21/07/2025
Think Rich and become rich
A wealthy person takes a bank loan (debt) to buy a block of flats in Lekki or Abuja. They rent it out and use the rent to repay the loan. After a few years, the flats are paid off, and the rent becomes steady income, that is an asset.
The poor takes a loan from a cooperative or loan app to furnish a rented apartment or buy a new flat-screen TV and fridge for a home they don’t own. These items do not generate income they lose value over time, you enter more debt, those are liabilities.
A businessperson takes a car loan or lease to buy a Toyota Hilux or delivery van to start a logistics or ride-hailing business. The vehicle earns money daily, pays off the loan, and later becomes a business asset.
Someone borrows money to buy a luxury car to “feel among” or impress others. The car doesn’t make money, only consumes fuel, requires maintenance, and loses value. That’s a liability funded by debt.
A content creator takes a small loan to buy a high-end smartphone or camera to film videos, run a YouTube channel, and make money online. The device generates income, that is an asset.
Someone borrows to buy the latest iPhone, just for status, while struggling to afford data or basic needs. It doesn’t generate income, just expense that is a liability.
A fashion designer borrows to buy materials in bulk at wholesale, produces outfits, and sells for profit. The debt funds production and income that is an asset.
Someone borrows money to do a lavish wedding, buy A*o Ebi, or throw a big birthday party. After the party, nothing remains but pictures and debt that is a liability.
A caterer takes a loan to buy equipment and supplies to start a small chops business, and begins supplying offices and events, that is generating income.
Another person takes a loan to eat out frequently at expensive restaurants just to appear successful. Once the food is eaten, there’s no value left, that is just more debt.
The rich think long-term: “How can I use this debt to bring me more money?”
The poor think short-term: “How can I use this debt to enjoy life now?”
One mind set builds wealth. The other builds regret.
Think rich and become rich.
Have a beautiful weekend
