If your bank account could talk to you, what would your conversation be like?
Behold 7 cures to fatten your bank account. They work like voodoo.
As a Leader, you need them.
You gotta save
George said 1/10 of all you earn is yours to keep, but I’ll say you can’t blow like that, take a step of faith further by increasing that to, let’s say 20%. Funny enough the remaining 80% will still be sufficient for you to spend, because you’ll naturally adjust to your income, of course I’m assuming you been know you shouldn’t engage in bad debt *bad debt is the debt incurred to meet liabilities or offset assets. It doesn’t add any income to you, neither does it help reduce your tax, it just help meet temporary
needs wants and in turn create more expenses * I’m no economist but economics will always find it way. The Happy economist will gladly explain that further to you.
That’s why you’re to save first, then spend what’s left not spend first then save what is left (you’ll never save anything like that, except you’re Bill Gates and the likes. Too much money)
If you really want to cure your low bank account disease, what better way than to leave some money in the account, it’s just logical you wouldn’t need a scientist to explain that to you. How to increase the money would be discussed subsequently but I how this make logic sense. SAVE!
Control your expenditure
It seem all I’ve been saying is logic stuff, you can’t keep spending all you get and expect to be rich, if you think I’m Lying ask the poor man next to you (how did I know there’s a poor man near you, because they are plenty and everywhere).
Poor people spend all they get on expenses, Mathew Ashimolowo the lead pastor of KICC said even if you see Jesus face to face like this and spend time with him, if you don’t know how to manage money you’ll still be poor.
How do you control your expenditure?
* Live on a budget: budget all that you intend to spend in a month or week or even daily, and stick to it, maintain the discipline *thats if you want to be rich* I can’t force it on you.
* Keep a record of all your expenses: This works for me personally, it helps in creating my budget cause I know where most of my money is spent. Do you ever have those moments where you had a lot of money today but the next day, it’s like poof all gone. You can avoid that by keeping a record. Thank me later.
“Budget your expenses that you’d have enough to pay for your necessities, take bae out, feel alright without spending more than you’ve budgeted and you’d still have 20% to save”
A step above saving
Saving is the first step, the question here is what do you do with your savings .
Let me tell you my story. I had a very terrible saving habit, I wouldn’t save shii and I was broke then I met my friend Martin, Ibo boy that would save at least 25% of his income and every Nigerian would agree that NYSC Allawee is not enough to sustain someone especially when you’re alone. But Martin would still save, so I decided to start saving about 15% of my allawee even tho it wasn’t enough, and guess what, I didn’t die. I survived.
I did that for almost a year and at the end of my service year I had a good sum in savings. But…….I made a mistake, I didn’t take a step further , I spent my savings on earthly desires, don’t judge me.
Moral of the story.
Let your savings turn to a profitable investment that will yield more money.
There are several investment avenues, you could invest in yourself by buying relevant knowledge, or in a business etc
You don’t wanna lose your money
MMM and the like that promise quick returns, you may not be lucky so just stick to what pays your friends could be earning from it, but you don’t want something that will come and scoop your savings off of you. So be careful where you out your money.
Also be careful for internet fraud and the likes. Don’t claim smartness “I know what I’m doing”. Can I shock you? You don’t know what you’re doing. They’ll scam you and you’d appreciate them for it, if you think I’m lying listen to the news.
And most importantly, be careful of those friends that want to borrow money, it’s when you have money that their need becomes very urgent. My personal rule is, “I don’t borrow out money I can’t give out”
Like my sister would say to those borrowing money for their wife’s delivery ” you had 9 months to prepare for her delivery, and you failed. How do you expect me me to pass in a few days ” be careful my friend, you don’t wanna lose your money.
Always secure the advice of those experienced in the profitable handling of money.
Own thy own house
Is this guy ok?
Does he think house is cheap?
I don’t really get this guy, but since He, an experienced guy has said it and it worked, who am I?
But the idea of owning your own house I get is to avoid paying ridiculously on rent.
“thus come many blessings to a man who owneth his own house, and greatly will he reduce his cost of living, making available more of his earning for pleasures and the gratifications of his desire. This then is the fifth cure for a lean bank account”
Ok, let’s settle this. It may not be the house of your dreams and it’s certainly not your last house. Calm down you’ll build another, but before then you don’t want to be paying rent every now and then.
Use your Head to think ahead
Yes, I wasn’t just trying to show my lyrical genius, I was making sense .
Now that you’ve learnt about making money, and what to do to make more money. It’s time to be futuristic. Take it or leave it. You won’t have this your current energy forever, there will come a time you won’t be able to jump here and there to make money, so, how can you make money even while you’re sleeping ? Or like me cruising on some ship with the love of my wife beside me? Think about this.
Put aside some investment for the future, that’ll yield income for you when you’re old. Then you can be your grand children’s favorite grand pa.
How strong is your desire to earn more ?
How much can you pay for knowledge to learn how to earn more?
At this point, you want to invest in yourself and increase your capacity to earn more.
“The more wisdom we have, the more we may earn. The man who seeks to learn more of his craft shall be richly rewarded”
I would love to hear from you and how this piece has been a blessing to you. Or if you have any question, Please send me a message on firstname.lastname@example.org
Don’t forget to share, you don’t wanna be greedy.
Author: Victor Adeyemo
Victor Adeyemo is a Leadership and high performance coach, an Event decorator and MC. He is the team leader of Leaders Digest