As a young man born and raised in Ghana, West Africa, it is humbling to look back and realize how far I have come. I was shocked when a website, that tracks all incomes in the United States, showed me that I belong in the top 8% of income earners in the country. Yes, I know… when I found out, I was just as surprised as you. How can that be possible? A young man that arrived from Ghana; whose college experience in higher education started in a community college. How did this young man end up among the top income earners in the United States? I thought about this question for a long time, and I have the answer at the end of this article, so keep reading.
If you live in a developed country, you are very blessed. You have access to many opportunities that your friends and colleagues living in developing countries do not. Many people overlook this, and as a result, do not take full advantage of their opportunities. I believe this article will serve as a great reminder to everyone who takes for granted growing up in a developed country.
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Think about it for a moment — if you live in the U.S., for example, you have access to luxuries of which many people across the world only dream: constant electricity, Internet connectivity, quality healthcare, clean water, constructed roads, cable television, credit cards and so much more. But by far the most important tool you have access to is the U.S. stock market. You can literally buy an ownership stake in any of the greatest companies in the world. Think about that for a moment. Do you have any of these stocks?
As I type this article, the greatest wealth transfer is underway. Over $30 trillion will be passed on to the next generation. When I found out about this wealth transfer, I wondered for a moment — what percentage of this transfer would go to Africans? The sad truth is that it might be close to nothing because most individuals never take the time to invest. Many feel it is too complicated, and as a result, never take the time to learn how.
If you live in a developed country, such as the U.S., I strongly believe you have a responsibility to become rich. Here’s why: in the U.S., the average yearly salary of a bachelor’s degree graduate is $50,651. In Ghana, the starting yearly salary of a college graduate is about $3,789. By this salary comparison, you can understand why I believe every African living abroad has a responsibility to become financially free.
But to become financially free, you have to start investing. Investing has been a topic that has been presented as complicated and difficult to understand, but this is not true. In fact, anyone can learn how to invest — I have taught many of my friends and colleagues. Many of them are well on their way towards a comfortable retirement. In case you are wondering, I have a friend who earns $40,000 a year, and as you can see in the image below, he is on track to earn about $3 million by the time he retires. How much is your current yearly salary? With what you are currently doing (or not doing), can you retire with $3 million?
I started The Investing Tutor to teach our generation what they need to know about money and investing. I would very much like for you to partake in the next wealth transfer, but it starts with investment education.
Author: Hans Boateng || Investor, Financial Educator