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8 GOLDEN RULES OF MONEY

April 12,2017 0 comments

We all need money. There are people who have money and people who are rich. Money is believed to be the yardstick for success simply because almost everyone on earth is chasing after money. Accumulating wealth is often good but wealth should be accumulated in a fair, reasonable and in an honest manner within the confines of the law.

Africa is a rich continent with massive mineral wealth, wildlife, sandy beaches, forests, mountains among other lucrative possessions. Surely Africa is blessed! Many African nations do not exploit these resources to the fullest only to benefit the developed nations from these vast resources. The oil prices, for instance, are regulated by the European union, and this adversely affects the economic growth of countries exporting petroleum e.g. Egypt, Sudan, Nigeria, Libya, DRC, and Angola. Why don’t we reap from these mass resources?

The secret of making money is entrepreneurship. The world’s wealthiest persons ventured into business to make their way into the game of money. Bill gates founder and CEO Microsoft is the richest man on planet earth with a net worth of 86.4 billion USD while Nigerian business magnate Aliko Dangote is the richest black man alive. What golden rules of money can we learn from these tycoons?

Here are the golden rules of money African growing talented youths need to embrace in order to excel in the game of money;

RULE 1: KNOW HOW TO HANDLE MONEY

It is often hectic to handle money especially when huge sums are involved but the wisest way to handle money is to first seek maximum sound financial knowledge-the understandability of how money functions. For example, if you intend to start an SME, seek financial knowledge from experts such as tax consultants, marketers, auditors, accountants, valuers etc. never go it alone.

 

RULE 2: MONEY IS UNFAIR.

Always play your cards right, never work for money but let money work for you. As an entrepreneur always learn the game of your competitors by employing competent staff and through surveys in order to maximize profits by investing wisely. If you keep working for money you will just be doing that for your entire lifetime and frustration will always follow you.

 

RULE 3: NEVER BE AFRAID OF MONEY

It is not the investments that give us financial freedom but rather our knowledge about money that guarantees us financial freedom and harmony. If you want to know what God thinks of money, just look at the people he gave it to, so never be afraid always invest your money for quick returns.

 

RULE 4: SPEND MONEY TO GET MONEY

Better said than done. Spend money to get rich. Why keep money idle instead of investing? ‘’There is no hurry in Africa’’ have been wondering who formulated that saying, but that’s another days story. Travel across Africa and indeed you will realize the business opportunities across the continent. It is wise to borrow money but it is wiser to invest the borrowed money wisely. While everybody is rushing to urban centers to invest in real estate others into businesses, look on the other side of the coin and try agriculture.

 

RULE 5: BE IN CONTROL OF YOUR MONEY

Money gives us financial independence, peace, and freedom. As a good investor, always be in control of your money all the time. Commercial banks are playing a vital role in our economy by providing loans and saving schemes for people but on the contrary, many entrepreneurs have failed a great deal through the closure of some of these institutions thereby locking all their capital. Entrepreneurs should be wise and always opt for other ways of saving their capital other than the use of banks only. If we command our wealth, we shall be rich and free. If our wealth commands us, we are poor indeed.

 

RULE 6: INVEST TIME BEFORE YOU INVEST MONEY

Many business people have not made it to the ladder of success because of poor time management and planning. Before investing get adequate knowledge of pros and cons of the business in question. Avoid mistakes! Commit money where returns are anticipated in the new future. Losses may drag you behind and negatively influence your credit worthiness and you may be rendered bankrupt at last. Time is more valuable than money. You can get more money, but you cannot get more time. Time is money.

RULE 7: DON’T RUN AFTER MONEY

Knowledge is power, money is the success. It is awfully wrong to run after money but is advisable to be a magnet that attracts money and keep it with you always.  How do you attract money? Avoid unnecessary spending habits and be your own boss.  Being your own boss only gives you the time and the opportunity for further investments thus attracting more and more money. Remember, money and success don’t change people; they merely amplify what is already there. Don’t stay in bed, unless you can make money in bed.

RULE 8: STUDY FAILURES MORE THAN SUCCESSES

Always learn from people who have failed in life than from those who have succeeded in life. Failure gives us lessons while success in most cases gives us rewards. For example, an investor can learn a lot from IMPERIAL BANK which was put under receivership by CBK in 2015 than he/she can learn from SAFARICOM limited which has been doing pretty well in business. Get your lessons right!


Success comes to those who dedicate everything to their passion in life. To be successful, it is also important to be humble and never let fame or MONEY travel to your head.



Abel Shikuku

He is a bachelor of commerce-accounting student and a staff writer at Talwork..


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