Only Spend What is Yours
Don’t start spending money today simply because someone promised to give you money tomorrow. Avoid the temptation to start spending money, or buy things on credit or make a promise to another, based on a financial expectation or promise made to you. In other words, no matter how assured the promise is, never spend money that is not yet in your financial net.
Wait until the money drops or the promissory note is redeemed, before you start spending.
Pay Yourself First
In the evergreen classic The Richest Man in Babylon by George S. Clason, the wealthy Algamish in response to a question on how he became rich said to the young and ambitious Arkad: "I found the road to wealth when I decided that a part of all I earned was mine to keep. And so will you. A part of all you earn is yours to keep. It should be not less than a tenth no matter how little you earn. It can be as much as you can afford. Pay yourself first."
Always remember this first principle of wealth creation and financial freedom.
Send Money to Work
Remember, it is not how much money you make, but how much of it you keep and multiply that makes you rich. Therefore, send your money to work! Treat every Naira that enters your financial net like a slave by sending it to work immediately. That way your money, its children and children’s children all work tirelessly to secure your financial independence.
Don’t just work for money, make money your slave by sending it to work for you. Save and invest!
Mind Your Business
You can hardly become rich working for or minding another person’s business. A major step towards financial freedom is to own your business, or at least work for yourself. A job earns you wages, but a business makes you profits, and possibly a fortune. From Jim Rohn, profits are better than wages; wages make you a living, but profits make you a fortune.
Start a business or become self-employed and be your own boss!
Don't Borrow to Start
Avoid taking a high interest loan to start a new business. Most times it is difficult for a new business to generate enough income to offset the capital repayment, plus the interest, and still leave you with some profit.
Start your small business with your savings, donations from friends and relatives, and zero or very low interest loans from Cooperatives or Investment Societies.
Go Where Money Is
If you want money, go where the money is. Just as there are big ticket events, so also there are big ticket businesses, deals, jobs, professions, skills, clubs, societies, etc. The question is: do you have what it takes? Find out where the money is in your economic environment, and gravitate towards it as fast as you can.
You cannot mingle with moneybags and men and women of timber and caliber in the society without their wealth rubbing off on you!
Keep the Rules: Be Money-Wise!
Many stumble into great wealth but lose it soon after. Many hit big money but fritter it away, and even end up in debt. Many at one time enjoy abundant wealth, only to face excruciating poverty soon after. Why? Because without financial wisdom a man and his money soon part ways!
When you value money, you don’t waste it.
When you protect money, money protects you.
When you take care of money, money takes care of you.
When you treat money well, more money flows to you.
When you treat money poorly, money flows away from you.
When you save money, it accumulates and bears fruit.
When you invest money, money works hard for you.
Adapted from the Book: The Wealth Secrets You Must Know Before40
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Stay Smart, Wealthy and Wise!
