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| Celebrity Blogger Gbenga Dan Asabe with Hip-Hop Music Act, Abolore Agbolade Akande (9ice) |
Not
long after my Mentor paused, a waiter strolled to his side with a small tray
containing the bill for the coffee. He dipped his hand into his breast pocket
and tossed a 100 Pound bill in the
tray. The waiter came back later with the receipt and the balance. My Mentor
took the receipt and a 50 Dollar bill
and left some tip for the waiter. He filed the receipt carefully in his wallet
while he brought out a diary from his bag to record the transaction as my wife
and I looked on. He noticed the look of surprise on my wife’s face and smiled.
long after my Mentor paused, a waiter strolled to his side with a small tray
containing the bill for the coffee. He dipped his hand into his breast pocket
and tossed a 100 Pound bill in the
tray. The waiter came back later with the receipt and the balance. My Mentor
took the receipt and a 50 Dollar bill
and left some tip for the waiter. He filed the receipt carefully in his wallet
while he brought out a diary from his bag to record the transaction as my wife
and I looked on. He noticed the look of surprise on my wife’s face and smiled.
If you can’t track your expenses, you are out of the
money game.
“My dear”, he said to her, “I am very sure you are familiar with this
by now except my friend is not carrying you along”. My wife nodded. “This is one of the rules of the game. In fact, it is one of the
first few commandments for those who really desire to build lasting wealth.
What I usually recommend to those who ask me where they should start their
journey to financial freedom is that they should learn how to track every kobo
that passes through their hands. I recommend that people should learn how to
control their expenses first before going in search of more money. Wealthy
people treat one kobo with the same degree of respect they would treat one
million Naira. They know that God does not tolerate waste in any form and He
will hold everybody accountable for every penny that He has permitted to pass
through their hands”.
money game.
“My dear”, he said to her, “I am very sure you are familiar with this
by now except my friend is not carrying you along”. My wife nodded. “This is one of the rules of the game. In fact, it is one of the
first few commandments for those who really desire to build lasting wealth.
What I usually recommend to those who ask me where they should start their
journey to financial freedom is that they should learn how to track every kobo
that passes through their hands. I recommend that people should learn how to
control their expenses first before going in search of more money. Wealthy
people treat one kobo with the same degree of respect they would treat one
million Naira. They know that God does not tolerate waste in any form and He
will hold everybody accountable for every penny that He has permitted to pass
through their hands”.
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“I have counseled people who initially said they did
not have enough money. But by the
time they mastered how to track their expenses, they found out that money
usually appears. The truth is that the money has always been there; it never
went anywhere. Usually, what is at play is acute financial indiscipline. It has
been proved by research that you can save up to 50% from what you usually
consider important expenditure if you look deeply into your financial
transactions. In other words, half of our expenditures are not necessary. If
you are able to save that, it means you now have additional money to invest”.
not have enough money. But by the
time they mastered how to track their expenses, they found out that money
usually appears. The truth is that the money has always been there; it never
went anywhere. Usually, what is at play is acute financial indiscipline. It has
been proved by research that you can save up to 50% from what you usually
consider important expenditure if you look deeply into your financial
transactions. In other words, half of our expenditures are not necessary. If
you are able to save that, it means you now have additional money to invest”.
“My friend, do you know how much you have spent on
this trip?”
he asked me, obviously waiting for an answer. I simply took out my diary and
read out everything to him, as detailed as possible and as current as of the
morning of the day we were meeting at the coffee shop. He had casually
mentioned the need to learn how to control every penny in one of his earlier
lessons. Coincidently, shortly after that, Rev. Sam Adeyemi recommended a book,
Five Rituals of Wealth, by
Tod
Barnhart. I found the expenses control table there very interesting,
and I started to use it to record my expenses including the date, the type of
expenses, the category and whether the item is important or worthless. I
usually summarized everything at the end of every month. The exercise has been
an eye-opener to me. It has reduced my impulsive spending to the barest minimum
as I am always conscious of not having many useless items featuring in my monthly
summary.
this trip?”
he asked me, obviously waiting for an answer. I simply took out my diary and
read out everything to him, as detailed as possible and as current as of the
morning of the day we were meeting at the coffee shop. He had casually
mentioned the need to learn how to control every penny in one of his earlier
lessons. Coincidently, shortly after that, Rev. Sam Adeyemi recommended a book,
Five Rituals of Wealth, by
Tod
Barnhart. I found the expenses control table there very interesting,
and I started to use it to record my expenses including the date, the type of
expenses, the category and whether the item is important or worthless. I
usually summarized everything at the end of every month. The exercise has been
an eye-opener to me. It has reduced my impulsive spending to the barest minimum
as I am always conscious of not having many useless items featuring in my monthly
summary.
“What I am saying is that it is a great
offence to God for you to allow any kobo He has allowed to pass through your
hand to waste. The logic is that if you are not faithful over one kobo, you can
hardly be faithful over one million. I have never seen an informed millionaire
who does not respect the smallest denomination of his currency the way he would respect the highest denomination”
“This is good. I am impressed with this”. He beamed. “As I said earlier, a mentor is always happy
when his protégé is applying the advice he gives. In your case you have even
gone beyond my casual tip on expenses control. This is good”.
when his protégé is applying the advice he gives. In your case you have even
gone beyond my casual tip on expenses control. This is good”.
“I am amazed at people’s response when I ask them toshow me the record of their financial transactions. The usual response is that
‘everything is in my head’ this is not a curse but a life of abundance is far
from such people. Your memory is made for imagination; not to keep financial
records. I usually ask them to go and read Habakkuk
where we are asked to write the vision and make it plain to people. You cannot
make progress in financial matters until you learn to document every kobo you
spend and track the trend of your expenditure. The same thing is applicable to
the income that flows into your pocket. You must document the sources and the
date the money flows into your pocket”.
“It is only by writing your expenses down and analyzing
them that you can know whether you are spending your money on the right items.
It is by writing your expenses and income that you can prepare a personal
balance sheet which is a snapshot of your personal financial status at any
given time. It is by writing your transactions that you can prepare an income
statement which will enable you to match your expenditure and income, and
determine if you are approaching red signals.
them that you can know whether you are spending your money on the right items.
It is by writing your expenses and income that you can prepare a personal
balance sheet which is a snapshot of your personal financial status at any
given time. It is by writing your transactions that you can prepare an income
statement which will enable you to match your expenditure and income, and
determine if you are approaching red signals.
God wants us to have total control over the money He
has given to us. When you lose control over money, you have lost control over
this vital item which God has given to us to dominate the earth with. What I am
saying is that it is a great offence to God for you to allow any kobo He has
allowed to pass through your hand to waste. The logic is that if you are not
faithful over one kobo, you can hardly be faithful over one million. I have
never seen an informed millionaire who does not respect the smallest
denomination of his currency the way he would respect
the highest denomination. I read an interesting story some time ago. A
foundation in the United States
invited about twenty millionaires to a session and later sent a $5 cheque to each of them. A week
later, the Foundation decided to check the records in the bank. Amazingly, they
found out that each of the millionaires cashed the cheque within a week!
has given to us. When you lose control over money, you have lost control over
this vital item which God has given to us to dominate the earth with. What I am
saying is that it is a great offence to God for you to allow any kobo He has
allowed to pass through your hand to waste. The logic is that if you are not
faithful over one kobo, you can hardly be faithful over one million. I have
never seen an informed millionaire who does not respect the smallest
denomination of his currency the way he would respect
the highest denomination. I read an interesting story some time ago. A
foundation in the United States
invited about twenty millionaires to a session and later sent a $5 cheque to each of them. A week
later, the Foundation decided to check the records in the bank. Amazingly, they
found out that each of the millionaires cashed the cheque within a week!
“But how many of us throwaway N10
carelessly without
carelessly without
Understanding that money is a spirit and
it moves in the direction of those who know how to treat it? If you insult and
assault money repeatedly, don‘t be surprised if money refuses to flow in your
direction. If you give your wife upkeep allowance, demand the record of how the
money was spent before you give her the allowance for the next month”.
it moves in the direction of those who know how to treat it? If you insult and
assault money repeatedly, don‘t be surprised if money refuses to flow in your
direction. If you give your wife upkeep allowance, demand the record of how the
money was spent before you give her the allowance for the next month”.
“My dear”, he said to my wife, “am I making sense?” She smiled and
nodded in agreement.
nodded in agreement.
“Working with a financial record keeping mentality
is the greatest antidote to impulsive spending. I see so many people entering a
supermarket and buying everything in sight, not following any written list.
They went in with the intention of buying ABCD but they ended up buying EFGHIK.
is the greatest antidote to impulsive spending. I see so many people entering a
supermarket and buying everything in sight, not following any written list.
They went in with the intention of buying ABCD but they ended up buying EFGHIK.
Create a shopping list with a budget before you go
buying. Try as much as possible to stick to the list.” He paused again.
buying. Try as much as possible to stick to the list.” He paused again.
(Excerpts from
the book: “THE MILLIONAIRES CAPSULES” by AYO AROWOLO. Read “How to kill Moneyplexes in your
finances” tomorrow on this blog)
the book: “THE MILLIONAIRES CAPSULES” by AYO AROWOLO. Read “How to kill Moneyplexes in your
finances” tomorrow on this blog)
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| Ayo Arowolo, Publisher The Millionaires’ Capsules |
