Tuesday, 9 February 2016

RULE 63: Carry Out A Finance Health Check Regularly


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Ex-Abia State Gov (Eastern Nigeria) Dr. Orji Uzor Kalu with Ex-Ogun State Gov. (Western Nigeria) Otunba Gbenga Daniel 
It is essential if you are going to increase your prosperity that you maintain a healthy awareness of your bank balance. You should be carrying out a finance health check on a regular basis. I think, personally, it should be weekly. Of course, you are free to do it as often as you want and if that means monthly or even longer; then that is entirely up to you but I wouldn’t recommend that you leave it too long.

My observation is that the tighter a grip you have on the pulse of your financial life:
• The quicker you can react to changes
• The more information you have to make decisions
• The less chance there is for things to go drastically wrong without you noticing
• The better a focus - and thus interest - you’ll have in your finances.
Sorry, but you do have to be disciplined about this. You have to have a regular time when you sit down and:
• Carry out bank reconciliation
• List your creditors and debtors
• Check credit card balances against receipts
• Check outstanding cheques - the ones that you’ve written that haven’t yet arrived in the bank
• Check what future income you have and what major expenses you might have looming on the horizon
• Check your standing orders
• Check pensions contributions
• Check investments
• check any loans
• check any overdrafts etc. (I know, I know, I have said not to have any but you are human). 

“You’ve got to be disciplined and have a routine - every Monday morning without fail. Yep, even when it’s sunny outside, even on holiday, even when you’re feeling a bit off-color, even when there are more exciting things going on”

If you don’t do this stuff money will leak away. Forgetting a debt doesn’t pay it.
You’ve got to be disciplined and have a routine - every Monday morning without fail. Yep, even when it’s sunny outside, even on holiday, even when you’re feeling a bit off-color, even when there are more exciting things going on. Because if this doesn’t excite you, then you’re not going to make it I’m afraid. Personally I think you should know what you are earning every day by the day. And you should know what big outgoings you might face in the next 12 months and that does include a most often forgotten one - the tax bill. Watch that little baby like a hawk and don’t ever take your eyes off that ball because it will get you every time. 

           Background to Rule 63: Gets Even Wealthier
Once you’ve got a bit of money behind you, the whole thing gets a bit easier. Money begets money. You won’t pick up a lot of bargains at an antiques auction for £50. But there’s a hell of a lot more if you’ve got £5000. It’s that first million that is difficult – ho, ho! But seriously, once you have started to move towards
Prosperity it isn’t a good idea to sit back and start counting your loot. It’ll disappear faster that way than by any other means.

Instead you’ve got to get slicker and quicker, stay on your toes, be even busier and more focused and definitely don’t take your eye off the ball. As you start to get richer, you might need to start gathering a few advisers around you, people you can trust and, most importantly, listen to.
The reason? Because as your investments and capital start to grow, you will need advice and help to make things grow even more. Obviously you can listen, but you will need to make the final decisions about what you are going to do.
Not sitting back on your laurels means you have to be on the lookout for hidden opportunities to take your prosperity further.
You’ve got to stay abreast of current developments, play your hunches, understand the market, know what you’ve got and what you can spend/invest/save. Now is the time to start stepping up how opportunistic you can be - thinking laterally, not following the herd, being creative and innovative - that sort of thing. There’s no point in doing what everyone else does if you want to make some serious money...


From The Book; The Rules of Wealth by Richard Templar
(Read Rule 64 of Rule of Wealth tomorrow on Asabeafrika)

Read-to-Wealth Series

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Gbenga Dan Asabe

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