Skip to content “It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for.” – Robert Kiyosaki
There has never been as much wealth in the world at any time in human history as there is today. According to Credit Suisse’s Global Wealth Report 2021, the total global wealth hit $418.3 trillion, a 7.4% increase from 2020. From the beginning of time across different generations, people have acquired wealth through diverse industries.
In the Agrarian Age that began in 10,000 BCE and lasted until the 19th century, agriculture was the dominant industry in most countries with most people working in agriculture. In that era, wealth acquisition was mostly a function of ownership of large estates and farmland.
In the Industrial Age, the industrial revolution that began in the late 18th century and continued into the early 20th century brought about the growth of new industries driven by machines including steel production, machine manufacturing and textiles. Wealth was based on the ownership of industries, manufacturing companies and natural resources such as oil, minerals and timber that fueled industrialization. Finance became an increasingly important source of wealth with financial services and globalization creating tremendous wealth for investors.
In our current Information Age that began in the mid-20th century, technology powered by computer microminiaturization has become a major driver of wealth. With technology emerging as a leading source of wealth, technology companies like Microsoft, Apple, Alphabet (formerly Google), Amazon and Meta (formerly Facebook) became some of the most valuable in the world. Between 2019 and 2020 alone, the number of tech billionaires increased by 68%. According to Forbes’ list of the world’s billionaires in 2022, next to technology, the top two sectors that produce the most billionaires are finance and retail. In terms of where the rich hold their wealth today, real estate is the most popular asset class, followed by stocks and bonds.
The Familiar Route to Wealth Creation
With so much wealth in the world today, what channels are available you and I to take advantage of the vast opportunities to create a pathway to wealth for ourselves and future generations?
How do we create generational prosperity for posterity?
The journey into wealth for most people typically begins with having a source of income – something that produces money for them on a regular basis. Usually this will be a paid job that pays them a salary or self-employment through which they earn their livelihood, but this is not what usually makes people become wealthy.
To enhance their financial fortune, they take on additional job opportunities whether it is another paid job or self-employment opportunities like gig roles and freelancing. Again, that is not what makes people become wealthy because it demands that the individual be available and physically involved in undertaking the roles. In essence they are constrained for time.
The key to overcoming these limitations is to create multiple streams of income. In an attempt at doing this, most people work hard by combining two, three, four or multiple jobs but this is not necessarily the same thing as having multiple streams of income.
Having multiple income streams is not about having multiple jobs but creating multiple channels through which you are generating income without having to be physically involved or actively engaging all the channels before the income can be generated.
It is about creating systems that automate how money is coming your way regularly from multiple channels. This happens when you have invested time, intellect and money into various income channels.
All activities required to generate money require spending one’s time to work no doubt but in creating multiple income streams you are using other people’s time to do the work rather than you being the one doing all the work.
There are two ways to go about this. First, you can create a one-off solution – a product or service that can continue to generate money for you for a period or indefinitely. For example, creating online training on a subject which customers will subscribe to for a fee, building or buying a property and renting it out, writing a book, producing a music album or a movie, developing a software solution, inventing a device and selling it and many more. You can create as many of these solutions as you want or you can build a business around them.
The second way to automate income generation is to put money in investments and businesses via shares, equities, bonds, pension, real estate, treasury bills, gold, commodities, and other investment channels. There are conditions that govern when and how you can draw from any of these types of investments. You can always consult a financial adviser for expert guidance on how best to navigate the process.
For practical info on pathway to wealth creation and management, check out Chapter 5 of my latest book Accelerate out on June 30, 2023 on www.ayoadebamowo.com/shop
Written by : Ayo Adebamowo
About the Facilitator – Ayo Adebamowo Ayo Adebamowo is an Author, Speaker and Tech Entrepreneur. He is the founder of MyMedicalBank, a health technology company promoting digital access to healthcare through creating innovative digital solutions.
A Nigerian-British national, Ayo has been named as one of the 70 Most Outstanding Healthcare Professionals in the United Kingdom.
Having started and run various businesses himself in healthcare, technology, agriculture and publishing, Ayo very much understands from a practical point of view the pains, struggles and mistakes aspiring and established business owners often make that delay their success. He therefore brings his wealth of experience coupled with years of experience and research to help other entrepreneurs succeed in their journey.
