RULE 34: Don’t Waste Time Procrastinating – Make Money Decisions Quickly

Akinwunmi Ambode, Accountant & Politician (Current Governor of Lagos State)
If you are out
at sea and it cuts up rough, you make for a safe harbor. Any port in a storm, you
don’t spend time procrastinating over whether the harbor has shower facilities
or a branch of your favorite restaurant chain or cheaper moorings. No, you just
get the hell out of the storm, while there’s still space in the harbor, and be
grateful it provides the one thing you really need – safety.

Making money is
a bit like that. Sometimes you just need to act. As long as you get some return
on your action, it’s better than doing nothing. This isn’t complicated but
you’d be amazed how many people overlook this and think ‘I’ll decide how to
invest that little lump sum I’ve saved up later – I can’t decide whether to buy
shares or put it in a savings account.’ So they do nothing and the money sits
in a current account earning no interest or, worse still, gets frittered away
by default and inflation. 


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“The
Samurai lived by a simple creed – no hesitation, no doubt, no surprise, no
fear. It is simply the most brilliant strategy for doing anything. It basically
says that once you have decided on a course of action (or battle or combat)
then be committed; know everything you need to know about it, don’t be afraid
and get on with it as quickly as possible”.

You don’t have
to think too deeply about this stuff. You don’t have to think too hard. You
don’t even have to really think at all.
The Samurai
lived by a simple creed – no hesitation, no doubt, no surprise, no fear. It is
simply the most brilliant strategy for doing anything. It basically says that
once you have decided on a course of action (or battle or combat) then be
committed; know everything you need to know about it, don’t be afraid and get
on with it as quickly as possible. If you’ve ever seen a samurai sword fight
you’ll notice they circle each other and then there is a dramatic burst of
activity, a flurry of intense violence and it’s all over. One or other or
frequently both opponents are dead. The circling is not preparation – that was
done over years and years of training. The circling is sussing out your
opponent – taking their mind. When they go into attack it is a direct, swift,
no hesitation attack. And your financial plans must have the same razor-sharp
incisiveness about them.
 

Doing
something is invariably better than doing nothing. And sometimes acting fast
can be a lot better than holding out on a possibility. Suppose you buy and sell
antiques and collectables as a money-spinning hobby.If you buy a plate for £10
and think you can sell it for £30, but somebody offers you £20 within an hour,
then you take the £20 and go and buy two more plates at £10 to sell on in the
same way. In some industries it’s called ‘churn’ – keep things moving. Quickly
weigh up the odds, consider the pros and cons and then get on with it.
From The Book; The Rules of Wealth by
Richard Templar
(Read Rule
35
of Rule of Wealth on Monday at Asabeafrika)



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