Thread by @subomiplumptre

Let me share a real story about myself. It is important because there seems to be a belief that you cannot create meaningful wealth as a salary earner. WRONG! I did so and I'll tell you how.

After a decade of working, I came to the sad realisation that I had been wasteful with and ignorant about money. I was spending like my salary was guaranteed and I didn't think to set aside anything to buy assets.

When I think of how much land was in Ajah then and what I could have bought...NVM

Suffice to say, when my parents went through a bad bout of ill-health and there was significant family financial pressure, life slapped sense into me. I quickly repented and figured out I was doing something very wrong.

Around that time, I was lucky enough to come across a book called, The Richest Man in Babylon by George S. Clason. That book opened my eyes and changed my life. It led me to develop three principles for generating wealth as a salary earner. I still use those principles today.

Principle 1: PAY OFF YOUR DEBTS AND LIVE WITHIN YOUR MEANS

Essentially, by religiously setting aside at least 10% of your income every month to settling debts, you are forced to appease your debtors and to live on the rest. Also, by assigning strict percentages to your budget headers e.g feeding, transport etc., you learn discipline.

For instance, I dedicate an amount to GIVING. Once that budget is spent, I can say NO to every request with my chest. You must be literally dying to make me change my mind. Even then, the funds must come by sacrifing spending on other budget headers. I never borrow to give.

Principle 2: SAVE FIRST AND THEN GROW WEALTH BY INVESTING

Your salary is a seed. What you're meant to do is to sow it to create wealth. But here's a secret many won't tell you - The best investment opportunities are only accessible when you've built some initial bulk capital.

As a salary earner, there are two ways to arrive at bulk capital - by saving assiduously every month and by using your 13th month or housing/car allowance, if you don't critically need it.

Using this insight, I lived with my parents for a long time and used my housing allowances for 5 years to build capital. I also jumped buses and Okadas instead of buying a car. The savings over 5 years gave me incredible investment leverage.

Principle 3: DO YOUR DUE DILIGENCE AND USE EXPERTS

Many times, people lose their life savings to get-rich-quick Ponzi schemes. Instead of saving consistently to build bulk capital to invest; they try to leapfrog the process.

As you save towards investment capital, use only REPUTABLE COMPANIES with strong track record, regulatory oversight and significant asset base. You CANNOT AFFORD TO LOSE YOUR LIFE SAVINGS!

Tomorrow, I'll talk about a platform that can help you save consistently. Please look out for my tweets. I will add them to this thread.

In the meantime, talk to me. Why do you believe you cannot become wealthy as a salary earner? What's stopping you? Let's talk about it and find solutions. Respond to this tweet.

You can also share your SALARY TALES. Is your salary not enough? Do you spend without budgeting or planning? Talk to me.

Permit me to delay the follow up to this conversation. I'm travelling and currently in transit. Thanks. 🙏

This thread will be concluded at 12 noon today. 🙏

On Tuesday, I did a Twitter thread on how I created wealth as a 9 to 5 salary earner. It's something you can do too. So, if you haven't read the thread, now's a good time to do so. Just scroll up to see it. #GetOcta

In my thread, I stressed how important it is to build up investment capital through savings. This is because many attractive investment options require starting capital. #GetOcta

I also promised to share a platform that can help you to be diligent with your savings, as you build capital. That platform is OCTA by @PageFinancials. OCTA helps you to save and wait for it... with a monthly COMPOUNDED interest. #GetOcta

Octa
is a savings and investment app. You can set savings goals, automate your savings and earn interest on a monthly basis, above bank rates. I'll answer some FAQs in the next couple of tweets. #GetOcta

How much can you save with Octa?
You can save any amount daily, weekly or monthly based on your goals. Be comfortable with what you save. #GetOcta

Is your money safe & secure? Octa has bank grade security as your funds are managed by @PageFinancials, a registered financial services institution. #GetOcta

How flexible are your savings on Octa? You can choose how much and how often you want to save. You can pause at any time. Also, there is no lock feature on Octa. #GetOcta

Are there any charges on Octa? All transactions on Octa are at ZERO charge. There are NO deposit, withdrawal, SMS or maintenance fees. #GetOcta

What is the interest rate on Octa? Octa’s interest rate is top of the range among other savings fintech apps (11%-13%). So, you can save and earn more in multiple places instead of putting all your eggs in one basket. An added advantage - the interest is COMPOUNDED. #GetOcta

How secure is the Octa App? The app employs user validation and authentication protocols. For instance, with your BVN, Octa authenticates that you’re the rightful owner of the card to be used for deposits. #GetOcta

How can you set up Octa? It's easy to do so. There's no need to submit burdensome details or visit any physical location. You can create an account on-the-go and it takes less than 3 minutes. Here are the steps: #GetOcta

• Download Octa here:

Android: bit.ly/OctaApp
iOS: apple.co/2kgbKCS

•Sign up using your BVN
•Add your card and validate
•Go to ‘Add savings’ to create your first savings goal
•Repeat previous for multiple savings goals

#GetOcta

How do you reach the Octa team to ask questions?
Visit bit.ly/octasave01 or
send an email to [e-mail]. You may also
call or chat on WhatsApp: [phone] or use social media - @octasave on FB, Twitter and IG. #GetOcta

Please feel free to tweet at @octasave to ask questions. Also download the App and take it for a spin!

Android: bit.ly/OctaApp
iOS: apple.co/2kgbKCS

#GetOcta