I read an article on Yahoo about 9 ways to make a million dollars and one of the ways that really caught my attention is “Stay married.” That’s right – stay married!
Without paraphrasing, this is how the article explains it:
….one of the most common killers of wealth is the good old “divide by two.” Think about it. Each time you get divorced, that’s another divide by two. Divorce is a geometric progression — to the poor house. That’s why only the poor and very rich can afford it. If you’re in the middle, forget it.
The explanation makes sense, especially in our modern world where the divorce rate is on a steady increase. Lately, some rich folks get a prenuptial agreement (prenup) because they’d like to protect their wealth in case of a divorce. Even with a prenuptial agreement, one of the couple is essentially parting with some of their wealth, though it may not be as much as they would have if there were no prenups.
Another explanation that I could come up with is the economic of scale – anything from buying just one cooker to relying on one another’s health insurance. This allows the couple to build wealth faster than their peers who are single, divorced, or living together romantically.
I’m not sure about the divorce process in Nigeria and other African countries, especially how assets are divided. I don’t think couples equally split their possession after a divorce.
Here are some other ways to make a million bucks highlighted in the article:
- Start with nothing and grow up in a tough neighborhood.
- Do what you love … and pray there’s a market for it.
- Follow the yellow brick road … to Silicon Valley.
- Own your own business and live like a monk.
- Take risks, make mistakes and trust your gut.
- Work your living tail off and make lots of sacrifices.
- Manufacture your own luck.
- Diversify, diversify, diversify.
You can read the full article for more on the points