7 Common Sense Rules for Finance & Investment( Part2)

4.The Best Way To Get Rich Is To Get Rich Slowly
The best things in life take time. That includes growing your finances too. This is because the process is more important. This is why many lottery winners sooner than later return to status quo.

They don't understand how to manage money. If you jump the process, you'll jump into fire. You need money skills.
Learn how to handle the small things first. If you can't handle 20k, you won't be able to handle 200k. Save money. Cut your expenses. Avoid waste. Invest consciously

Don't try to blow overnight because you may lose everything overnight. I'd rather invest in a product that yields small to moderate returns but is consistent over a period of time.

5.If You Want To Start A Business, Start With Your Own Funds
I've seen many people tell me they need help financing their business. When I ask for what they're bringing to the table, all they bring out is a business plan. No, it doesn't work that way.

You have to demonstrate that you have skin in the game. Your skin in the game will not make it easy for you to walk away when challenges rise. You won't abandon ship and run.
When people tell me they have a capital problem, I tell them it's more of an idea problem.

Before you ask for help, show others what you've done. Don't get me wrong- I'm not saying one shouldn't borrow for business expansion. But if you're just starting out, debt is not the first thing to think about. Look inwards. What do you have? What can you do with what you have?

6.Don't Borrow To Fund Consumption
When I got married, I had an agreement with my wife which we still keep till date. Whatever we cannot pay cash for as it relates to consumption means that we can't afford it. We won't go on vacation on credit.

We won't buy shirts, suits, wristwatches or wigs now and pay later. I don't issue post-dated cheques. Don't live to impress anyone. According to Will Rogers, "Too many people spend money they haven't earned to buy things they don't want to impress people they don't like".

Borrowing to fund an asset however makes economic sense. That is good debt.

When we wanted to get married and I was given a long list which I couldn't afford, we devised a means around it. I borrowed a leather box used by a friend the previous month before our wedding, stuffed it with some of my wife's clothes and locked it with the keys in my pocket.

When they wanted to open the box to check the 'new' clothes I bought during the traditional engagement, I joined them in looking for the key that was safely tucked away in my pocket. After the engagement, I carried part of the yams I bought back into my car.

Our new family must eat also. The wedding ceremony is just a day but the marriage is for a lifetime. So why incur debt on a wedding? No matter how much you spend on a wedding, some people will still tell you they didn't eat. So why bother?,

7.Always Have A Budget
If nations have a budget, so should you. A budget is your personal spending plan which enables you track your income and expenses. According to Ayn Rand, "Money is only a tool. It will take you wherever you wish, but it will not replace you as the driver"

The major way to drive it is by the use of a budget. List your expenses against your income. If your expenses are more than your income, then you're living beyond your means. The goal is to ensure you live within your means. Plan your expenses.

Don't go shopping without having a list. If it's not on your list, don't buy it. Budgeting helps you to control impulsive buying. Build a positive cashflow.

Source @ Bayo Adeyinka(https://threadreaderapp.com/thread/1298426119000150017.html

 

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