In the part1 I talked about building finance. But here, we are going to see how you can retain money and at the same time cause it to grow.
Rule1
Seek more opportunities and venture into them
This has to do with you identifying viable chances to establish a trade or business (entrepreneurship). Spreading out your tentacles and reaching out to avenues of wealth. Look around you, what do people need you can provide? Try as much as possible to make sure money enters your hands daily. This is the problem of some salary earners; they wait for salary at month end just before then what they have at hand has been used up and most times they are already indebted.
Rule2
Save today so you can save the future
No matter how small is your income you most keep a part for savings. If you save today you have saved the future. Then another thing is you most work towards trying to improve or appreciate in savings. If you save $500 today then you must try something above it the next time, however small just improve. If you must do that you may want to know the next tip.
Rule3
Make sure you increase your income
One way to preserve wealth/money is to make sure you have source(s) enough to increase the money that enters you hand on daily, monthly and/or yearly bases. To attain this goal you must apply rule 1 and rule4 effectively and strictly. If you are good at a particular thing, open different outlets in different places or better still diversify.
Rule4
Make out modalities to improve on the income capacity of your resources
If your business is stagnant just like the stagnant water, it will experience decay. So you must strategize on how to increase the revenue ability of such business. One of the ways of doing this is packaging; let customers see something unique in what you do. Do it differently and differently all the time. If you must get different result, you must change patterns, if possible change tools. You may want to see rule14 for packaging. Packaging is not only the way out; you can enlarge your cost, get down to the drawing board.
Rule5
Don’t keep much money at home or in your wallet
As someone who is trying to get financial balance, you must be mindful of what you carry out for spending. At each time go to the bank, don’t leave large amount of money at home. The unexpected may happen (theft, lost or misplacement, or misuse).
Rule6
Don’t eat all you have
When you are mentally poor it shows in your attitude. The poor whenever have money, they head for the market. But success IQ is whenever money comes, think on how to increase it. No matter how hungry you are don’t spend everything always have something left and something to keep/save. If you eat all, you eat your tomorrow today.
You can only preserve and grow wealth if money meets money in your bank account or savings. Stagnancy is when, whenever money gets to your hands it would have been long used or lavished before another comes. Then it becomes a daily or a regular pattern. You must break this pattern otherwise the pattern will break you down. Work on how money will meet money in your hands.
Rule7
Make a budget and spend within it
Write out the major financial task for the day, month and year. Write out their cost and spend in line of the budget you have made. There may be things that your budget may not cover some of theses things may just come up in the process of time, however the budget is a guide for your spending. Don’t buy things you didn’t plan for always plan your spending.
Rule8
Be prudent in spending
To be prudent in spending means to be far-sighted or sensible when you make your expenses. Make an order of preference and allow your spending follow that pattern. When money gets into your hand don’t think of what to buy think on how it will stay or multiply and even if you must spend, don’t spend on liability spend more on assets. When we say assets we are not talking about shoes, iphone, blackberry, cars etc they are not assets they are liability. Except an occasion whereby it becomes necessity and it will be profitable.
Rule9
Subdue the appetite for materialism
Africans ordinarily are material conscious. If you must be great or wealthy then you must control your appetite and crave for ostentatious things and show off. Rule11 talks about discipline. That will help in self control and cutting your appetite. Not everything you desire you should get just cut your craving.
Rule10
Spend within your means
There was a time I was leaving in debt year to year; I will always buy cloths although relevant at that time but then the money was not there so I will have to buy on credit from one particular lady. So all the time I will have to pay debt; hardly money meets money in my hands thus no savings until I said to myself enough is enough.
Sow your coat according to your cloth. If you don’t have money, don’t accumulate debts. Don’t even borrow money to feed yourself, plan your income and leave within it. Have you noticed that it is always very difficult to pay when you are indebted because of food? And hay can you progress with those debts?
Rule11
Discipline is the key
It is always easy to command someone to obey you but obeying yourself requires discipline otherwise breaking the rules will be as easy as ABC. Self discipline is the key to following and obeying completely. Discipline yourself to follow your plans.
Rule12
Plant the money
When you plant a seed of grain in the earth, it will certainly germinate and the harvest certainly will be greater than what you have sown. One way to preserve a seed is to make it germinate, when it germinates you would have preserve it and the same time increase it. So it is with wealth. Invest in other people’s business ideas, you can even fix certain amount, buy stock (see a stock broker) but you must be prudent in all this. However life is a risk, failure to take a risk is a greater risk; in fact it is a risk not to try. After all if you live you risk dying.
Rule13
Present it in a better packaging
If you are a regular traveler using the Ore route to Lagos you will discovered that the business at Ore is collapsing; those food vendors are falling out of business. What is the cause you may ask? Sizzlers stepped ahead of them with packaging. Sizzlers provided free facilities which the commuters can access even if they are not buying food or other items. Not for long, all the customers were drawn from those vendors.
Not for long, G Agofure motors built a shopping plaza with a fuel station and those free facilities as well, now the show is between Agofure and Sizzlers.
Your business or organization name need strike a chord. Names are very important in business competition. The name needs not to be long; it should be short and attractive.
Make use of up to date tools and not the old orthodox methods. Packaging represents the way you value your customers. Packaging encompasses character, dressing, courtesy and mannerism, public speaking and whole lots of things that will project you and your business.
Rule14
Cast it upon the waters (replicate success in others)
In Ecclesiastes 11:1-2 the Holy Scripture admonishes us to cast our bread upon the waters that it will come back to us after many days. The reason for this is because of the evil days or day of disaster.
Replicate success in others; carry people along, give helping hands to people. In doing this, it does not mean you should begin to feed people around, yes you can do that sometime but what we are saying here is wisdom is needed to accomplish every dream or goal in life. Those you help may become your helper in no distance time. You are not successful not until you replicate yourself in others or make some one successful or at least make room for charity.
Rule15
Refrain from show off
We were told a story of a daily collector who after collecting money from his customers, instead of getting home first, decided to attend a marriage ceremony. Guess what happened, the musician on seeing the collector started singing his praise calling him all sort of good names, what follows was that the collector started praying money on the musician, before he knew it he has spent all that he collected that day. When he realized himself, all he had is gone. Not before long he collapsed.
I know you learnt a lot from that. Be moderate in all you do. Don’t even think of show off, it will push you to do what is not convenient and make you run into bankruptcy. Don’t even impress anybody just be yourself. Some business people will buy all the latest cloth, wrist watch, car, and all sorts of material thing just to prove a point or show to their neighbor that they also are well placed. The problem you will run into is certainly bankruptcy and not for long, you run out of business.
Rule16
Avoid impulse buying
Impulse buying is buying without priority and without plan. Let all your spending be, what you need and not out of your wide crave for materialism. Don’t try to be like someone in spending; because lady A has this you also want to buy it. That is poverty in mentality.
Article by Pst Godwin A. Okoremu
08038204008
No comments:
Post a Comment