RULE 59: Control Spending Impulses

Mr. & Mrs. Abba Abacha, Kano based Business & Real Estate Expert

The surest way
to scupper your wealth creation is to go out and spend everything you earn or
receive (and a bit more just for good measure). This particular addiction is
very strong in me. I blame it all on giving up smoking. I have nothing to do
now with my hands so fiddling with a credit card which seems to satisfy some
deeply buried addictive urge. But you have to resist if you are going to turn what
little you have into a bigger something.


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Forget notions
of new cars and holidays in the sun. You are going to turn into a bit of a
Scrooge for a while, hanging on to what you’ve got in order to prepare for the
future when you will have so much more. This means you have to control your
urges. 
“Prosperity is a race, a prize, a winning line. We
all set out wanting to race towards it, claim it. Some can’t be bothered to
even make it to the starting line because they are so weighed down with
unhelpful beliefs that floor them before they start. And a whole lot of people
fall by the wayside from laziness early on”
Look, I’m going
to let you into a secret. Prosperity is a race, a prize, a winning line. We all
set out wanting to race towards it, claim it. Some can’t be bothered to even
make it to the starting line because they are so weighed down with unhelpful
beliefs that floor them before they start. And a whole lot of people fall by
the wayside from laziness early on. And many more fail to make the grade
because they get daunted by the hard work needed. And still more at this point,
where you’re at now, stumble because they give into temptation and spend,
spend, spend like there is no tomorrow.
Well, there is a
tomorrow and it comes quickly enough. And that shiny new car now looks sad and
rusty, the holiday is gone with only a few snaps of people and places you can’t
even remember and the new clothes are outgrown and unworn. The simple truth is
the rich know how to control their spending urges – that’s why they’re rich.
When they need to tighten their belts they can do it.
And you need to do it too, tighten your belt that
is. In fact what you need to do is not loosen it in the first place. We’ve
talked about delayed pleasures in earlier Rules and I hope you’ve absorbed that
one by now. Curbing those spending urges is absolutely vital and the best way
to do it is to never buy anything instantly. If you see something you just have
to have; wait a week. Do you still really need/want it? Chances are the urge
will pass if you give it a chance to. Make it harder for yourself by putting
time and distance between you and temptation.
From The Book; The Rules of Wealth by
Richard Templar
(Read Rule
60
of Rule of Wealth tomorrow on Asabeafrika)


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