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To become rich in Malawi is a dream of many people in the country. Malawi as one of the poorest countries in the world has more people who earn less than a dollar a day.
Being one of the people who have grown up in a poor family I cannot miss words, poverty is harsh. There is nothing so painful as living a life of where almost all good things are limited- they are out of touch. Poverty snatches away one’s freedom to experience the fullness of life.
Many people like me who desire to have the freedom to choose the kind of life they want, clothes, cars, beautiful homes; freedom to travel and access many luxuries then what they would want to here is on how to become rich in Malawi. In this article, I highlight 5 ways to become rich in Malawi.
Invest in Yourself
The most important thing to consider if you want to become rich in Malawi is investing in one self. It is crucial that for a person to become rich he or she needs to acquire the necessary knowledge for the rich.
There are different ways of investing to gain knowledge and skills. I will mention here that one such way is by finding a mentor.
Mentors provide the shortest way of gaining practical knowledge in any filed. Take some effort to learn from a mentor in the areas you are specialized.
Apart from physically having mentors start reading good books about wealth creation and biographies of successful people.
Furthermore, read as much as you can from the internet. And take courses that will help you to be more marketable.
Start a Business
Without doubt, doing business is one of the best ways ordinary people turn to millionaires. For them who seriously need to become rich in Malawi, they right away start of becoming businesspersons and entrepreneurs.
There are many business ideas to start in Malawi. Your duty is to find a suitable business idea and invest in it. It is very difficult for a person who depends on monthly salary alone to become rich in Malawi.
As a matter of fact, the majority of rich people in Malawi and the world at large make their fortune doing businesses. Doing business in Malawi requires dedication, patience, and financial prudence.
However, the efforts and risks are worth your time.
Start Saving for Investment
Saving is one way to accumulate wealth from scratch. Many people in Malawi find it difficult to save money. However, developing a long-term saving plan is crucial when you want to become rich in Malawi.
Saving while it is crucial in achieving financial freedom, it is not easy for most people. As such it is better to start saving small amounts, lets 10% of your monthly income, and then increase gradually.
Saving may be hard at first but with time it becomes easier. Do not make the mistake to think that what you earn is too small to save. It just requires some discipline.
One way to save more is by deciding to cut down unnecessary expenditure on luxuries. After some time the money saved can be used to start a business or make investments. The key point is that to start saving earlier in life.
Stay out of debt
Debt is the devil that drains the financial freedom for many people. In attempting to accumulate wealth debt is one thing a potential candidate has to drop off.
Learn to stay out of bad debts. If already in debts find a way to repay them as quickly as possible. A good debt strengthens the financial muscle while a bad debt eats away your wealth.
Develop multiple sources of income
Research results show that the average millionaire has about seven sources of income. This point simply shows that to be on the safer hands in the wealth creation path a person has to have multiple sources of income.
Putting all eggs in one basket is too risky; therefore, wisdom recommends diversification as the way to go.
Be able to execute multiple tasks with efficiency. The secret of the rich is that they make their money work for them. Because rich people know how to use their money to work for them, they are able to set up multiple income sources. And some money comes to them passively while they are sleeping.
Show off is a trap
You may agree with me here that there are some people who earn considerable amounts of money consistently, yet their financial status remains stagnant. They remain below the rich bar. And you may wonder why such is the case.
There are many reasons unique to each person’s experience, however, one of the reasons that rob people the freedom to become rich in Malawi is show off. A person who wants to become rich should have enough discipline to control his ego by knowing what is the right thing to do with the money.
In most cases those who live to impress expecting everyone to talk about how much they money have, quickly lose their fortunes.
It is good to jealously guard your money; otherwise, it will fly off like the winds. Show off is a deadly trap that we should avoid at all cost.
Have a positive attitude towards money
It said quite often that everyone has unlimited earning potential. How much a person earns also depends on how he or she thinks about money.
Money follows people who have positive attitudes towards it. People who think being rich is evil repel money and attract poverty. It is important to develop positive attitudes towards money and towards rich people.
Being jealousy with the success of the rich is a recipe to attract poverty. Start looking at rich people as a source of inspiration. Read their biographies and learn how they made it to their present success.
If a person walks in the company of the rich, he/she start to think like them and increase chances of succeeding like them.
In this post, I have shared tips to help you become rich in the right way. It is clear that to become rich in Malawi is a thing which cannot be done overnight. It requires working hard and smart. Becoming rich is a product of persistence and discipline. Everyone can become rich; the only restricting block is your mind.