It takes discipline to retain wealth. Some things are easy to get and hard to lose, e.g sexually transmitted diseases. Some things are also hard to get and easy to lose e.g riches, fame and integrity. If you are not well disciplined you will lose money within minutes and one mistake can damage your integrity for a lifetime.

Good Financial management requires a lot of discipline. You must not be given to impulse spending. You cannot be rich if you keep competing with everyone. All ‘wannabes’ hardly become anything. Do not live your life to be like the Joneses, you will end up being poor.

When you spend you miss an opportunity to grow your money. When you save or invest, you create opportunity to make more money.

Rules of Spending

1. Have a budget, whether weekly or monthly and follow your budget.

2. Never spend all your income

3. Spend on others, it always come back to you.

4. Do not spend in advance of income, it blocks your ability to take opportunities.

5. Keep to planned spendings, do not be impulsive.

Rules of Savings

1. Save for precautionary motive (for the rainy day).

2. Save for speculative motive (investments, mutual funds, treasury bills, fixed deposits, etc

3. Keep your money away from ‘Get Rich Quick Schemes ‘. There is no easy way to get rich, it requires time and hardwork.

4. Do not use all your savings to finance investment opportunities if you can borrow.

Rules for Borrowing

1. Only borrow to finance asset acquisition or income yielding opportunities.

2. Ensure your income is at east three times the amount needed to service your debt obligations.

3. Ensure you have Savings at least twice as much as your borrowing.

4. Borrowing to finance consumption is a sign of poor planning and will only keep you further indebted.

No matter how small your income is, have a plan for it. Increase your income earning capacity by improving yourself through reading, attending trainings and seminars, following mentors and consistently raising your bars.

Stay financially disciplined and have a great week.

Adewumi Oni

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09095321147

wumioni@yahoo.com

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