take one-tenth of your income and save for the future.

• Monitor your expenditures: stop “leaks” by sticking to your budget. You can lead our blog on the budget to know what to do –https://womibablog.com/2022/08/31/budget-made-easy/.

Save emergency funds: It will enable you to avoid panic and derailing during hardship. Read more on emergency funds here – https://womibablog.com/2022/09/04/what-is-an-emergency-fund/.

• Choose an investment platform and invest your savings: Invest your savings. In the United Kingdom, various platforms depend on how you want to start investing your money. Examples are Trustnet, Hargraves and Lansdown, Youinvest and Interactive investor. You can also go back to school and invest in yourself before starting with multiplying your savings. Whichever one you want to begin with, one. Just start, choose one and start investing your saved money. Don’t waste time. Start now! 

E. Ensure that you have more sources of income:

What other skills do you have? Can your start another stream of income with it from your home? If you don’t have any skills, you can hone, develop new skills, or start retraining on something you love to do. Always focus on increasing your income.

Money is not wealth; wealth is the ability to create goods and services. Discipline is the 80% key; keep working hard on your mindset and yourself.

I hope this blog will help to guide you in creating your wealth; remember the golden rule of wealth – wealth creation takes time. So, prepare to give it time.

I hope this blog post was helpful.
If so, leave a comment or recommendation of the topic you want me to discuss on personal finance.