Why you must create wealth 10 years after graduating

Dear friend, if you recently graduated, or have worked for less than 10 years, you should know a few things.

Nigeria is hard and few people will give you access to wealth creation opportunities. You will have the cabal and the system to contend with. If you are not corrupt, you will be hard-pressed to keep your head above water. Here’s why.

Many of you may never start a business and statistically, only 1 in 10 who do so will succeed. Many of you may never own an oil block or get a government contract. You work in a company, so your path to wealth will largely be based on how well you invest the salary you make every month. We all know your pension is at best a stipend, not something to live on.

There are three phases of work. If you waste the first phase, you may struggle to be comfortable in life. I’m not being fatalistic. I’m just speaking plainly.

The initial phase is the first decade of your working life. If you’re not a member of “pepper dem gang”, your living costs should be low. You probably stay with your parents or share an apartment with room mates. No one will beef you for jumping buses and taking okada, or even eating in a bukka. You’re young and hustling. Your costs will NEVER ever be this low in life. This means you have some disposable income to invest. You are also at the highest point of your health and productivity. You’re young enough to sleep at 12am and be awake at 4am. You can easily juggle 2 or 3 hustles and you have a healthy risk appetite. Use this time well.

By your second phase of work (your next decade), you better have enough wealth for marriage, bigger accommodation and children’s school fees. If you haven’t, you will be living hand-to-mouth. It is at this point, that your aged parents may start developing chronic diseases. If they have no significant income, you will need to pay for their hospital bills. In addition, if you have no wealth generating assets, know that you cannot afford those vacations you go for.

By your third phase of work (your third decade), your mates will be MDs and EDs. There are certain meetings you can no longer go for, because people will shake their heads and wonder if you have staff. You will desire to fly business class because that’s where you should be at this stage of your life. Your children will be in college and you need to pay for their fees. You want to build a house. You don’t want to hustle anymore or resume in the office at 8am. You now want to be a deal-maker, not a member of staff.

Subomi Plumptre is a leading African strategist focused on brands, business, investment and social media. She currently heads the Corporate Practice of Alder Consulting. She is a Corporate Wealth Representative for a leading Bank in Africa and writes an investment series on her website.