RULE 59: Control Spending Impulses

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Mr. & Mrs. Abba Abacha, Kano based Business & Real Estate Expert

The surest way to scupper your wealth creation is to go out and spend everything you earn or receive (and a bit more just for good measure). This particular addiction is very strong in me. I blame it all on giving up smoking. I have nothing to do now with my hands so fiddling with a credit card which seems to satisfy some deeply buried addictive urge. But you have to resist if you are going to turn what little you have into a bigger something.

Forget notions of new cars and holidays in the sun. You are going to turn into a bit of a Scrooge for a while, hanging on to what you’ve got in order to prepare for the future when you will have so much more. This means you have to control your urges. 
“Prosperity is a race, a prize, a winning line. We all set out wanting to race towards it, claim it. Some can’t be bothered to even make it to the starting line because they are so weighed down with unhelpful beliefs that floor them before they start. And a whole lot of people fall by the wayside from laziness early on”
Look, I’m going to let you into a secret. Prosperity is a race, a prize, a winning line. We all set out wanting to race towards it, claim it. Some can’t be bothered to even make it to the starting line because they are so weighed down with unhelpful beliefs that floor them before they start. And a whole lot of people fall by the wayside from laziness early on. And many more fail to make the grade because they get daunted by the hard work needed. And still more at this point, where you’re at now, stumble because they give into temptation and spend, spend, spend like there is no tomorrow.
Well, there is a tomorrow and it comes quickly enough. And that shiny new car now looks sad and rusty, the holiday is gone with only a few snaps of people and places you can’t even remember and the new clothes are outgrown and unworn. The simple truth is the rich know how to control their spending urges - that’s why they’re rich. When they need to tighten their belts they can do it.
And you need to do it too, tighten your belt that is. In fact what you need to do is not loosen it in the first place. We’ve talked about delayed pleasures in earlier Rules and I hope you’ve absorbed that one by now. Curbing those spending urges is absolutely vital and the best way to do it is to never buy anything instantly. If you see something you just have to have; wait a week. Do you still really need/want it? Chances are the urge will pass if you give it a chance to. Make it harder for yourself by putting time and distance between you and temptation.

From The Book; The Rules of Wealth by Richard Templar
(Read Rule 60 of Rule of Wealth tomorrow on Asabeafrika)


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