Expressing worry over the Nigerian dwindling economy, the 2023 gubernatorial candidate of the People's Democratic Party, PDP in Ebonyi State, Chief Ifeanyi Chukwuma Odi, has embarked on coaching the citizens on wealth creation principles.
Odii, in a press release made available to our Correspondent,, noted that wealth creation and its sustenance follow fundamental principles that have been proven over time.
He said these principles help individuals, businesses, and nations build and maintain financial prosperity.
He enumerated the principles of wealth creation, which, in his words, included value creation, financial education, multiple streams of income, savings and investments, leverage and smart risk-taking, entrepreneurship and innovation, and time compounding.
He explained: "Value Creation – Wealth is created by producing goods, services, or solutions that others need and are willing to pay for.
"Financial Education – Understanding money, investments, and financial management is key to building and preserving wealth.
"Multiple Streams of Income – Relying on a single source of income is risky. Diversification through businesses, investments, and passive income streams enhances financial security.
"Savings and Investments – Regular savings and strategic investments in assets like stocks, real estate, or businesses help grow wealth over time.
"Leverage and Smart Risk-Taking – Using financial tools like loans, partnerships, or technology can amplify wealth creation, but risks must be managed wisely.
"Entrepreneurship and Innovation – Starting businesses or innovating within industries creates opportunities for wealth generation.
"Time and Compounding – Long-term investing allows compound interest to work, growing wealth exponentially over time."
Speaking on principles of wealth sustenance, the Ebonyi-born business magnet said they included financial discipline, assets protection, continuous learning and adaptation, generational wealth planning, mindset and ethics, economic and political awareness, health and well-being of the people.
"Financial Discipline – Living within means, avoiding excessive debt, and making informed financial decisions ensure wealth longevity.
" Asset Protection – Diversification, insurance, and legal strategies (like trusts and wills) help safeguard wealth from unexpected losses.
"Continuous Learning and Adaptation – Staying informed about financial trends and adapting to changes in markets or economies helps sustain wealth.
"Generational Wealth Planning – Passing on financial knowledge and structuring inheritance wisely prevents wealth dissipation.
"Mindset and Ethics – A wealth mindset, coupled with ethical financial practices, ensures long-term prosperity and positive societal impact.
"Economic and Political Awareness – Being aware of global economic shifts, inflation, and government policies helps in making proactive financial decisions.
"Health and Well-being – Sustaining wealth also requires maintaining good health, as medical emergencies can drain financial resources," Odii, the chairman of Orient Group, added.
