As you do your business, you will begin to make some cool money. It is not about how much money you make, it is all about how much money you keep.
As you make your money, start a process of saving your money. If you don’t save, all the money or profit it will disappear. It has been proven that your expenses will rise to match your income.
There are five things you do with money:
Out of these things, spending is the easiest thing to do with money. But it should be the last thing you do with money. The first thing you do is to give it.
How? By paying your tithe first. Your business should pay tithe so that windows of heaven can open to your business i.e insights, concepts and ideas can begin to run through you. Tithing brings blessing money cannot buy and keep you from trouble money cannot solve.
The next thing is to save your money. Stop buying things you never planned to buy.
According to Will Rogers, ‘‘People borrow money they don’t have, to buy something they don’t need to impress people who don’t like them.’’
Invest your profit in your business so that your business can grow. Some people eat up their profit and they ground their business.
If you will ever take out of your profit for personal use, put yourself on a salary. With that you can control your expenses.
As a student, you can invest your income in buying books to develop yourself and attending seminars. You can also buy stocks, and invest in other people’s business.
I read a book that improved my financial I Q. it’s a book by Robert Kyosaki on investment titled: Rich Dad’s Guide to Investing. Writing about the cash flow quadrant, he stated that there is employee, business owners, self employed and investors.
In our schools today, we are taught majorly on how to be employee and
self employed. But we have not been thoroughly exposed to how to be business owners and investors.
You will notice that there is no Money 101 in our school curriculum. That is why we have to go on our way to develop our financial IQ. There is no crime starting as an employee when you finish from school. But one thing you must understand is that there is no way you can fulfil your destiny to the fullest by working for people that will control your time and the money that flows to you.
Even if you think you are gifted in working for people, after 35years of service or at age sixty you have to leave by force.
So many people are quitting banking jobs simply because they don’t have time for themselves.
When you are working for people understand that:
– You are working to learn and not to earn because nobody can pay you the exact worth of your time.
–Make sure you make yourself relevant in the place of work. If you do most of the sensitive work in the organization by the time you want to quit, you can give them offer like: let me be your partner instead of a worker or your consultant, which still make sense. By so doing, you are gaining control of your time and you can dictate how money flow.
–Make sure you don’t cheat on your employer. Because when you start your own company you will not want people to cheat you.
Cut down liabilities, excess expenses and increase assets. Have a budget plan and avoid going around with excessive cash. There are levels in life; locate your level.
When you have money, the lowest form of investment is the bank. The best way is to trade with it. You have to be resourceful by using what you have to connect to what you want.
Serial Entrepreneur - International Business Planning Consultant - Speaker - Trainer - Author - Blogger - Network Marketing professional
- Fellow, Inspire Africa Train-the-Trainer sponsored by US Consulate Lagos
- Fellow, Tony Elumelu Foundation Entrepreneurship Programme
- Top 50 Innovative Entrepreneurs, BET5 by Diamond Bank
He is an alumnus of Enterprise Development Centre (EDC) of the Lagos Business School (LBS), Pan-Atlantic University (PAU). Through his training, mentoring, speaking and coaching programmes, he has empowered many young people over the years to start and grow their own business, build wealth, create multiple streams of income and achieve financial independence.
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