The Secret to Becoming Rich–Shared By A Ghanaian Millionaire

I met some prominent rich Ghanaians in Ghana recently and when talking about creating wealth, one mentioned something I have come across in my readings—sort of telling me that people do not become rich by accident.

No rich man is stupid, including those who even become rich by winning the lottery. There is a secret to becoming rich and maintaining that wealth.

This rich man who has not read the book, the Richest Man in Babylon, stated that to create wealth, a person must strive to have at least 6 sources of income streams. He stated that it’s dangerous to be making 1 million dollars a month from one source. Because, when this single income source cuts off, you begin to earn nothing per month.

For him, that’s the danger of being employed only. When you are fired and your only source of income is your employment, you become income-less.

According to this friend, it is better to have 6 income streams, with each giving you (let’s say), 1000 GHS a month—a total of 6,000 GHS a month than have a single source giving you 10,000 GHS income.

The above is the practical interpretation of “do not put all your eggs in one basket.” While many of us know this adage, we do not really practice it.

You do not have to over-stretch your income streams and therefore it’s suggested that 6 is good. And if you can, they should not all be closely related—such that a fall can bring all of them to the ground. Think Dr Nduom.

How many income streams do you currently have, including your employment?

People do not become rich by chance—there is a path to becoming rich and many of us do not take that.