By An ‘Old Time Industry Insider’
1. Make it your daily mission to find your true financial purpose. Your priorities may shift over time and you may find new purposes. Always fully understand why you are saving, what you are saving for, and what the end results mean and do not lose focus.
2. Make new choices daily. Remember that each note/coin that comes into your hands is won or lost by the choices you make each day. Choose to be wealthy instead of letting endless naira/ dollars/digital coin slip away
3. Associate with positive, like-minded individuals. If you have negative influences and negative people in your life, try to minimize your exposure to those people and things. Attitudes are contagious. Being around someone who is negative will bring you down. In order to make new changes, you need a new positive attitude. Find other positive people to encourage and motivate you.
4. Educate yourself daily. Try to learn more about your finances, how investing and financial markets operate, and how to gain advantage in your financial situation. Make it a habit to learn more each day. Even if it is only spending ten minutes a day learning one new concept, begin your quest to learn more. Get good at one concept and then move on to new areas.
5. Practice self-control. Do not let impulses and emotions drive your decisions. Make it a habit to evaluate major purchases and financial decisions with a more disciplined approach. Analyze how each decision will add or subtract from your wealth. No more guessing.
6. Have good advisors. The value of a good tax planner, legal mind and financial advisors are immeasurable. There is much power found in good advice. Find individuals who succeed at what they do and pay them. The money you pay for their expertise should save you a chunk of money in mistakes avoided and add to your wealth through their value-added benefits.
7. Develop the habit of analyzing your expected return on each investment you make. Often the profit potential does not come from the sale of an investment, but rather in the purchase. If you pay too much for something, it will eat away the profit or tie up your money for a longer time period
8. Don’t try to look wealthy, look to become wealthy. Remember to buy assets not liabilities. Remember, assets are items that pay income to you. Liabilities, on the other hand, require that you make payments. Minimize payments that are required by you and find ways to get more payments coming to you.
9. Give generously to others. Share your time, money and assets. Seek to find those with less knowledge, those who are less fortunate, and those who need helping hand. Educate, liberate and provide hope to the hopeless. Make it a goal to have a better financial situation so you can help others rise above their current situations.
10. Most Important: Always stay true to your principles. Always make sure that principles come before profits, this is hard here in Nigeria. Make it a habit to understand what you own, where your investment money is going, what values your money represents, and develop a plan to align your morals, beliefs, and values with your financial plan.