7 Principles of Wealth Creation

“If we command our wealth, we shall be rich and free; if our wealth commands us, we are poor indeed.” Edmund Burke

We are witnessing a digital revolution literally unfold before our very eyes, many familiar concepts and experiences have transformed and will continue to evolve and this includes the way we create and build wealth.

Technology, especially Artificial Intelligence (AI), is revolutionising industries, unlocking new opportunities, and accelerating change at an unprecedented pace thanks to the ease of instant communication, instant content creation and decentralised finance (DeFi).

AI which went mainstream towards the end of 2022 thanks to OpenAI pet project, Chat GPT became one of the most talked about technologies in 2023 and 2024. Even though the doom mongers continue to raise potentially unfounded concerns about it potentially displacing jobs, the drive for wealth creation will continue to be driven more so by emerging technologies.

The future of wealth creation is poised to evolve significantly due to several key trends and technological advancements. Here are seven predictions for how the future of wealth creation will unfold, what to expect, and why it is crucial to start leveraging yourself now:

1. Recognise Wealth Building as a Skill Set

Wealth building goes beyond 'getting rich or die trying', building wealth is actually a state of mind and requires building competence on the fundamentals of money making, money management and creating systems that continue to build wealth passively for you to ensure true financial freedom.

We live in a world where access to education has been democratised, so whether you are teaching wealth management skills or learning wealth management skills, the opportunities are truly endless.

Some pages I personally like for wealth management include Investopedia Money Africa and to learn more about DeFi specifically, I would recommend checking out Norton Rose DeFi Academy Infusion Lawyers Article Crypto Asset Buyer (CAB) for more educational resources.

2. Specialised Skills & Education are a gateway

Previous newsletter topics have explored weighing the pros and cons of becoming a generalist or a specialist in your chosen field or discipline. There are certainly advantages either way as perspective and timing are also important. But as we are looking futuristically at what will serve wealth generation purpose it is evident that wealth generation leans heavily towards specialisation. When you look at specialist content creators such as Sesi Hundeyin Oluwatosin Olaseinde Ola Brown, MFR it is evident that building competence and expertise in an area or if you are lucky enough to have multidisciplinary areas goes a long way towards wealth creation. Not only are you able to demonstrate competence but the social impact of your work empowers millions at the same time. Building capacity and wealth generation in one fell swoop. How amazing is this.

“Formal education will make you a living; self-education will make you a fortune.” Jim Rohn

3. AI Has Come to Stay— Leverage it , Use It . 

Artificial intelligence and automation are replacing manual systems and reshaping industries globally by boosting efficiency, reducing costs, and introducing innovative business models. From automated trading algorithms to AI-driven market analysis, the potential is vast.

I find it strange that many people fear that AI will replace their jobs. I honestly do not think so, especially for a continent like Africa which is so vast and where skills acquisition remains a challenge. However, the real issue is that jobs may be taken by those who know how to use AI effectively. Africa has a major opportunity to lead in the next digital revolution by emphasising on training and capturing AI in its businesses and schools.

To remain competitive in the here and now and also the future, it is crucial to acquire skills in AI or invest in AI-driven businesses. This applies to individuals, businesses and also nations. The first place to start is through education, conduct peer review studies to learn how other third parties are using AI to improve efficiency. For instance, the Nigerian agricultural community can pay attention to trends abroad such as in India where pilot studies are being undertaken and AI has been introduced into agriculture, to increase farming yields and profitability guaranteeing sustainability.

Early adopters often gain a significant advantage as these technologies become more prevalent. Rather than viewing AI as a threat, see it as an opportunity. Embracing AI as a collaborative tool for planning, content creation, and research can significantly enhance your career and business prospects.

Some people call this Artificial Intelligence, but the reality is this technology will enhance us. So instead of Artificial Intelligence this will augment our intelligence. - Ginni Rometty

4. The Gig Economy, Remote Work and Digital Nomadism. 

The traditional nine-to-five office job is dying, it is clear. Countries like Spain, Australia and recently Japan have passed policies introducing the four day working week to prioritise health and wellbeing of its people because you actually need to be well to earn a good living.

The pressure to achieve better work life balance or work life integration means that remote work and digital nomadism are not going away any time soon. Novel approaches and attitudes are reshaping how we work, live, and earn. Technology has dissolved geographical boundaries, allowing individuals to tap into a global talent market and create location-independent careers. For example, a screen writer in Kenya can secure a temporary contract with a production company in Australia without ever leaving Kenya, provided they are the best candidate for the job. A policy maker in Nigeria can get a brief from a government agency in the United States without ever meeting physically. Alternative Dispute Resolution professionals continue to make inroads crossing virtual borders effortlessly and servicing clients all over the world.

This massive shift presents a unique opportunity to build wealth. By developing in-demand digital skills or creating businesses that cater to a remote workforce, individuals can enjoy greater flexibility, higher earning potential, and the chance to experience different cultures. Embracing remote work now positions you to capitalise on this growing trend and shape your financial future.

5. The Green Gold Rush.

The world is undergoing a green transformation, driven by the urgent need to address climate change issues and seek cleaner energy sources. While renewable energy is the ultimate goal, fossil fuels are paradoxically fueling the development of this new energy economy. As energy consumption doubles in the coming decades, the demand for clean, sustainable solutions will skyrocket.

This presents a massive opportunity for investors, entrepreneurs, and policymakers. By positioning themselves at the forefront of the green economy, individuals can not only contribute to a healthier planet but also reap significant financial rewards. The market for renewable energy, green technologies, and sustainable practices is expanding rapidly, creating a wealth of opportunities for those who can identify and capitalise on emerging trends. This includes:

• Renewable Energy (e.g. solar power)
• Green Technology (e.g. electric vehicles, energy storage such as battery technology, or charging infrastructure)
• Sustainable Agriculture and Food (e.g. organic farming, production and distribution)
• Waste Management (e.g. waste reduction, recycling, or waste-to-energy solutions)

6. Data Is Gold. Master It. 

Data has become the lifeblood of the modern economy. The ability to collect, analyse, and interpret vast amounts of information is transforming industries, creating new business models, and driving unprecedented growth.

Businesses are now able to harness the power of data to gain a competitive edge by making informed decisions, optimising operations, and identifying new market opportunities. From e-commerce giants to healthcare providers, organisations across various sectors are investing heavily in data infrastructure and talent. According to Research and Markets, the global market for data analytics is projected to reach a staggering US$662.63 billion by 2028, up from US$294.16 billion in 2022. This growth trajectory underscores the immense potential for wealth creation in the data-driven economy.

The demand for data experts is skyrocketing. As businesses rush to leverage data, professionals with data analysis skills are increasingly sought after. Investing in data education or data-focused businesses can yield substantial returns. Some quality data education businesses include Dataleum please check them out.

7. The Rise of the Solopreneur.

Entrepreneurship is no longer reserved for those with deep pockets or big players in business. Thanks to digital tools and lower startup costs, anyone with an idea can now build a thriving business. The internet has levelled the playing field, making it possible for individuals to reach a global audience and scale their ventures rapidly.

We are witnessing the rise of the solopreneur—individuals building successful businesses from their own homes and studios. Stories of ordinary people turning their passions into million-pound enterprises are becoming increasingly common. This trend is a testament to the democratisation of entrepreneurship and the potential for anyone to create wealth in today’s digital age.

One of my favourite new generation Solopreneurs is Steve Bartlett, who has an English father and a Nigerian mother, gained popularity initially thanks to his digital marketing expertise and eventually launched his highly successful motivational podcast, Diary of a CEO. The podcast became a global hit and exponentially increased his following to 8.5m followers in the last couple of years enabling him to expand his reach and businesses. He was able to achieve all this through his innovative digital approach.

From blogging to e-commerce, the opportunities are endless. With minimal overheads, entrepreneurs can focus on creating products or services that solve real problems. Digital platforms connect creators directly with consumers, eliminating intermediaries and maximising profits.

If you are interested in exploring some of the opportunities tech has to offer in Nigeria from the legal point of you, you can click to purchase the Comprehensive Guide to Technology Law and Practice

Wealth Creation has been democratised and the opportunities are truly open to us all. I hope you have been inspired by the insights in this edition.

If you enjoy this piece you can drop a comment or reshare to your networks. Until next time, keep developing your A-Game.

Compliments of the Season to you and yours.