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| Senator Khairat Gwadabe, Northern Nigeria Female Politician |
When deciding
how to earn your money and how to invest your money, you need to ask yourself a
lot of questions starting with ‘What if ...?
how to earn your money and how to invest your money, you need to ask yourself a
lot of questions starting with ‘What if ...?
I’ll start you
off here:
off here:
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• ‘What if there
is another recession?’
is another recession?’
• ‘What if this
bank goes bust and I can’t get my money out?’
bank goes bust and I can’t get my money out?’
• ‘What if these
shares suddenly take a turn for the worse?’
shares suddenly take a turn for the worse?’
• ‘What if gold
prices plummet?’
prices plummet?’
• ‘What if all
my customers went elsewhere for a cheaper service/products?’
my customers went elsewhere for a cheaper service/products?’
• ‘What if I was
made redundant?’
made redundant?’
• ‘What if
property prices bottom out?’
property prices bottom out?’
• ‘What if the
oil runs out?’
oil runs out?’
The ‘What if’
game is one we can all play. All together now … ‘What if. .. ?’ I call
it ‘looking for loopholes’, only it isn’t loopholes, more a sort of gotcha
clause. Every time I start making some serious money, I figure someone
somewhere is playing a gotcha clause whereby the unexpected
happens and that particular income stream dries up rapidly. Part of the fun of
being prosperous is in spotting the gotcha clause long before it happens and
getting your money out and into another investment. It’s also vital to consider
when you are thinking about where to find extra income from. That’s where
having lots of hats comes in.
game is one we can all play. All together now … ‘What if. .. ?’ I call
it ‘looking for loopholes’, only it isn’t loopholes, more a sort of gotcha
clause. Every time I start making some serious money, I figure someone
somewhere is playing a gotcha clause whereby the unexpected
happens and that particular income stream dries up rapidly. Part of the fun of
being prosperous is in spotting the gotcha clause long before it happens and
getting your money out and into another investment. It’s also vital to consider
when you are thinking about where to find extra income from. That’s where
having lots of hats comes in.
“A good example of the dangers of putting all your
eggs in one basket, are the footballers who have been forced to retire while in
their twenties. One minute they are earning millions and seemingly at the peak
of their career and then they shatter their ankle, and their financial dreams too”.
A good example
of the dangers of putting all your eggs in one basket, are the footballers who
have been forced to retire while in their twenties. One minute they are earning
millions and seemingly at the peak of their career and then they shatter their
ankle, and their financial dreams too. They haven’t trained for anything else
because it never occurred to them that they might need another string to their
bow.
of the dangers of putting all your eggs in one basket, are the footballers who
have been forced to retire while in their twenties. One minute they are earning
millions and seemingly at the peak of their career and then they shatter their
ankle, and their financial dreams too. They haven’t trained for anything else
because it never occurred to them that they might need another string to their
bow.
Diversification
is the name of the game – by having more than one income stream, and a nice
broad spread of investments, whatever happens in the ‘What if’ scenario you
will be in a much more secure position than if all your proverbial eggs are in
the one basket. By asking ‘What if. .. ?’ you are minimizing risks to
your wealth and wealth creation.
is the name of the game – by having more than one income stream, and a nice
broad spread of investments, whatever happens in the ‘What if’ scenario you
will be in a much more secure position than if all your proverbial eggs are in
the one basket. By asking ‘What if. .. ?’ you are minimizing risks to
your wealth and wealth creation.
From The Book; The Rules of Wealth by
Richard Templar
Richard Templar
(Read Rule
59 of Rule of Wealth tomorrow on Asabeafrika)
59 of Rule of Wealth tomorrow on Asabeafrika)
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