by Irena Whitfield
Happy Independence Day, Great Weekend Celebrations and
Welcome to our 2nd Special Issue this year!
Most of the recent requests for help have one item in common
and it is a complaint about the lack of money.
I believe that most people haven't got enough money for
everything they wish to have - the more you have the bigger
your plans, and you have a feeling that you have less and
less money.
Whether you have lots of money or just so-so, you need to
economize and take proper care of your money ie your income,
expenditures, savings and investments.
Below I give you 7 Golden Rules to a Financial Prosperity:
1) Always have several streams of income: never rely on one
income from one source only.
2) As soon as you start to earn, start to put aside a
certain amount to create an automatic money source: I
remember I have always had my own portfolio since I was a child,
and can tell you that I needed it several times. Even if
you have property, you may find yourself in a situation when
you need fast cash. In such a situation, you will not sell
your property, but you can sell part or even the whole of
your portfolio.
You don't need to start your portfolio with thousands of
dollars, you can develop it.
You only need to set a rule that you won't touch it when you
don't need it, and keep it for vital urgencies. To buy a
better car or a bigger house is not an urgency.
3) Always take care of your money personally: it's not
necessary to do everything personally as soon as you can
afford it but never allow any other person to have a right
to handle your money without your knowing, or your express
approval. If you think that you don't have time to supervise
this or that it's not important, you will have to find it
later for much more unpleasant things when you lose your money.
Many of you will 'hate' me for what I'm going to say now
and I will receive lots of disapproving messages but I
have to say it: don't even allow your spouse to do this -
love and money is not the right association, and I know what
I am talking about. Keep these apart.
Don't supervise your investments and expenditures only -
Always strictly collect your money. Never allow people to
owe you - again: with no regard to how much money you have,
always demand every dollar you earn to be paid to you.
4) Strictly distinguish between expenditures and investments:
it's very easy to put everything as cost or overhead: don't
do this. Apply an easy rule: expenditure or cost is money
thrown out of the window - you can't expect any return
money on it, while investment is desirable (of course, not
every investment is desirable): this should bring you more
money, more property able to make you more money - the only
questions you should carefully consider are whether you
can/should afford such an investment at the moment, how much
you're going to get back, how fast and whether it is
acceptable.
5) Keep your expenditures at the minimum with no regard to
how much money you have: expenditures are killing for
everyone. It's useless to tell you stories about big
fortunes lost by unwise costs. I'm sure you know many
yourself from your neighbourhood.
6) Avoid loans, don't borrow if you don't know for sure you
can repay. Never purchase anything on future incomes or
promises.
Just a little example: if I have a notice that a payment is
on its way to my account and I need the money today for some
reason (however, I can't see any reason like that :-) -
never mind), I can borrow. But, if I think I will sell
1,000 books next week, I mustn't borrow.
7) You must always earn more than you spend. In case you
don't earn more than you spend, then you must spend less.
In other words, you must always be in green.
If you think that you must swap your car every six months
even if you should borrow, then it may easily happen that
you won't drive anything in a very short time.
I don't want to waste hours of your precious time by long
essays on savings and wise advice. Just adopt one principle
and whenever you want to do something with your money (-
whether it's thousands or millions or just a couple of
bucks), just think about it: take care of the pennies and
the pounds will take care of themselves.
Have a profitable week before I talk to you again in our
regular Issue.
Wishing you all the best,
Irena Whitfield,
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