RULE 21: Get Your Finances Under Control

Chief Sola Ogunshola (Administrator) & Aare (Dr.) Bolu Akin-Olugbade (Billionaire Businessman)
There’s been a huge fuss made
recently in the UK about hosepipe
bans. If you live elsewhere this may be a complete mystery. It’s even a mystery
to me to be honest. In the UK there
are companies that are allowed to collect water in reservoirs and then sell it
to householders. The reservoirs have been low recently due to a lack of rain –
apparently.

If you live in the UK you’ll know that it never stops raining. A
lot of the householders are saying that there is a shortage of water because
the water utility companies don’t repair their pipes and masses of water leaks
away. The poor householders are being told they can’t water their gardens
because there isn’t enough water. They say there is enough water and that they
are being punished unfairly. See where I’m going with this?

You may well
have enough money but it leaks away before you get to spend it. In a whole
variety of ways – taxation, paying interest, lack of use (not invested
properly), too much being spent on the wrong things. Before you can control
your finances you have to stop the leaks. 


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“If you are going to be wealthy, first you have to
know where your money is going. Sorry if you thought this was going to be easy
or this book was going to be full of get-rich-quick schemes.But stick with me, and you’ll be glad you did”.

If you carried
out the exercise in Rule 19 (of course you did) you’ll have a record of your
credit card balances, higher than you cared to admit?
Probably, we are
all encouraged to spend on plastic. We are all seduced into racking up debts
monthly. If you want to stop the leaks, cut up all the cards and pay them
off. 
Do a quick
calculation and see what levels of interest you are paying. It’s the same with
your mortgage. Make sure you’re not paying more than you have to through
negligence. If your fixed rate deal has come to an end it could be time to
check out the best deals that are now available.
Keep a record of
everything you spend. Everything.
Do this for a short while – even just a week – and see where the leakages
are. If you are going to be wealthy, first you have to know where your money is
going. Sorry if you thought this was going to be easy or this book was going to
be full of get-rich-quick schemes.
But stick with
me, and you’ll be glad you did.
When you carry
out your financial stock-check, watch out for the hidden things which can
easily be overlooked. For instance, direct debits and subscriptions that are too
high, wrong or out of date. 
The rich are eagle-eyed and miss nothing. 
From The Book; The Rules of Wealth by
Richard Templar
(Read Rule 22
of Rule of Wealth tomorrow on Asabeafrika)

Read-to-Wealth Series 
POWERED BY:
http://www.proshareng.com/


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