Home / Entrepreneurship / 10 GREAT LESSONS ON MONEY

10 GREAT LESSONS ON MONEY

MONEY1.       Money Is More Than The Number

You may see the numbers but you must strive to understand the facts behind the numbers, if you know how to arrive at the numbers, you can master money. Really, Money-smart people don’t worry about the numbers, they just control them.

2.      To Be wealthy, You Need to Change Your Position.

It is called Cash flow, money is better when it is kept moving, your positioning determines where you fall on the equation. Money flow from Tenants to Landlords, from Consumers to Business Owners, from Poor & Middle class to Wealthy ( through stock market, Mutual funds, Retirement Funds), from Savers to Bankers. Change your position, you make the cash flow towards you.

3.      Small Amount Can Make Big Difference

Wealth is Discipline, how you manage small amount is how you manage big amount, start small, think Big, take care of the cents ( kobo), the dollars (Naira) will come. Those that are waiting for the big break, often miss out on the launching pad to great times

4.      Keep Your Money Safe From You

Your everyday habits have a huge impact on your financial success, get your investible funds beyond your reach, open an escrow account. Have a mandate that permits only exit from the account to fund Assets acquisition. Putting your money in a savings account is a sure way to increase your spending.

5.       Do Not Spend The Money You Do Not Have

When you borrow, ensure it is to buy value, not to acquire a liability, when you borrow to buy a depreciating item, not only will you pay more in loan and interest payback, you also pay in the daily falling value of the new acquisition. Liabilities are better with other peoples’ money ( OPM), learn how to borrow to create an Asset first, then get the asset to shit the money for your toys.

6.      Set Goals Or You Will Never Score One

Without Financial goals, there is nothing to aim for, you have no clarity or direction until your goals are set. Money is a willing servant to those who know where they are going, when your goals are set, your opportunities will begin to show up.

7.      Slow and steady wins the race.

Stay consistent, it is not 100 metre dash, it’s a marathon, the most successful people are those who work longest and hardest at their goals. Life is not a moment, it is a sequence of events, when you learn to stay committed to your goals and vision, your commitment will be rewarded.  So try to find ways to make frugality fun, and recognize you’re in this for the long haul. Remember that you’re making a lifestyle change, not looking for a quick fix

8.      Failure Is Okay.

Even billionaire including the  likes of Warren Buffett make mistakes, everyone does, so don’t let one slip-up drag you down. Use failures to learn how to be better next time. The more mistakes you have made in life, the more qualified you are to succeed. Money is the by-product of problem solving, learn from your mistakes, and you will be lord of many!

9.   Nobody Really Cares About Your Money More Than You Do.

The advice that others give you is almost always in their best interest—which may or may not be the same as your best interest. Don’t do what others tell you just because they’re compelling. Get advice from various people (and write-ups  like this one), but in the end, make your own decisions.

10.   You Can Be Happy & Rich Too

Don’t be obsessed with money—it won’t buy you happiness. It’ll give you more options, sure, but happiness is what makes life worth living. If you can stay happy and in control of your life, money will be easier to manage. Create motivation to pursue your financial goals, keep the perspective though.

About Emeka Nwankwo

Check Also

Nearly half of young adults lack retirement savings, pension

Forty-eight percent of all Americans aged 18 to 30 have zero in retirement savings and …

0 comments