Guest Post: 10 Reasons Why The Rich Thrive In Periods Of Harsh Economic Realities

Today's guest post is from one of the big men I have in my network. He is the CEO of a big company, one so big that one of my big bosses in Siemens left Siemens for it, and a multinational firm in the top 4 positions in its industry globally. I have been doubly fortunate to have had my company do a training for them, and, later, to be known by the CEO. 

He's very passionate about personal/family finance and investment education. He makes time out of his busy schedule and spends his own money to freely share his passion and knowledge. When he first reached out to me last year, he was asking if he could pay me to help build an app that will help all Nigerians better manage their money. And he easily overlooked my horrible phone calls picking and email reply habit. He treated me like an equal. He knows well the really rich people (mega wealthy) and can better describe them than most of us. So enjoy with an open mind his insights into how to go through these economic hard times like the mega wealthy do.

image: haikudeck.com

The fact that Nigeria is going through a period fraught with economic challenges and loads of uncertainty cannot be swept or wished away. However not everyone is under the impression that there’s no light at the end of the tunnel. This period is a phase Nigerians are passing through and no one knows this better than the wealthy.

While many have given into despair the rich continue to make bold moves and expect to succeed. While the poor see ‘doom and gloom,’ the rich see ‘boom and bloom’ no matter the harsh economic realities. 

I discovered ten reasons why the rich continue to thrive:

The rich do not complain about the harsh economic situation

Seriously, times like this do not call for whining, moaning and complaining. Just take a look at the social media, its complaints galore. Things may be tough and difficult, but complaining isn’t going to make it any better. Those who complain are likely not to see opportunities when they arise, because their vision is impaired by the negatives. Truth be told I am yet to see any of Nigeria’s mega wealthy complaining loudly that things are not working. So quit complaining and whining.

Positive Mental Attitude

Things may go bad, from bad to even worse, but the rich believe that they’ll get better. In terms of beliefs and attitudes they are light years apart from the poor because in these times they are upbeat and positive that an economic turnaround is just across the corner. Aliko Dangote, Africa’s richest man continues to promote Nigeria as a worthy investment destination, notwithstanding. There must be something he is seeing that most cannot see, which is a product of his attitude

They don’t fear failure or losses

No rich person got to be rich without having failed several times and losing substantial sums of money. In fact the rich know that failure is good for further growth and success, because its lessons are invaluable. They have a lot of experience handling failure that they have conquered the fear of it. They have a strong belief that they will gain it back again while the poor are so scared of failing.

Opportunities to build wealth remain

It might surprise many people to know that some people are still going to make wealth during this period. Not all opportunities are completely dried up, in fact several new ones have replaced them that will make wealth for the discerning.

There is no better time than now to expand

The rich know that in times like this when things are hard they might need to expand to take advantage of emerging opportunities as tough times won’t last forever. Expansion is necessary in order to take advantage of opportunities so as to be perfectly positioned when the economic situation improves.

They possess a clear understanding of times and seasons

Life is measured in times and seasons and no one understands this fact than the rich. Nigeria may be in a season of want and lack but after this season comes one of plenty and abundance. Just as the day follows night, abundance is sure to follow after times of lack and hardship.

Money in the bank is no longer a motivating factor, creating value is

There comes a stage in the life of the wealthy where the number of zeros in your bank balance becomes insignificant, rather the value that you create becomes paramount. The rich love contending against opposing forces such as the harsh economic situation to still achieve economic success for they know it’s possible. Money in the bank is important, however according to Donald Trump, “Money is just a means of keeping score,” and he does deals “just to do it.”

Diversified investment portfolios

The rich diversify their investment portfolio in order to earn income from multiple sources. Even in a challenging economic situation some investment vehicles will appreciate in value while others will depreciate. This helps to keep many of them in liquidity in the harshest of economic climes.

A healthy belief in themselves and their abilities

What would you do if you knew you couldn’t fail? Would you attempt grander projects or avoid taking risks? The rich believe that anything they touch will literally turn to gold. They don’t allow limitations or challenges to hold them back from believing that all things will turn out for their good in the end.

Giving mentality

Givers never lack. The economic situation has brought hardship on many Nigerians, and this is the time people need help more than ever before. The rich continue to give towards worthy causes and help the less privileged thus making them perfectly positioned to continue to receive more. It is a fact of life that the more you give the more you receive.

My position on the economy is that things are on the road to recovery and even though there are pains we will see the gains in the not too distant future. Everybody may be affected in one way or the other by the situation but not all are adversely affected.

I want you to know that it’s possible that this could be your season for financial success even though times are hard. You too can thrive while others are struggling to survive. All it takes is to do what the rich are doing and you are certain to get the same results the rich are getting.

PROFILE

Kenneth Doghudje is intensely committed to seeing people achieve their financial goals and aspirations in Africa. A CEO by day and a blogger by night, he believes that the secret to anyone succeeding financially is to mix workable insights with action which translates to wealth and riches.

Please endeavor to visit www.moneytalkNG.com for more articles on money and personal finance. You can also follow Kenneth on social media:

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