MONEY AND MARRIAGE MASTER CLASS: LESSON 13
Family & Finance – How to Close the Back Door of Your Family Finance 2
– Bisi Adewale
LIVE BELOW YOUR INCOME:
A recent study shows that more than 95% of people do get broke before pay day. 85% of them answer NO to the question of “are you investing”?
One funny thing about this is that as it affected the lower G.M. (gateman), it also affects the upper G.M. (General Manager). How much you earn per month does not determine whether you will be broke or not. There is a principle you must obey from today, it is known as BP principle. We have three ways to live, they are:
– A.P: Above Pay (Above what you are earning or above your means)
– W.P: Within your Pay
– B.P: Below your Pay
A.P is the mother of debt and the creator of high blood pressure, worry, ill-health, stealing in the office, loss of integrity and bankruptcy.
W.P is not a sign of progress, it means you are not moving forward, you are always broke one or two days to the pay day, it means you are living from and to month. It is better than A.P but it is not the best.
B.P is the mother of prosperity, peace of mind and progress. You can be at B.P level just because you earn big money; No, people that earn millions of naira per month do get broke too.
To be at B.P level all you need is:
a. Discipline– Get to the difference between need and want, put your appetite under control, walk at your own speed, do not copy anybody, and don’t seek to impress anybody, only express yourself and preserve your future. Must you eat out? Must you go to eatery with your family every weekend? Must you use two phones? Must you travel to London for your holiday? Must you carry girlfriends? Must you buy that expensive handsets and jewelries? If you can discipline yourself your life will change, your future will turn around.
b. Planning- Plan your life, think of where you will like to be at retirement and start to work for towards it. Planning is like going to the toilet, no matter how highly you are; you have to do it yourself.
c. Know Your Level, Spend Below It- If you are entitle to two bedroom flat, you can still manage “self contain” flat, if you are at three bedroom flat, get two. Use one car even if you can afford two; drive yourself, though you can afford a driver, fly economy despite the fact that you can afford business class. Don’t just do all these, get the money that is meant for all these save and invest them.
d. Communication– Communicate your intention to your family, most especially your spouse, let them know your aim, the sacrifice that must be made to attain it, and what you have resolve to do. To be sincere with you, you can go far in building finance base without the support of your spouse. Create at least five hours a week to discuss about your family finance. If you don’t talk about it you cannot walk into it. Remember that “can two walk together except they agree” (Amos 3:3). Talk about it; over and over again, make your destination clear to them.
e. Vision– One thing you must communicate to your to your spouse is your vision. You must know where you are going, what you want your investment to worth; at when? When you want to move into your own house, when you want to start your own business, etc. If you don’t know where you are going the journey is truly far, destination determined the half covered.
f. Have a Focus– Having a vision is not what really matter but giving your vision a focus. Avoid distraction; forget about the crowd, nobody can see your vision the way you see it; most will even mock you. Never use their stop watch to determine your own future, get focused, if you are focused, you have a full course to be successful.
g. Improve Your Financial Intelligence– Read books, attend seminars, read journals and magazines; by all means know about money, not just about making or spending it but about managing it. Report shows that less than 5% of people know how to manage money, 100% knows how to spend it, less than 40% know how to make it, no wonder generation of penury and poverty stricken people are mounting by day. Look at this
Spending of Money (Spm) = Minus (-)
Making of Money (Mkm) = Plus (+)
Managing of money (Mgm) = Multiplication (x)
In a population:
If Spm is greater than Mkm and Mgm then; we have poverty generation
If Mkm is greater than Spm, we have rich population
If Mkm is equal to Spm, we have average population
If Mgm is equal to Mkm and Spm, we have wealthy population
If Mgm is greater than Mkm and Spm then, we have flourishing population that leads to another point.
(h). Change your Association– If people around you are all Spm people then you are in the wrong company, walk with people that will increase you, have financial mentor, prepare for your tomorrow.
In the next edition, I will be telling you Money Killers.
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Pastor Bisi Adewale is a family and relationship expert; author of Secret of Irresistible Wife and more than 70 other books on marriage and family life. You can reach him on familybooster@gmail.com, 08068312004, Whatsaap 08051512823, BB: 2AF5C883, Blog: www.bisiadewale.com, facebook.com/PastorBisiAdewale.Twitter @bisiadewale
