Get rich in a poor country

How Do You Become Rich In A Poor Country?

How do you get rich in a poor country?

Some believe that people living in poor countries are destined to be poor.  After all poor countries are characterized by many negatives.  No job, rampant corruption and a population with little or no money. 

When you see a rich person in a poor country, he is either a politician that has stolen government money or he has done some illegal stuff. Right?

Wrong.  It’s a false narrative!

Wallace D. Wattle in his book, the Science of Getting Rich emphasized that riches has no home.  Getting rich therefore is not a matter of environment or geographical location.  But whoever does things in a certain way will certainly get rich irrespective of where he lives.

There is a Science of getting rich, and it is an exact science, like

algebra or arithmetic. There are certain laws which govern the process

of acquiring riches; once these laws are learned and obeyed by any man,

he will get rich with mathematical certainty

                                                                                Wallace D. Wattle

There are rich people in poor countries just as there are poor people in rich countries.   Therefore, as Wallace D. Wattle advised, stop thinking that people are rich because they are in rich countries and that you are poor because you are living in a poor country.

So how do you become rich in a poor country?

Short answer: The same way people get rich in rich countries.  May be very slightly different because the opportunities may differ.

But, you see,  despite the huge differences in cultures, people are generally the same and most if not all their needs are similar no matter where they live in the world.  They need food, shelter, and clothing.  These are the primary needs of man.

They also need recreation, entertainment and Information. Above all, people need love, relationships and association.  Get to understand the gap in the way people are meeting these needs and find ways of providing a service or solutions to close the gap; then you will be rich.

Now these are the strategies:

#1. Change your beliefs

I come from Africa and growing up I realized that it’s easy to believe that you’re destined for poverty.  In fact most people believe that those who become rich did so either by stealing or chance.  So young people grow up believing that because their parents were poor, it is normal if they were also poor.

Thus, conditioning is the major reason why people are poor in Africa.  The moment you begin to change your beliefs and study how money works, you will understand that there is a formula to wealth creation.

#2.  Develop Wealth Building Habits

It’s our habits that define us and this is even so when it comes to making money.  An essential part of the science of getting rich is the development of effective money habits.  The basic money habits that can make you rich in the long term are simple but can be difficult to keep by many people. 

Pay yourself first by keeping a percentage of your regular earning aside before spending the rest, invest wisely and in the long run you will be rich.

Related: Money Habits that Can Make You Rich

So many people are doing it, you say.  Play the same game as anyone else, only that you must play it better.  Put money aside regularly, invest wisely and in the long run you would have created wealth that will amaze even you.

#3.  Serve Your People

No one knows the need of the people in your country better than you.  In most cases these needs are small issues that the rest of the world doesn’t care about.   Start a business that provides solutions to these needs. You may face some challenges but keep at it and keep on improving on your solutions.  You will eventually get accepted and then you will be rich.

A story is told of two poor brothers who started by washing toilets for wealthy individuals in a remote town of Egypt.  Today they run a waste management company that has imprints beyond Egypt.  And yes, they have become rich.  Simply by identifying a need in their community and finding a way to provide solutions.

#4.  Replicate a Trend in Your Environment

Find a trend that’s big in say United States or Europe and which has not really penetrated in your country and find a way of replicating the service locally.  As we have seen,  human needs are similar, therefore if something is cool in rich countries it is very likely that it will get a positive reception in your own country.

The easiest way to apply this principle is in services.  Providing a service does not demand upfront cost, perhaps very little upfront cost.   Your most important investment for a service is access to the internet which will enable you learn more about it.  Fortunately, this is also easy nowadays.

So find something trending in developed countries, replicate it in your country and begin to build your riches from there.  An example of such is  Uber.  Smart people saw the solutions Uber was providing in America and other advanced countries and the amount of money the company was making in the process of providing that solution. 

They quickly began to replicate Uber in their countries, today taxi hailing service is common in poor countries and those who started it are very rich.

#5.  Leverage Your Currency Against the Rich Countries

People who live in rich countries usually pay higher for services that can be provided at cheaper prices elsewhere.  And they are always willing to get their jobs done in other countries where the cost of labour is lower. 

It’s called outsourcing.

Your goal should be to be as good as, if not better than someone they could higher locally at that exorbitant price.  All businesses are looking to cut cost and the fact that you are living in a country with low currency may be a blessing after all.

Find a service, preferably a digital one which you can do at least as well as any international freelancer.  And because your currency is low, you can undercut them on the price template and still make more money than you will have made if you offered the service locally.

Indian used this template to grow its economy.  They provided skilled services to companies and individuals in rich countries like America.  These individuals and organizations were happy to give the Indians jobs to be executed in India because the Indians did not only deliver quality jobs but did so at cheaper costs.

Finally

Let me repeat that Riches has no home.  It’s not geographically dependent.  That’s why even in the richest countries, you find poor people there.  For example, certain studies show that 70% of Americans live from pay cheque to pay cheque.

In the same vein there are people who are amongst the world billionaires that are from the so called poor or developing countries.  They became wealthy by following the scientific principles of getting rich.  You too can if you follow the same universal principles irrespective of how poor your country or background is.

So you see, you can get rich in a poor country.

What do you think you can add to the list?  Let’s have it in the comment section below.

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Buchi provides small business owners with strategic, financial, and digital support to help them build strong, successful and profitable enterprises.

He is a Blogger at night and by day, Team Lead at Stalwart Investment Partners Ltd, a research, business and investment advisory firm.

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