RULE 63: Carry Out A Finance Health Check Regularly

Ex-Abia State Gov (Eastern Nigeria) Dr. Orji Uzor Kalu with Ex-Ogun State Gov. (Western Nigeria) Otunba Gbenga Daniel 
It is essential
if you are going to increase your prosperity that you maintain a healthy
awareness of your bank balance. You should be carrying out a finance health
check on a regular basis. I think, personally, it should be weekly. Of course,
you are free to do it as often as you want and if that means monthly or even longer;
then that is entirely up to you but I wouldn’t recommend that you leave it too
long.


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My observation is that the tighter a grip you have on the pulse of your
financial life:

• The quicker
you can react to changes
• The more
information you have to make decisions
• The less
chance there is for things to go drastically wrong without you noticing
• The better a
focus – and thus interest – you’ll have in your finances.
Sorry, but you
do have to be disciplined about this. You have to have a regular time when you
sit down and:
• Carry out bank
reconciliation
• List your
creditors and debtors
• Check credit
card balances against receipts
• Check
outstanding cheques – the ones that you’ve written that haven’t yet arrived in
the bank
• Check what
future income you have and what major expenses you might have looming on the
horizon
• Check your standing
orders
• Check pensions
contributions
• Check
investments
• check any
loans
• check any
overdrafts etc. (I know, I know, I have said not to have any but you are
human). 

“You’ve got to be disciplined and have a routine –
every Monday morning without fail. Yep, even when it’s sunny outside, even on
holiday, even when you’re feeling a bit off-color, even when there are more
exciting things going on”

If you don’t do
this stuff money will leak away. Forgetting a debt doesn’t pay it.
You’ve got to be disciplined and have a routine –
every Monday morning without fail. Yep, even when it’s sunny outside, even on
holiday, even when you’re feeling a bit off-color, even when there are more
exciting things going on. Because if this doesn’t excite you, then you’re not
going to make it I’m afraid. Personally I think you should know what you are
earning every day by the day. And you should know what big outgoings you might
face in the next 12 months and that does include a most often forgotten one –
the tax bill. Watch that little baby like a hawk and don’t ever take your eyes
off that ball because it will get you every time. 

           Background to Rule 63: Gets Even Wealthier
Once you’ve got
a bit of money behind you, the whole thing gets a bit easier. Money begets
money. You won’t pick up a lot of bargains at an antiques auction for £50. But
there’s a hell of a lot more if you’ve got £5000. It’s that first million that
is difficult – ho, ho! But seriously, once you have started to move towards
Prosperity it
isn’t a good idea to sit back and start counting your loot. It’ll disappear
faster that way than by any other means.
Instead you’ve
got to get slicker and quicker, stay on your toes, be even busier and more
focused and definitely don’t take your eye off the ball. As you start to get
richer, you might need to start gathering a few advisers around you, people you
can trust and, most importantly, listen to.
The reason?
Because as your investments and capital start to grow, you will need advice and
help to make things grow even more. Obviously you can listen, but you will need
to make the final decisions about what you are going to do.
Not sitting back
on your laurels means you have to be on the lookout for hidden opportunities to
take your prosperity further.
You’ve got to
stay abreast of current developments, play your hunches, understand the market,
know what you’ve got and what you can spend/invest/save. Now is the time to
start stepping up how opportunistic you can be – thinking laterally, not
following the herd, being creative and innovative – that sort of thing. There’s
no point in doing what everyone else does if you want to make some serious money…

From The Book; The Rules of Wealth by
Richard Templar
(Read Rule
64
of Rule of Wealth tomorrow on Asabeafrika)


Read-to-Wealth Series





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