I guess there are times we all seem to be making so much money and for some reasons we just can’t tell where the money is going. Have you ever asked yourself where all the money is going to? There are some people you would even assume should be a lot more comfortable financially but by the time you get close and talk to them, you will realize that they also have some issues. They make money and they also seem to be asking where all the money is going. On a lighter mood, you need to remember that the Bible says money has wings!
So maybe the question to ask is ‘how’s your money flying away?’ How come you make a lot of money and you can’t even tell what you did with all the money that you made in the businesses that you have done. How come you earn a lot but have a little to show for it but there are people who earn a little but seem to have so much to show for their little.
In one of my recent articles on http://www.foladaniel.wordpress.com I wrote about the powerful separator between the rich and the poor and did say that it had to do with money control. You may follow the link to read further. What you have to work on when you can’t tell where all your money is going to is very simple.
Out of the very many things that may be the issues or reasons your money seems to be flying away, I suggest you check the following:
1. Check what you are spending your money on. If all you ever spend money on is what can be consumed then you should not be surprised that your money keeps vanishing. That is because you only buy things that will be used up.
2. What’s your spending habit? Do you always buy the things that you do not need or seem to buy everything that people bring your way? Maybe there are people who always come to you when they have anything to sell and that’s because you always buy everything. You must be able to take your eyes off certain things regardless of how much you like them.
3. Sometimes all you have to do is to practice what I call delayed spending. There are things you sometimes buy just because you saw them and if only you had delayed your spending and had a rethink, you would have bought some more important things.
4. Are you always borrowing money even when there is no need to borrow the money? If you cultivate the habit of borrowing even when you don’t need it just because the offer is there, you may soon been in real trouble and having to constantly borrow money all the time. I think it might be a different thing when you borrow and invest wisely which is called other people’s money (OPM) but for a lot of people, that’s not the case.
5. Put your money in physical assets! When I say assets I really mean assets like real estate and other portfolio investment that will generate some income for you. You must have something that brings in money from you apart from your regular source like your salary or main business.
6. Putting more money in insurance might not be a bad idea or engaging the bank’s services to save for a particular purpose. At a certain time when you really need the money you can always go back and ask for it.
7. Cultivate the habit of personally accounting for how you spend and what you spend on. When I look at my records, though it may not be accurate, I can tell you where most of my money goes to each time it comes and goes. From the records that you keep, you can easily tell if you need to change what you spend on and when to do that. If you don’t keep records of what you spend on it will be hard to say how your money is disappearing.
The rules are simple and the game is easy to win. All you have to do is follow the rules and you can bet that your money will not be flying away again. When you think about your money, you will be able to tell where it has gone!
Fola Daniel Adelesi
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