Tuesday, 29 December 2015

RULE 58: Learn To Play ‘What If’?’


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Senator Khairat Gwadabe, Northern Nigeria Female Politician

When deciding how to earn your money and how to invest your money, you need to ask yourself a lot of questions starting with ‘What if ...?
I’ll start you off here:


• ‘What if there is another recession?’
• ‘What if this bank goes bust and I can’t get my money out?’
• ‘What if these shares suddenly take a turn for the worse?’
• ‘What if gold prices plummet?’
• ‘What if all my customers went elsewhere for a cheaper service/products?’
• ‘What if I was made redundant?’
• ‘What if property prices bottom out?’
• ‘What if the oil runs out?’
The ‘What if’ game is one we can all play. All together now ... ‘What if. .. ?’ I call it ‘looking for loopholes’, only it isn’t loopholes, more a sort of gotcha clause. Every time I start making some serious money, I figure someone somewhere is playing a gotcha clause whereby the unexpected happens and that particular income stream dries up rapidly. Part of the fun of being prosperous is in spotting the gotcha clause long before it happens and getting your money out and into another investment. It’s also vital to consider when you are thinking about where to find extra income from. That’s where having lots of hats comes in.

“A good example of the dangers of putting all your eggs in one basket, are the footballers who have been forced to retire while in their twenties. One minute they are earning millions and seemingly at the peak of their career and then they shatter their ankle, and their financial dreams too”.

A good example of the dangers of putting all your eggs in one basket, are the footballers who have been forced to retire while in their twenties. One minute they are earning millions and seemingly at the peak of their career and then they shatter their ankle, and their financial dreams too. They haven’t trained for anything else because it never occurred to them that they might need another string to their bow.
Diversification is the name of the game - by having more than one income stream, and a nice broad spread of investments, whatever happens in the ‘What if’ scenario you will be in a much more secure position than if all your proverbial eggs are in the one basket. By asking ‘What if. .. ?’ you are minimizing risks to your wealth and wealth creation.

From The Book; The Rules of Wealth by Richard Templar
(Read Rule 59 of Rule of Wealth tomorrow on Asabeafrika)
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