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THE DEFINITION OF WEALTH

We all admire wealthy people. Society respects wealth. And preferential treatment are given to children of the wealthy but what is wealth?
Wealth can be defined as the value of all the property, possessions or money that someone has.

Sadly many of the wealthy people in Nigeria are chronic debtors
owing from bank to bank. Their assets are borrowed assets, can they then still be classified as wealthy people? Their life is a lie and all the things they claim to have are borrowed so who is fooling who?

The businesses they have have since gone under and bank loans are keeping them afloat. They borrow from banks and use half of the loan for their business and the rest to finance their extravagant lifestyle.

In reality, they are bankrupt and should have long filed for bankruptcy. They are poor role models for they teach young people that the way to wealth is borrowing. They are in fact poor business people since they have no solid investments and cannot manage their profits and resources.

 Their business model should be taught in business schools as a no no for running a business to avoid bankruptcy.

Finally, they should not be referred to as wealthy people anymore since in actual fact they are broke as their liabilities and debts outweigh their assets.
Ukwuoma Obele.
PHOTO CREDIT:INTERNET

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