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| Veteran General & Former Nigerian Minister of Science and Technology, General Sam Momah |
An awful lot of
us are guilty of wasting money by not making the best use of it – whether it’s
a small amount or large, long term or short term. From not cashing cheques to
leaving cash in low interest accounts because you’ve forgotten about it or
can’t find the time or be bothered to move it.
us are guilty of wasting money by not making the best use of it – whether it’s
a small amount or large, long term or short term. From not cashing cheques to
leaving cash in low interest accounts because you’ve forgotten about it or
can’t find the time or be bothered to move it.
Here, are a few
tips to get you thinking about whether you are making all your money work for
you:
tips to get you thinking about whether you are making all your money work for
you:
“Never be satisfied with the interest rate you are
getting – there’s always a better one out there. Keep actively looking.Shop around for all services you pay for. There
are always cheaper options. Don’t just pay for a name, pay for what you are
getting”
• Don’t leave
money inactive in bank accounts – move it around to high interest accounts,
even if it’s only for a few days. Electronic banking means money can be easily
and simply switched from one account to another – even for very short periods.
money inactive in bank accounts – move it around to high interest accounts,
even if it’s only for a few days. Electronic banking means money can be easily
and simply switched from one account to another – even for very short periods.
• Never be
satisfied with the interest rate you are getting – there’s always a better one
out there. Keep actively looking.
satisfied with the interest rate you are getting – there’s always a better one
out there. Keep actively looking.
• Shop around
for all services you pay for. There are always cheaper options. Don’t just pay
for a name, pay for what you are getting.
for all services you pay for. There are always cheaper options. Don’t just pay
for a name, pay for what you are getting.
• Don’t leave
property empty – it may be increasing in value but you are missing valuable
rental income.
property empty – it may be increasing in value but you are missing valuable
rental income.
• If you invest
in anything that is appreciating in value, could it also be useful? Would a
classic car you can drive be more useful to you as opposed to a painting you
can only look at (although that could be regarded as useful in the sense it
might be relaxing or therapeutic but let’s not go there).
in anything that is appreciating in value, could it also be useful? Would a
classic car you can drive be more useful to you as opposed to a painting you
can only look at (although that could be regarded as useful in the sense it
might be relaxing or therapeutic but let’s not go there).
• Explore all
options. Don’t be content ever with what you are doing but always be on the
lookout for ways to improve, enhance; perk up, progress and advance. This does
not mean fiddling of course.
options. Don’t be content ever with what you are doing but always be on the
lookout for ways to improve, enhance; perk up, progress and advance. This does
not mean fiddling of course.
• Crack on.
Don’t put anything off for tomorrow. Do it today. Do it now. If you take 4
months to bank a cheque then that’s 4 months interest you’ve lost.
Don’t put anything off for tomorrow. Do it today. Do it now. If you take 4
months to bank a cheque then that’s 4 months interest you’ve lost.
• Always remember idle money is wasted money – use
it or lose it.
it or lose it.
From The Book; The Rules of Wealth by
Richard Templar
Richard Templar
(Read Rule
73 of Rule of Wealth tomorrow on Asabeafrika)
73 of Rule of Wealth tomorrow on Asabeafrika)
Read-to-Wealth Series
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