mv_ufanisi wrote:Made my first million within a year after campus. Was working at the time but I decided to start a business on the side and just kept looking for jobs and tenders and applying for them. After about 4 months of endless applications, finally landed a small contract which I over delivered on and that led to another that paid 4.8million with me taking a 2mill profit in 2 months. I was barely 25 yrs old then. Invested 1M in a new business and 1M in the NSE, quit my job.
Fast forward 3 years later. I'm in a much better spot financially than I was in 2014.
I have learnt a few more lessons
1. It was a much better use of my time to start a business which I could control and had ultimate responsibility over than speculate on the NSE. This is especially as I saw how some company management on the NSE e.g. Centum give themselves huge bonuses while leaving shareholders high and dry. Also notice how most of the fortunes made at the NSE have been by business owners that listed companies not by speculators which also suggests that the best way to make money on the NSE is to build a company that eventually gets listed on the NSE. There is nothing worse than being a spectator on your investments when you could use your skills to improve your chances of success. It also helped me to avoid looking at the stocks every hour of the day and my mood going up and down with the market.
2. What you have to do is the following; identify a business with good fundamentals i.e. where it is not too difficult to make money and even average players are making money, ensure that your education, skills, personality, experiences and talent give you an unfair advantage in that business i.e. don't get into land just because everyone is getting into it. Find a niche where few can outcompete you.
3. Do your best to grow that business and stay disciplined and patient.
4. Think big and stay hungry
5. Keep some perspective. No matter how much money you make, there is a whole lot more to life than money. You still have to take care of other aspects of life such as your relationships, health and happiness.
6. Try to be lucky by always looking out for more information, learning from mentors etc. Luck does play a big part of it but most times you get lucky by trying to put yourself in situations where you could get lucky.