Steem4nigeria Accelerator Contest Week 146: 24 Hours With 10 Million, How Will You Spend It?

While I was out in the field ministry with one of my Christian brothers, we passed by a beautifully designed house. I couldn't help but stop for a few seconds to admire it.

I smiled and said, "Omo, this person don really try o."We both laughed, then my friend replied, "Maybe this person had enough money before deciding to build a house like this." His response made me curious, so I asked, "What do you mean by that?"

Instead of answering me directly, he threw another question at me. "If someone gives you ₦10 million today and tells you to spend it within 24 hours, how would you use it?" I laughed and answered almost immediately.

"I'll start a rice business, and I'll also build my own house."

He nodded when I mentioned the business, but the moment I talked about building a house, he quickly discouraged the idea.

That got me thinking. Why would someone support the business idea but advise against building a house?

How would I spend ₦10 million in just 24 hours?

Honestly, spending that amount within just one day isn't as easy as it sounds. We are talking about 24 hours, not a whole week to sit down and plan carefully. Some people would probably spend the money on luxury because they believe more money will always come. But what if it doesn't?

If I had to make that decision, this is how I would spend it:

• Buy a tricycle (Keke) for about ₦4 million.
• Use the remaining money to buy land.

Why did I choose these two?

Some people might ask, "Why not invest in cryptocurrency, real estate, or another business?"

The truth is, everyone has different priorities and different levels of understanding. What works for one person may not work for another.

One thing I have learned is the difference between assets and liabilities.

Liabilities take money out of our pockets, while assets have the potential to put money back into them.

That is why I chose a tricycle.

A few years ago, a keke could be bought for around ₦1 million to ₦1.5 million. Today, prices have increased significantly, with some selling for as much as ₦4 million to ₦5 million, and even more under hire purchase arrangements.

Instead of driving it myself, I would give it out on hire purchase. The driver would pay me weekly until the agreed amount is completed. That means even after the first 24 hours, the investment would continue generating income.

As for land, I consider it one of the safest long term assets.

A plot of land that sold for ₦1 million a few years ago can easily be worth ₦5 million or even ₦7 million today, depending on the location.

I'm not in a hurry to sell it. I don't mind waiting because land generally appreciates over time. If I decide not to sell, I can even develop it later and build rental apartments that will generate another source of income.

To me, owning land is not just an expense. It is an investment in my future.

Is this a wise decision or a decision made under pressure?

I believe it is a wise decision.

One of my favorite quotes says, "Life is a target. If you set your target and pursue it, you will surely accomplish it."

Rather than spending the money on things that lose value, I would rather invest in things that can improve my financial future.
Of course, nobody knows exactly how things will turn out, but I would rather make thoughtful decisions today than live with the regret of saying, "Had I known."

Thank you for taking the time to read my thoughts.

It's been a while since I last wrote on Steemit, and I truly missed this amazing community.
Finally, I'm back home. Sweet home, Akwa Ibom, the place I've always looked forward to returning to.
To all the Uyo Steemians, I'm glad to be here once again.

I warmly invite @wakeupkitty, @elsa-queen, @josepha, @sadaf02, @suryati1, @missyleo, and @saintkelvin17 to share their thoughts on this topic.

CC: @steem4nigeria

Writer: @mhizta