The Esthitude Place

As I went over my notes from the Daystar Career Pro conference I attended some months back, I realized that there are lots of goodness I haven’t shared with y’all.

So, here I am with a basket of intellectual goodies; you definitely need to keep these in your left hand so that they don’t get lost.

Generating wealth as an employee goes beyond collecting salaries at the end of each month, it entails having other means of generating income thereby accumulating wealth.

Stay with me as I share with you lessons I learned on the keys to generating wealth as an employee.

1. Save something every month. I’m sure you know about this, but are you practicing it? Saving is easier said than done, you have to commit to it for you to be successful at it.

If you’ve not started saving, decide on the particular amount you want to save, you can have a special bank account where you deposit the money each month or you could use an online target saving platform like esusu or piggybank.ng.
If you save every month, kudos to you; the next thing you should be thinking of is how to invest some part of your savings.

2. Let your savings (at least 10% of your income) be working for you. Investment (whether shares, bonds, or mutual funds) is one key means of a passive income. Instead of leaving your savings in a bank, you can invest a percentage of it.

3. Don’t put all your eggs in one basket. According to the facilitator – “Do not risk more than 20% of your savings in a business you have not mastered and in a business you are not putting all your mind into”.
As an employee, you won’t have all the time to commit to a side business/investment, so, it’s advisable to not risk more than 20% of your savings in a business/investment you have not mastered.

4. Monetize your “monetizable” skills. Some of the skills you have can be monetized without affecting your job. For instance, writing, public speaking, drawing, etc. You can use this skills to make money while leveraging on tools and technology to make things easy for you.
Reposition yourself for opportunities.

5. Don’t ever lose your principal. Of course, there might be rare exceptions but aim to never lose your principal even if you lose your profit.

6. Plan long-term. Generating wealth as an employee won’t happen overnight. You have to plan long-term and watch your money grow.

7. Have savings that can pay your bills in a minimum of three months. A long-term saving goals should be to have savings that can pay your bills in a minimum of three months.

Time is a key factor to wealth generation as an employee, do not be in a hurry. Commit at least one hour of your day to your passions do watch it grow with time.

As an employee, the first business you can do well is your job; give your best to it while you plan for your life.

Cheers to more MONEY and a better life.