|
You Can Never Be Rich If You Don’t Do These Things
July 24, 2008 14:52, 1,006 views
 | | financial-freedom-news.jpg |
Soo many business people have broken the following business rules at their own peril.
1. Increase your assets and decrease your liability drastically: Sometime ago, I differentiated Assets from Liabilities. One sure killer of business is debt. Whatever be the form, debt is the number one enemy of business success, and highly successful businessmen avoid debts like a plague. Whatever does not bring increase in the form of interest, dividend, profit or income to your business, must be avoided. Always go for wise buys.
The story has been told of Danielson Amontoxi (not real names), a great footballer who scored many goals for both his club side and led his country to a Nations Cup victory. This saw his football career soaring to the roof top. He thus went and bought a private jet, thinking he had arrived. Suddenly, his football career started experiencing a sharp decline, while his wealth also started to experience a slide. In order to maintain his highly frivolous lifestyle, he started picking up jobs in his local league which are not worth his daily allowance when he was in active soccer.
Many sportsmen and women have fallen victim of this and the trend is not likely to change until the issue of their personal finance is seriously addressed.
Compare the foregoing story to the story of his contemporary Nwachukwu Kalu (not real name) who spends the larger amount of his earnings buying up undeveloped land, buildings, stocks and other investments in the United Kingdom where he is based. He is believed to be the richest footballer in terms of net worth in the country today.
How To Deal With Your Asset And Liability Column
Asset is usually represented by a triangle or pyramid, while your liability is represented by an inverted triangle. While asset is a stressful climb, liability is a pleasurable slide apparently into poverty and even extinction. You will agree with me that it takes a longer period to build a sound financial empire than it takes to consume it. That is also what it looks like when building your asset and liability column.
What It Takes To Build a Sound Asset Column
*Delayed Gratification
*Discipline
*Patience
*Have a financial goal e.g. I want to retire at 40,
2. Always Pay Yourself Before Your Creditors
After paying your 10% tithe, the next person you must pay is not creditors, that is, PHCN, water corporation, mortgage; it is yourself. This success principle was first identified by George Classen many years ago in his classic, The Richest Man In Babylon where Arkad, the richest man in Babylon was discussing with his childhood friends, Kobbi and Bansir, how he accumulated his stupendous wealth by simply obeying the simple success principles of setting aside 10% of every income he earned as a compensation for his efforts.
|
Gentle Giant
28 July 2008 16:35Good day Author,
Would anyone crucify you if you called Danielson Amontoxi (not real names) is real name, which is Daniel Amokachi and Nwachukwu Kalu (not real name), which is Nwankwo Kanu? I sometimes wondered when people would be bold in this country to say the facts as they are and take responsibility, whether the outcome would be +ve or -ve.
Author, the story is true,so why the show cowardice? Cowardice has brought Nigeria on her knees and that’s why she is the 2nd Zimbabwe in Africa - fallouts from visionless and greedy leadership!!!
Anyaobi E. Ochukenyi
29 July 2008 (5 weeks ago) 10:05In as much as i agree with your submission, i also agree with the first comment that you should be bold enough to mention the names (i mean real names) in your write-up. I believe when people read an article of this nature, it will make more meaning to them when its related to real people especially people they know than a make belief name which makes the story looks like a fiction.
Durojaiye Pirisola
29 July 2008 (5 weeks ago) 21:50Good piece. You mentioned tithe. Are you a christian? Where in the Bible are Christians (not the Jews) commanded to pay tithe? Tithe was instituted in the Old testament for the Jews purposely to take care of the Levites who had no landed share in the land God gave the Israelites. A Christian is to give ‘as much as he is able’ not grudgingly, but cheerfully according to Icor. 16. Do we have Levites today among the gentile christians?
A christian can give 50% of his income to God or 1% if that is what he is able to spare after taking care of his family needs. ‘Everyone should lay in store as God has prospered him’ is the command for the Gentile believers. Not the ‘tithe’ that is been used to drain the poor of what tthey have that is not enough to feed their family members. This have been used for ages by people turning ‘church to business’. Time will not permit me to ‘open’ the eyes of my fellow religious Nigerians to this TRUTH.
fred silvano
30 July 2008 (5 weeks ago) 08:44I totally praised the author for his reasonable acticle concerning financial discipline and ways to solidify our assets. The same time I boldly disagreed with some commentators who see his action for not mensioning names as cowardice. you guys most not ignorant of the rule of law, concerning human right.the author concern is to send to viewers with references, ways to overcome financial difficulties,and not embarras people living on their own,whether rich or poor.but if concerning those political criminals in Nig,their names need to be mention ! the struggling man yet deserves respect !
Typewriter
30 July 2008 (5 weeks ago) 22:56Pls learn what he has to teach not to correct what is deeper than your small brains
what has real name has to do with this sound financial discipline haba Nigerians. ALWAYS CHASING SHADOWS WHEN THE REAL OBJECT IS STATIONARY.well some of u must be MUMU NIGERIAN LIMITED
Segun
31 July 2008 (4 weeks ago) 20:45Gentle Giant should have written his REAL name!
L.U.O
1 August 2008 (4 weeks ago) 08:18That was a good piece,i think we should be more concerned with the message been passed across first,before criticising. To me i dont see anything wrong for not mentioning the real names of the people cited as examples. what if he has not said “not real names”,there would not have been a good ground to pass all these criticism. Let’s get message the first! Somebody wrote smoething concerning tithe.That person has a very shallow understanding in that subject,time would not permit me to throw more light on this for your understanding.However, read mal 3:9-12. pls read it carefuly,there are still other related scriptures that really butteress this truth,please take some time out.
Chiedozie Ukaigwe
1 August 2008 (4 weeks ago) 08:28My dear David,
Your article is quite informative and educative. Please keep it up and may the Good Lord grant you more wisdom.
PAPI JOE
12 August 2008 (3 weeks ago) 20:40I agree with you David. How I wish people are exposed to financial education early enough. Whether you are a pagan or a believer, the principle of wealth creation must be obeyed to get rich and remain rich.