“How do people even make this money?” That’s a question you’ve probably asked yourself at least once. How do wealthy people think? What rules do they follow to build (and maintain) their wealth?
We asked 10 Nigerians, each with a net worth above ₦5m, to share the one rule they swear by to stay on top of their money game. From savvy lifestyle choices to calculated risks, these high-flyers have cracked the code to success.
Rule #1: Understand how your money comes and goes
For Korede* (31), having multiple sources of income and tracking how money enters your account is not enough; you also need to keep an eagle eye on what takes money out of your account.
“It’s very important to know your numbers. I’m constantly tracking how I spend and looking out for what I call money holes — activities that consistently consume money but don’t bring in real benefit. It helps me to identify what takes the larger percentage of my money and see how I can spend less.
For instance, I used to rely heavily on food delivery apps. I thought I was saving time by outsourcing my meals, but I calculated my monthly food expense, and it was about ₦800k. For context, I earned ₦2.5m/month then. A whole 32% of my income was going to food delivery apps.
So, I deleted the apps and joined a meal service that cost only ₦300k. I still saved time, but I spent less and repurposed the money I saved to things that benefit me more.”
Rule #2: Live below your means
It’s tempting to flaunt what you have and increase your expenses as your income increases. But if you ask Joan* (38), she’ll tell you to resist the urge to splurge.
“I think it’s better to build wealth than display it. When I get a salary increase, I condition my mind to imagine I still earn my old salary for at least six months. So, I keep my expenses within the same income range as before and save or invest the extra. That way, I can make even more money (via interest and returns) on my income.
A senior friend once told me, ‘If you keep upgrading your lifestyle as you earn, it’ll get to a point where money is never enough for you.’ I’ve found that to be true. Since I don’t feel pressured to maintain a lifestyle or look like I’ve arrived, I’ve been able to cut down unnecessary expenses and focus on building wealth for the future when I can’t work anymore.”
Rule #3: Money should never be stagnant
Saving is great, but there’s a thin line between saving and hoarding. Joseph* (33) thinks you may be doing yourself a disservice if all you do is keep money.
“I believe your money should work for you, whether it’s making your life better or passively growing. I used to keep my money in the bank, afraid of touching it. However, I read finance books and learnt that moving away from a scarcity mindset is one of the best ways to recognise opportunities for wealth creation.
Now, I have a rule against keeping money stagnant. If I’m not investing in a business or using digital investment channels for passive income, I’m saving it in a high-yield savings account and compounding interest. If I’m doing neither, I’m seeing how I can convert it to value for myself and my family because we also need to enjoy the money.”
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Rule #4: Have an emergency fund
Lanre* (29) says you should think of your emergency fund as vex money in case life and the economy ever decide to move mad.
“My emergency fund is separate from my regular savings and investment portfolio. It’s liquidity that can save me if anything happens; job loss, economic downturns, bad investments or any unforeseen circumstances. It’s the reserve that makes sure I don’t starve while I try to get back on my feet.”
Rule #5: Use debt to your advantage
Taking loans can feel like something only people struggling to survive resort to, but Osas* (36) insists that rich people have debts, too.
“The key is to use debt to your advantage. Rather than borrowing to consume, borrow to build wealth by using the loan to invest or acquire assets that appreciate over time — even better if you can secure a low-interest loan.
Sometime last year, I borrowed about ₦3m to invest in commercial papers and some stocks. I repaid the loan with 12% interest but earned 38% interest on my investments. So, I made enough to repay the debt and still had extra without touching my own money.
If I didn’t already have a car, I’d take a loan to buy it rather than save for it. Because I can be trying to save ₦15m for the car, but inflation has happened by the time I gather the money, and the car costs double. But if I’m just repaying the loan, it doesn’t matter if the car now costs more. I just pay what was agreed.”
Rule #6: Build a system for wealth creation
Bastard money hardly just falls on people; it’s often a gradual process. And for Fiyin* (44), it involves intentionally building a money system.
“I have a set percentage of my income that goes to my savings and investments; it’s non-negotiable, and I’ve done this for 15 years. I also have a financial advisor who helps me make the best investment choices and financial decisions.
I realised early that I wasn’t the best at handling money, so automating my savings helped me to keep money aside even when I wasn’t actively thinking about it. I also didn’t have much financial knowledge, and my advisor helped fill that gap.
This system works for me. Everyone should recognise what works for them to get the best results from their money.”
Rule #7: Cultivate relationships with like-minded people
Your circle influences your thinking and, according to Feyi* (30), even your financial status.
“My closest friends are very intentional about their finances. There’s no way my financial planning won’t improve when I’m always with people who constantly talk about promising stocks and investment opportunities.
The extent to which a person dreams or aspires depends on their exposure. If all you do is listen to someone who thinks the height of wealth creation is to own a house and a car, you’ll likely limit yourself to that, too.”
Rule #8: Focus on your personal finance journey
There’s no single path to building wealth. Banji* (36) has learned the importance of picking and choosing what financial advice and strategy to follow.
“It’s easy to base your decisions on what’s trending at the moment. I once lost money in crypto because everyone was shouting about it, and I didn’t have proper knowledge. Now, everyone is shouting about Nigerian stocks. It’s best to cut through the noise and understand what works for you first before investing.
Take personal finance courses and speak to people with more knowledge than you. Most investors have emergency funds and safety nets in case their investment risks don’t pay off. Don’t go and take the same level of risk with your ₦50k salary and zero savings.”
Rule #9: Always take informed risks
The biggest financial rewards often come to those who take smart risks. While it is important to understand your risk tolerance, Judith* (30) says it’s impossible to grow wealth by avoiding risk entirely.
“Building wealth isn’t just about making money; you aso have to multiply your money. And to do that, you will likely have to invest in risky things like stocks, real estate or even business. The key is to take informed risks. Learn as much as possible about what you put your money into. But always put your money out there.”
Rule #10: Manage lifestyle creep
Lifestyle creep is when your standard (and cost) of living increases as your income increases. Ope* (31) says you may not always be able to avoid lifestyle creep entirely, but you can manage it.
“I think it’s inevitable that your lifestyle improves as you make money. To manage it, I make sure these lifestyle changes veer towards value and long-term benefits rather than just show-off.
I joined a couple of social clubs and moved to a better residential area to expand my network and meet people in the social classes I still aspire to reach. I work in real estate and have landed several projects based on this strategy alone.”
*Names have been changed to protect the respondents’ identity.
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