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Gaza ceasefire deal close after 'breakthrough' in Doha

Negotiators will meet in Doha on Tuesday seeking to finalise details of a plan to end the war in Gaza after U.S. President Joe Biden said a ceasefire and hostage release deal he has championed was on "the brink" of coming to fruition.

Mediators gave Israel and Hamas a final draft of an agreement on Monday, an official briefed on the negotiations said, after a midnight "breakthrough" in talks attended by envoys of both the outgoing U.S. president and President-elect Donald Trump.

"The deal ... would free the hostages, halt the fighting, provide security to Israel and allow us to significantly surge humanitarian assistance to the Palestinians who suffered terribly in this war that Hamas started," Biden said in a speech on Monday to highlight his foreign policy achievements.

If successful, the ceasefire deal would cap over a year of start-and-stop talks and lead to the biggest release of Israeli hostages since the early days of the conflict, when Hamas freed about half of its prisoners in exchange for 240 Palestinian detainees held by Israel.

The official briefed on the talks, who did not want to be identified, said the text for a ceasefire and release of hostages was presented by Qatar to both sides at talks in Doha.

"I think there is a good chance we can close this ... the parties are right on the cusp of being able to close this deal," Biden's national security adviser Jake Sullivan told reporters on Monday.

U.S. Secretary of State Antony Blinken said the ball was in Hamas' court. Hamas said it was keen to reach a deal.

An Israeli official said negotiations were in advanced stages for the release of up to 33 hostages as part of the deal. Ninety-eight hostages remain in Gaza, according to Israeli authorities.

Israeli Foreign Minister Gideon Saar told reporters: "There is progress, it looks much better than previously. I want to thank our American friends for the huge efforts they are investing to secure a hostage deal."

"The negotiation over some core issues made progress and we are working to conclude what remains soon," a Hamas official said.

Israel launched its assault in Gaza after Hamas fighters stormed across its borders in October 2023, killing 1,200 people and taking more than 250 hostages, according to Israeli tallies.

Since then, more than 46,000 people have been killed in Gaza, according to Palestinian health officials, with much of the enclave laid to waste and most of its population displaced.

The warring sides have broadly agreed for months on the principle of halting the fighting in return for the release of hostages held by Hamas and Palestinian detainees held by Israel. But Hamas has always insisted a deal must lead to a permanent end to the war and an Israeli withdrawal from Gaza, while Israel has said it will not end the war until Hamas is dismantled.

TRUMP'S INAUGURATION SEEN AS DEADLINE

Trump's Jan. 20 inauguration is now widely seen as a de facto deadline for a ceasefire agreement. Trump has said there would be "hell to pay" unless hostages held by Hamas are freed before he takes office.

Blinken said negotiators wanted to make sure Trump would continue to back the deal on the table so the attendance at the ceasefire talks of Trump's Middle East envoy Steve Witkoff, along with Biden's envoy Brett McGurk, has been "critical."

An Israeli official who briefed reporters on the proposed deal said its first stage would see 33 hostages set free, including children, women, some of whom are female soldiers, men above 50, and the wounded and sick.

On the 16th day of the ceasefire, negotiations would start on a second stage during which the remaining living hostages - male soldiers and men of military age - would be released and the bodies of dead hostages returned.

The deal would see a phased troop withdrawal, with Israeli forces remaining in the border perimeter to defend Israeli border towns and villages. There would be security arrangements in the Philadelphi corridor, along the southern edge of Gaza, with Israel withdrawing from parts of it after the first few days of the deal.

Unarmed North Gaza residents would be allowed back, with a mechanism to ensure no weapons are moved there. Israeli troops will withdraw from the Netzarim corridor in central Gaza.

The Israeli official said Palestinian militants convicted of murder or deadly attacks would also be released but numbers would depend on the number of live hostages, which was still unknown, and they would not include fighters who took part in the Oct. 7, 2023, attack on Israel.

 

Reuters

WESTERN PERSPECTIVE

Trump says he will meet 'very quickly' with Putin

U.S. President-elect Donald Trump said on Monday he is going to meet Russian President Vladimir Putin "very quickly" after he takes office next week.

He did not provide a timeline for the meeting, which would be the first between the leaders of the two countries since Russia's war with Ukraine started in February 2022.

When asked about his strategy to end the war, Trump told Newsmax: "Well, there's only one strategy and it's up to Putin and I can't imagine he's too thrilled about the way it's gone because it hasn't gone exactly well for him either.

"And I know he wants to meet and I'm going to meet very quickly. I would've done it sooner but...you have to get into the office. For some of the things, you do have to be there."

U.S. Congressman Mike Waltz, the incoming national security adviser, said on Sunday he expected a call between Trump and Putin in "the coming days and weeks."

Russia's invasion of Ukraine has left tens of thousands of people dead, displaced millions and triggered the biggest rupture in relations between Moscow and the West since the 1962 Cuban Missile Crisis.

 

RUSSIAN PERSPECTIVE

Ukraine’s military weakened in 2024 – Global Firepower

Ukraine’s military has slid for a second consecutive year in the rating of the world’s top armies compiled by Global Firepower. By contrast, Russia has retained second place for over a decade.

In its 2025 Military Strength Ranking, the analytical outlet ranked the US military first, with a ‘PowerIndex’ score of 0.0744 (where 0.0000 is considered perfect), followed by Russia with 0.0788, and China in third place with the same score. Ukraine ranks 20th, with a score of 0.3755. The latter indicator inversely correlates with a nation’s military might.

Last year’s assessment placed Kiev in 18th place, with the top three armies remaining unchanged. In 2023, Ukraine ranked 15th.

The website, which has been publishing annual ratings of 145 armed forces since 2006, claims to base its analyses on “each nation’s potential war-making capability across land, sea, and air fought by conventional means,” – meaning that a country’s nuclear arsenal, if it has one, does not factor in. “The results incorporate values related to manpower, equipment, natural resources, finances, and geography represented by 60+ individual factors,” Global Firepower writes on its website.

Speaking in mid-December, Valery Gerasimov, the head of the Russian General Staff, estimated that since the Ukrainian conflict escalated in February 2022, Kiev had suffered nearly 1 million casualties in terms of manpower and lost approximately 20,000 tanks and other armored vehicles.
According to the general, while the
“US and its allies [had] significantly increased the volume of military assistance to Ukraine,” Russian forces continued to have the upper hand on the battlefield.

In an interview with local media late last month, Vladimir Shylov, former commander of the 3rd Company in Ukraine’s 134th Separate Territorial Defense Battalion, claimed that the country had “ceased to exist” as a functional state due to widespread corruption and mismanagement, pointing the finger at the leadership in Kiev and Vladimir Zelensky personally. He warned that in light of these difficulties, Kiev’s forces could soon be overwhelmed by advancing Russian troops, allowing Moscow’s military to reach as far as the Dnieper River.

The former commander also criticized Ukraine’s ongoing incursion into Russia’s Kursk Region, describing it as a political ploy without any real strategic military value. He pointed out that the operation has failed to stop Moscow from making territorial gains in recent months.

Several Western media outlets have similarly quoted Ukrainian officers and soldiers as complaining about dire manpower shortages, despite the ever-intensifying mobilization of fighting-age men.

 

Reuters/RT

 

Jennifer Taylor

Finding enough time in the day to reach your financial goals can be tough. However, it might not be as hard as you think, thanks to former journalist and time management researcher Oliver Burkeman.

His most recent book “Meditations for Mortals” offers tips to help make time for things that matter most in life. If you’re looking to become more successful and build greater wealth, he has some advice for you. You might be thinking you don’t have enough time to read a book right now and that’s OK, because CNBC did it for you.

Consider the Consequences

Every choice you make comes with consequences — even small ones. “It’s in the nature of being finite that every choice comes with some sort of consequences, because at any instant, you can only pick one path and must deal with the repercussions of not picking any of the others,” Burkeman wrote.

This isn’t necessarily a bad thing. In fact, Burkeman encouraged his readers to use this knowledge of sorts to choose the path that feels best.

He said having the ability to examine the potential consequences of a decision is a ”freedom in limitation.” Essentially, being able to weigh your decision should be considered a form of empowerment.

Befriend What Scares You

It’s hard to get ahead if worries are holding you back. Burkeman suggested overcoming your fears by befriending them. “Confronting the situation is the only way to do something about it,” he wrote.

This, of course, can feel easier said than done. However, he said you can face your fear in your own way, as long as you get there. “It might mean finding the least intimating way to get stuck into it, or asking someone else for help,” he wrote.

Do Things ‘Dailyish’

Success rarely happens overnight. Instead, Burkeman advised aiming to take small daily steps — but not fretting if you don’t make progress every single day.

“Deep down, you know that doing something twice per week doesn’t count qualify as ‘dailyish,’ while five times per week does,” he wrote. “In busy periods, three or four times per week might get to count.”

He said this approach ensures you’re prioritizing success, but in a realistic manner. Instead of aiming for perfection, you’ll have the freedom to continue moving forward, without putting too much pressure on yourself.

Set Quantity Goals

When working toward an objective that’s important to you, it’s easy to sweat the small stuff. However, Burkeman said this isn’t the best path to success.

Instead, he recommended setting quantity goals, as this makes the activity less strenuous. For example, if you’re writing a book, he advised setting a timer for 10 minutes and challenging yourself to write without stopping for the entire time period.

He said this can be a more effective way to make progress, as it’s not uncommon to procrastinate if you’re laser-focused on quality.

“A quality goal puts you in the driver’s seat,” he wrote. “Instead of hoping you produce something good, you get to know you’ll produce something.”

This can help build momentum, inspiring you to keep working toward your goal. Even if you end up not using some — or all — of the work attached to quantity goals, they’ve still served an important purpose.

 

GOBankingRates

Fuel prices in Nigeria are expected to climb further as Brent crude prices surged above $81 per barrel on Monday, marking a four-month high. The increase follows the imposition of broader U.S. sanctions on Russian oil exports, raising global supply concerns and driving up costs.

Brent crude futures rose by $1.48 (1.86%) to $81.24 per barrel after reaching an intraday high of $81.49, the highest since August 27, 2024. Similarly, U.S. West Texas Intermediate (WTI) crude climbed to $78.10 per barrel, reflecting a 2% increase. Both benchmarks have gained over 6% since January 8.

The U.S. Treasury’s expanded sanctions, announced on Friday, targeted Russian oil producers Gazprom Neft and Surgutneftegas, as well as 183 vessels linked to Russian crude exports. These measures are expected to significantly disrupt Russia’s oil shipments, particularly to major importers like China and India, pushing demand—and prices—higher across other markets, including Africa.

Impact on Nigeria

The latest price surge is set to impact fuel prices in Nigeria, as the nation depends heavily on imported refined petroleum products. Local fuel depots, which already saw selective price increases last week, are expected to implement further hikes.

Olatide Jeremiah, CEO of petroleumprice.ng, explained that higher crude prices directly influence the cost of refined products such as diesel and petrol. “As Brent crude surpasses $81, importers will face higher procurement and shipping costs, leading to inevitable price adjustments,” he said.

Analysts Warn of Prolonged Price Pressure

RBC Capital analysts noted that the new sanctions will remove significant volumes of Russian crude from global markets, particularly affecting exports to Asia. The sanctions cover tankers involved in shipping approximately 1.5 million barrels per day of Russian oil, including 750,000 barrels per day to China and 350,000 barrels per day to India.

Traders and analysts predict that China and India will now turn to crude sources in the Middle East, Africa, and the Americas, further straining global oil supplies and increasing costs. This could lead to higher shipping expenses for oil imports, which will ripple through markets like Nigeria.

Rising Fuel Prices at Home

Nigerian residents and businesses are already bracing for higher fuel prices after Brent crude prices hit $79.76 per barrel over the weekend. The new highs will likely exacerbate the situation, with diesel prices—already rising in Lagos depots—expected to climb further this week.

The latest developments underline the strong link between global crude prices and local fuel costs in Nigeria, highlighting the need for a more sustainable approach to managing the nation’s fuel supply and pricing mechanisms.

At least 20 people, including members of a local vigilante group, were killed in a misdirected airstrike by the Nigerian Air Force (NAF) in Maradun Local Government Area of Zamfara State. The area is the hometown of the Minister of State for Defence, Bello Matawalle.

The victims, members of the Zamfara Community Protection Guard, were reportedly struck on Saturday night, January 11, in Tungar Kara, a community where the Air Force and local defenders were responding to a terrorist attack.

A local resident, Salisu Maradun, explained that vigilantes and other residents had mobilized to defend the community and recover stolen livestock from fleeing bandits when the airstrike mistakenly hit them. “The victims came from neighboring communities in solidarity to support the attacked area,” Maradun said.

Eyewitnesses reported that at least 20 people died in the incident, with several others unaccounted for as of Sunday afternoon.

This latest incident adds to a series of airstrikes by the Nigerian Air Force that have unintentionally killed civilians. On Christmas Day 2024, 10 civilians were killed in airstrikes in Gidan Sama and Rumtuwa, neighboring communities in Sokoto State. Although the Air Force initially claimed the victims were terrorists, it later announced plans to investigate following public outrage.

According to SBM Intelligence, a pan-African consulting firm, the Nigerian Air Force conducted 17 accidental airstrikes between January 2017 and September 2024, resulting in the deaths of about 500 people.

The International Criminal Court (ICC) has included such incidents as part of its ongoing investigations into alleged human rights violations by Nigerian security forces.

Attempts to reach NAF spokesperson Olusola Akinboyewa and Zamfara State Police spokesperson Yazeed Abubakar for comments were unsuccessful, as calls and messages went unanswered.

The tragic airstrike raises further concerns about the safety of civilians during military operations and the need for improved targeting measures to prevent future incidents.

Armed assailants launched an attack on a mosque in Birnin Yaro village, Zamfara state, kidnapping multiple worshippers during evening prayers on Friday. According to counter-insurgency publication Zagazola Makama, the assault was orchestrated by notorious warlord Bello Turji and his armed group.

The attackers struck during Isha prayers, forcibly moving the captured worshippers into nearby forest areas. The total number of kidnapped individuals has yet to be confirmed.

This incident marks the latest in a series of escalating kidnappings plaguing Zamfara state. Just last week, armed attackers on motorcycles raided Gana town in Zamfara, abducting 46 people, including women and children. During that attack, the assailants fired weapons indiscriminately and set several buildings ablaze.

In a similar incident this past December, gunmen kidnapped 43 people in Kakidawa, located in the Gidan Goga district of Maradun LGA. Local witnesses reported that the attackers conducted systematic house-to-house searches after sending residents fleeing with gunfire, primarily targeting women and children who were unable to escape.​​​​​​​​​​​​​​​​

Top Israeli security delegation in Doha for Gaza talks

A top level Israeli security delegation arrived in Qatar on Sunday for talks on a Gaza hostage and ceasefire deal, a spokesperson for Israeli Prime Minister Benjamin Netanyahu said, in a possible sign of so-far elusive agreements nearing.

Qatar and fellow mediators Egypt and the United States are making renewed efforts to reach a deal to halt the fighting in the enclave and free the remaining 98 hostages held there before President-elect Donald Trump takes office on Jan. 20.

Netanyahu's office said on Saturday that the delegation includes Mossad Head David Barnea, the head of the Shin Bet domestic security service Ronen Bar and the military's head of the hostage brief, Nitzan Alon.

Trump's Middle East envoy, Steve Witkoff, met on Saturday with Netanyahu, after having met on Friday with Qatari Prime Minister Sheikh Mohammed bin Abdulrahman Al Thani.

Israeli and Palestinian officials have said since Thursday that some progress has been made in the indirect talks between Israel and militant group Hamas but did not elaborate. The sides have been keeping a tight lid on the details being worked out.

It is unclear how they will bridge one of the biggest gaps that has persisted throughout previous rounds of talks: Hamas demands an end to the war while Israel says it won't end the war as long as Hamas rules Gaza and poses a threat to Israelis.

Israel launched its assault in Gaza after Hamas fighters stormed across its borders in October 2023, killing 1,200 people and taking more than 250 hostages, according to Israeli tallies.

Since then, more than 46,000 people have been killed in Gaza, according to Palestinian health officials, with much of the enclave laid to waste and gripped by a humanitarian crisis, and most of its population displaced.

 

Reuters

RUSSIAN PERSPECTIVE

Ukraine won’t reclaim all Russian-held territories – Trump adviser

It is not possible to “expel every Russian from every inch” of soil claimed by Ukraine, including the Crimean peninsula, incoming US National Security Adviser Michael Waltz has admitted.

Acknowledging “that reality” has become a major step toward resolving the conflict between Moscow and Kiev, Waltz told ABC News in an interview on Sunday, adding that this idea is now in the process of being accepted by Ukraine’s backers. 

“Everybody knows that this [conflict] has to end somehow diplomatically. I just don’t think it’s realistic to say we’re going to expel every Russian from every inch of Ukrainian soil. Even Crimea – President[-elect Donald] Trump has acknowledged that reality, and I think it has been a huge step forward that the entire world is acknowledging that reality,” Waltz stated.

Waltz suggested that accepting the fact that returning to Ukraine’s original post-Soviet borders is unrealistic now opens the way to addressing the question of “how do we no longer perpetuate this conflict and how… we no longer allow it to escalate in a way that drags in the entire world.”

The remarks appeared to be reminiscent of statements previously made by other close Trump allies, including his vice president, J.D. Vance. Shortly ahead of the November election, Vance suggested Kiev could end up in a situation where it decides to cede some lands to Russia. 

The stance signaled by the incoming US administration sharply contrasts with the goal repeatedly proclaimed by Kiev of regaining the entirety of its post-Soviet territory. This has been accompanied by an explicit refusal by Ukraine to engage in any meaningful negotiations with Russia. Moscow, however, regards the five formerly Ukrainian regions, including Kherson, Zaporozhye, Donetsk and Lugansk People’s Republics, as well as Crimea, as integral parts of its territory. 

Crimea broke away from Ukraine in the aftermath of the 2014 Maidan coup in Kiev, joining Russia via a referendum shortly thereafter. The four other regions were incorporated into Russia in late 2022 after the local population overwhelmingly backed such a move during separate referendums. Last year, Moscow demanded that Kiev pull its troops out of the areas it still controls in its former regions in order to begin the long-stalled negotiation process.

 

WESTERN PERSPECTIVE

North Korean troop fatalities and injuries exceed 3,000 in Ukraine, Seoul says

North Korean troop fatalities and injuries in Ukraine have likely exceeded 3,000, including about 300 deaths and 2,700 injuries, a South Korean lawmaker briefed by the country's spy agency said on Monday.

North Korean authorities appear to have called for its troops to commit suicide by blowing themselves up to evade capture, the lawmaker said citing the National Intelligence Service (NIS).

Captured North Korean soldiers had not shown an intention to come to South Korea, though South Korea would cooperate with Ukraine if there was a request, Yonhap news agency also reported, citing NIS.

 

RT/Reuters

On 22 August 2024, Olukayode Ariwoola, the penultimate Chief Justice of Nigeria (CJN) retired from the bench and transitioned into a published author. At a well-attended event in Abuja, the former CJN beamed at the public presentation of his autobiography. Published under the title Judging with Justice*, the book was ghost written by Olanrewaju Akinsola (the author better known as Onigegewura).

Laid out in 13 chapters and 496 pages, the author tells his story in the first 250 pages. The remainder of the book is dedicated to testimonials on the author from colleagues in the judiciary, lawyers, friends, peers, and family members.

The story reveals the son of a doting and committed dad who appears to take family and his faith seriously. Judging with Justice is a deeply personal story of a judicial figure whose rise to the highest office in his country’s judicial grease pole was as improbable as his route was unusual. The author is quite open in his disclosures about his health, including open heart surgery in London in 2016.

Ariwoola became a lawyer at 27 and a judge at 38. In the eleven years that separated his enrollment at the bar from his elevation to the Bench, Ariwoola worked first as State Counsel in Oyo State from where he resigned into private legal practice. That stint of his professional career began in Ibadan, the state capital, under the tutelage of Ladosu Ladapo, a Senior Advocate of Nigeria (SAN) who twice ran unsuccessfully for the presidency of the Nigerian Bar Association (NBA).

After one year of practice under the Senior Advocate, Ariwoola chose to set up his own legal practice in Oyo, not far from his beloved natal community of Iseyin. At the time, there were only five lawyers in the city. Making ends meet was difficult and his clients were mostly reluctant litigants, many of whom had to improvise in order to find the currency for transacting business with a lawyer. He stuck with it and in 1992, the year after Oyo State was split in two to produce Osun State, got propelled to the office of a judge of the High Court of Oyo State by what from his narration surely was a stroke of providential happenstance. In the cohort of six new judges, Ariwoola was the youngest by all of nine years.

After 13 years as a judge of the High Court, Ariwooola got elevated to the Court of Appeal in November 2005. The major actors in his elevation to the appellate Bench included Aloma Mukhtar, who would later rise to become the first female Chief Justice of Nigeria; Bola Ige, a former Attorney-General of the Federation; and Bolarinwa Babalakin a former Justice of the Supreme Court. None of these three shared the same origins with Ariwoola. Aloma Mukhtar came from Kano; Bola Ige and Bolarinwa Babalakin both came from Osun State.

After six years on the Court of Appeal, Ariwoola ascended to the Supreme Court in November 2011, where he served for another 12 years before becoming the CJN. In all, his judicial career spanned nearly 32 years, including two years and two months served as CJN. All his judicial elevations (except his preferment to the office of CJN) occurred in the month of November.

Judicial autobiographies, especially in common law countries, are far from easy to confection. The balance between achieving a captivating narrative and preserving the mystique of the high judicial office is hard. The temptation to deodorize the tale can be tantalising. Judging with Justicewrestles valiantly with this dilemma and not always successfully.

The author offers about the Supreme Court that it is “more than a court of law. It is the tradition that the Supreme Court is regarded as a court of policy.” Having said this, the book offers no insight as to how the Supreme Court on which he sat for 13 years or the office of the CJN which he occupied for over two of those years, articulated or advanced this idea of the Supreme Court as a court of policy. If anything, the court did the opposite under him.

The best that can be said of the book and about its author is that they chose to be economical with any indication of a coherent judicial philosophy. Entirely in keeping with this, the author writes with what appears to be some pride that he never “had any cause to write a dissenting opinion be it at the Court of Appeal or at the Supreme Court.” He spent a combined 18 years in both courts.

The author, nevertheless, drops hints of inspiration. He counsels, for instance, that “a judge must not frequent social events where litigants and lawyers congregate.” Those who read this may wonder whether he remembered it when he showed up in Port Harcourt in November 2022 to serenade politicians (many of whom had cases before his court) in their quest for electoral victory in elections that were then impending.

Many who were witness to Ariwoola’s tenure as CJN will wonder when he came to what he claims in the book to be his long-held belief “that the judiciary is an independent and separate arm of government and should not be regarded as an appendage of the Executive or the Legislature”. The disposition of his entire term appears to have been the very opposite of these sentiments.

Judging with Justice is littered with a few more examples of warm and comforting shibboleths. Yet, it is what the book omits that is most telling.

The author thanks “God for the privilege to have been instrumental in the appointment of people into positions of responsibility”. As CJN, he sure had a lot of practice at this. He also claims that he always “ensure(d) that the persons to be nominated are credible, qualified, and people of proven integrity.” His record as CJN will show this claim to be worse than bogus.

At the end of his narration, the author tells with pride his achievements as CJN. Among these, he lists attainment at the beginning of 2024 for the first time in the 70-year history of the Supreme Court of full judicial establishment size of 22 (including the CJN). He also points to the appointment since 2023 of new judges to the various courts, including the Court of Appeal, the Federal High Court and the High Court of the Federal Capital Territory.

In Judging with Justice, Ariwoola is punctilious in listing all the people whom he processed for appointment in that frantic sequence of judicial elevations that occurred during the year preceding his retirement as CJN. He takes fulsome paternal pride in the fact that his son – also named Kayode Taslim – “is a jurist like Judge Taslim Olawale Elias he was named after”, but omits to disclose that it was him, the father, who appointed the son to the role of judge (with no need for the helping hand of a Holy Ghost). He did not stop there, he also appointed his own daughter-in-law as judge, as well as the daughters of the President of the Court of Appeal; of the Chief Judge of High Court of the FCT; the daughter of his predecessor in the office of CJN; the wife of the Minister of the FCT; and many more high-up insiders too numerous to mention.

Judging with Justice missed an opportunity to show how a judiciary of sons, daughters, wives and even a few mistresses, meets the standard of “credible, qualified, and people of proven integrity.” He may have been closer to the mark if he had chosen to title the book “A Convenient Memory.”

** A professor of law and a teacher, Odinkalu can be reached at This email address is being protected from spambots. You need JavaScript enabled to view it.

 

Melissa Houston

Building wealth from nothing might feel like you would be doing the impossible, but there are countless of self-made millionaires who have proven that it can be done. It takes hard work, resilient, smart strategies, and discipline, but the hard work pays off.

Let’s explore the proven methods that millionaires have used to build their wealth:

1. Start with the right mindset

Mindset is everything when it comes to building your wealth. You need to have the right mindset from the start as you will need to adapt your behavior, learn new ways, and grow despite any challenges you may face.

When you have a growth mindset you will see failures as learning opportunities. You will need to visualize success to help keep you motivated. You will need to say no to excessive spending to stay aligned with your wealth building goal. When your goal is clear and you have a strong “why” behind your goal, it helps you stay focused on the outcome.

2. Take calculated risks

Self-made millionaires are often risk takers, but their risks are calculated and well researched. They evaluate risks and plan for different scenarios. Taking risk is often necessary when building wealth, but never take on more risk than you can handle. Understand your risk tolerance and operate within those boundaries. Investing money often comes with risk so be prepared and understand the risks you are taking on.

3. Master money management

Having a lot of money is one thing, but wealth requires smart money management skills. You need to budget and track every dollar and prioritize saving and investing overspending to build wealth to $1 million and beyond. Avoid bad debt and focus on acquiring assets to preserve your wealth.

4. Focus on multiple income streams

It’s risky to rely on one source of income to build your wealth. Millionaires diversify and scale their businesses to grow wealth over time. Create multiple streams of income such as investing in stocks and bonds, investing in real estate, and selling online products. Any money you make can be reinvested to grow your wealth. Focus on building scalable systems rather than trading time for money.

5. Build a network and seek mentors

Successful people understand the value of relationships and mentorship. Surround yourself with people who encourage your growth. Learn from mentors who have already achieved the goals you set out to achieve. Oprah Winfrey often credits much of her success to the mentors who helped guide her career along the way. Building your wealth with the help of others will accelerate your goals.

Remember that becoming wealthy doesn’t happen overnight. It’s important to trust the process and stay focused, even when things don’t go as planned. Don’t forget to celebrate small wins along the way to help you stay motivated. And keep pushing through setbacks and challenges.

The bottom line is that the path to wealth can be a bumpy ride, but it’s possible if you are determined to learn and take action. From working on your mindset to mastering money management, these lessons will take you down the roadmap to success. You can take action today and begin your journey toward financial freedom now.

 

Forbes

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