How to Build Wealth through Creativity - 5 Strategies. - Iredafe Owolabi
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How to Build Wealth through Creativity

How to Build Wealth through Creativity
How to Build Wealth through Creativity



Have you ever heard someone say “I’m creative, my only problem is that I lack funding”? This is a misconception and this blog post is all you need to understand how creativity can make you a money magnet and wealth creator. For more insights on how to over misconceptions of creativity, read this: What Creativity is Not: 7 Popular Myths about Creativity

If you’ve ever thought that you need a large bank account to make your dreams of financial independence come true, think again! In this post, I’ll show you how to harness the power of creativity to build wealth from the ground up. So, let’s dive in and discover the exciting possibilities that lie ahead!

Poverty is not a Lack of Resources but a Lack of Creativity

My Story – The Day I Shook a Big Table

Poverty is a lack of Creativity
Poverty is a lack of Creativity

One morning, I opened up the Canva app in my phone (a Smartphone application for creating graphics). Then I carefully crafted a design that would later find its way onto my social media pages and statuses.

Little did I know that this seemingly innocent act would ignite a thought-provoking discussion about the connection between creativity and lack of resources.

The graphic design bore a powerful inscription: “Poverty is not a lack of resources but a lack of creativity.”

The profound impact of the graphic design and its powerful message shattered some limiting beliefs that hold many creatives back, unleashing a wave of discussions.

Before long, a curious contact in my network challenged the notion, taking a stance that suggested the opposite of what the inscription said.

He asked why many talented individuals remain trapped in financial struggles despite their creative abilities. This encounter made me realize that there is a widespread misunderstanding of what creativity truly entails.

Interestingly, I had once grappled with the same question until I embarked on a journey of discovery and unearthed profound truths about creativity.

Through conscious research and personal experiences, I learned how to ignite the dormant creative genius within me and saw the transformation that took place.

It became clear to me that many people do not know what creativity really means. They fail to grasp the distinction between having innate gifts, talents, skills, or potential and harnessing the true power of creativity.

This misconception, among others, limits their ability to manifest their potential and make a significant impact in their lives, careers, or businesses.

Motivated by this revelation, I dedicated myself to helping others unleash their creative potential. As I traveled the world, sharing insights and training individuals and organizations, I realized the urgent need to demystify creativity.

You might be among those still seeking clarity on what creativity truly means in a bid to develop yourself. You are not alone, as billions of people around the world today still struggle to define and harness their creative capacity.

3 Reasons Why You don’t Need Money To Be Creative?

In my experience and thought leadership journey, one of the most frequently asked questions I get from potential creatives is “I am creative but my problem is lack of money. How do I raise money?” I usuallly try to explain to them that there is more to their lack of liquid cash than meets the eyes. I try to get them to understand what money really is before even trying to teach them how to create wealth and attract the paper monies they seek.
Here are the 3 reasons why you don’t need money to manifest your creativity:

1. Money Does not Make You Creative, Creativity Makes You Money

2. Creativity is for Problem Solving

3. History is full of people who created wealth without money.
Before we go into the details of these 3 reasons, let us first of all understand what money really means. This will give us the relevant foundation to understand why you actually don’t need money to be creative.

What is Money?

In order to understand how to build wealth through creativity, it’s essential to answer this fundamental question: What is money?

Money is not merely the paper bills and metal coins we exchange for goods and services; it’s a complex and multifaceted concept that plays a pivotal role in our financial journey.

As a creativity coach, I would like to shed light on what money truly represents and how understanding its nature can empower your creative wealth building endeavors.

Money is often described as a medium of exchange, a unit of account, and a store of value. Let’s delve deeper into the three key aspects of money

1. Medium of Exchange:

Money serves as a medium of exchange, which means it acts as an accepted means for transactions. Money goes beyond the paper or coins used to represent them. What gives money its power to be used in exchange is the acceptability it possesses.

That is why in a barter system where goods and services are exchanged directly, people transacted based on what they agreed their goods and services were worth. Money was introduced to simplify this process by providing a universally accepted means of trade.

Consider this scenario: You are an artist, and you create beautiful paintings. In a barter system, you would have to find someone who not only appreciates your artwork but also has something you need or want in exchange for it, such as food or shelter.

With money, you can sell your artwork to anyone who values it and receive a universally accepted currency in return. This makes trade more efficient and accessible.

2. Measure of Value:

I believe that money exists to facilitate the creation process because it enables creators, manufacturers and producers estimate and measure the value they intend to receive or what they bring into the market.

For example, when you create a pricing strategy for your creative products or services, you use money as the common unit of account.

You assign a specific price to your artwork, services, or digital products, which allows potential customers to understand their monetary value easily.

3. Store of Value:

Money is a store of value, implying that it retains its purchasing power over time. This function is particularly important for wealth creation and preservation. In other words, money can be saved or stored, and its value should not significantly erode due to factors like inflation or decay.

As a creative entrepreneur, understanding money as a store of value is crucial for financial planning. When you earn money from your creative endeavors, you want to ensure that it maintains its worth over time. This means considering strategies such as saving, investing, and managing your finances wisely. By doing so, you can protect the value of your earnings and use them for future creative projects, investments, or personal needs.

Having established an understanding of what money is, let us explore the 3 reasons why you do not need money to be creative as stated above 


1. Money Does not Make You Creative, Creativity Makes You Money

In my journey as a thought leader in the realm of creativity, I have met people who have more than enough money who still live with regrets.

Their only regret is that they never gave the ideas, gifts, skills and dreams in the womb of their minds creative expression. They are heading to their grave without birthing their brainchildren.

There are many ways to make money without deploying your hidden gifts and talents. That is why I say that money does not make you creative. If you want to create wealth from nothing, then building wealth through innovation is the way to go.

Monetizing your creative skills requires resourcefulness with what you currently have. I have seen creators who blame their lack of productivity to a lack of expensive gears or equipment but have done nothing with the inexpensive one at their disposal. 

When such people get the  fancy equipments that cost a lot of money, they still fail to unlock their creativity and ultimately give up because they lack the propelling force and enthusiastic drive that creativity produces in one who is creative. If you would like to enhance your creativity, check out this article: Boost Your Creative Thinking Skills with These 10 Practical Techniques

PS: By the way, if you need help igniting your creativity, check out my book titled “Ignite Your Creativity“.

Ignite Your Creativity
Ignite Your Creativity

2. Creativity is for Problem Solving

Whenever I have the opportunity to connect with discouraged creatives, I often encounter one common question: “I am creative, but no one wants to fund my ideas. What is your advice on how to get investors?” or “I am creative, but my only problem is I lack funding. How do I raise funds?” These are valid concerns that most creatives confront on a day-to-day basis.

However, it becomes an issue when it is used as an excuse to allow your skills, ideas, and talents to waste away. My response to this common question is usually simple yet powerful: “If you possess creativity, that very skill will enable you to compensate for the lack of resources through resourcefulness.
The reason you have creativity is to solve problems, and if the lack of funding is a problem for you, tap into your creativity and solve it.”

It’s crucial to understand that creativity possesses a magnetic pull that attracts resources when set into motion through resourcefulness.

If money is scarce, then what other assets do you possess that can propel you from an idea, passion, skill, and potential to a profitable solution? If you say that you have nothing, you have subconsciously identified the problem: a lack of creativity.

I want you to understand that if you have creativity, you have something because creativity is what brings in every other resource that you require to succeed in turning your dreams and ideas into reality.

Stop letting your gifts, talents, skills, and ideas waste away because you lack funding. Ignite your creativity!

Creativity exists to solve problems. If you encounter difficulties in acquiring finances, resources, or anything necessary to bring your ideas and dreams into tangible reality, it’s time to ignite your creativity.

Your creativity can be utilized to address the resource deficiency. It is contadictory to claim you are creative while failing to employ that creative ability to resolve the only obstacle impeding your progress – funding.

Creativity extends beyond generating fancy ideas; it requires actions that demonstrate the validity and authenticity of those ideas.

Additional Resource:
1. 10 Reasons Why Creativity and Innovation is Important in Business and Work
2. What is 4th Dimensional Thinking? A Powerful Exposition

3. History is full of people who created wealth without money.

Many of the world’s most renowned entrepreneurs and inventors began their journeys with little to no money. For instance, Steve Jobs and Steve Wozniak, the co-founders of Apple Inc., famously started their enterprise in a garage with minimal financial resources.

Their creativity, passion, and innovative thinking ultimately propelled them to create one of the most valuable technology companies in the world.

Likewise, Thomas Edison, the inventor of the electric light bulb, came from modest beginnings. His relentless experimentation and inventive spirit led to numerous groundbreaking inventions, despite limited financial means.

How to Build Wealth through Creativity – Money and Creativity

Now that we have a clearer understanding of what money is, let’s explore how your creativity can be harnessed to build wealth:

  1. Monetize Your Creativity:

    Your creative talents and skills are valuable assets. Whether you’re an artist, writer, musician, or entrepreneur, find ways to monetize your creative output.
    This can include selling artwork, offering freelance services, or launching digital products.

  2. Problem-Solving Creativity:

    Creativity is not limited to art and design. It can also be applied to solving problems and meeting unmet needs in the market.

    Identify issues or gaps that your creative solutions can address and turn them into profitable ventures.

  3. Innovative Ventures:

    Think outside the box and consider launching innovative business ventures that cater to niche markets or introduce novel concepts. For more insights on thinking outside the box, check this out: How to Think outside the Box.

    Further Reading:
    1. What is Innovation?

  4. Brand Building:

    Your unique creative style can become your brand identity. Consistently deliver high-quality work and build a reputation for excellence.

    Over time, this can translate into higher income and greater opportunities.

  5. Diversification:

    Just as money should be diversified for financial stability, your creative endeavors can benefit from diversity. Explore multiple income streams, such as teaching your skills, licensing your creations, or collaborating with others.

    If you would like to invite me to speak at your event or conference, you can reach me by filling this request form.

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About the Author

Iredafe is a creativity coach, author, and software engineer with a passion for unlocking creative potential and inspiring individuals to master the business of their creativity.

He is an author of 17+ books based in Canada. He speaks, writes books and blogs on topics of utmost interest which includes Creativity, 4D Thinking, Problem Solving, Authorpreneurship, and Kingdom.