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THE SECOND RULE OF WEALTH ACCUMULATION-
DON'T LOSE MOBEY
Warren Buffet is famously quoted as saying there are two rules to wealth accumulation: 1) Don't lose money and 2) Don't forget rule NO. 1.
These may seem an obvious observation but you may be surprised how many people fail to follow it. It will be extremely difficult if not impossible to prosper financially if you have the unfavorable knack for losing money.
The reason for this is simple: if you lose 50% of your money you will need to earn 100% return to break even. for example if you lose 50% of GHS 200 you are left with GHS 100. you subsequently have to earn 100% return to grow from GHS100 to GHS 200 again. And trust me it is much easier to lose 50% than to gain 100%. That is why all intelligent investors are conservative in their financial dealings. Being conservative doesn't guarantee freedom from loss but it surely means you take calculated risks. You have a fall back plan to get you up as quickly as possible if you do fall.
Most people engage in businesses in which they have no relevant knowledge or experience. As a result it is only a matter of time before they lose everything. Some embark on extravagant adventures. I have always struggled to understand why a man will take about 5 years to save money and blow everything in a matter of days over a wedding. Excuse me but that is ridiculous and a sign of financial ineptitude. We need to bring wisdom to bear in matters such as these.
I want to conclude this piece with this fina thought. The skill of financial management is more important than the the money. if lack the skill it doesn't matter how much money you have in your bank account you will eventually lose it. A wise man once said if a man with wisdom or experience without money meets a man with money without wisdom or experience, the man with experience ends up with the money and the man with the money ends up with the experience. And I agree. Don't lose money.
THE FIRST RULE OF WEALTH ACCUMULATION: DON'T SPEND IT ALL.
"He who can not save has not the seed of greatness within him"-W. Clement Stone.
An empire is not built in a day. If you desire riches then starts gathering little by little. Observe the first rule of wealth accumulation: DO NOT SPEND IT ALL.
No matter how little you earn make a decision to save part of it. Practice the 10:10:80 Rule. No matter how much you earn pay 10% of it as tithe, save 10% of it and live on the remaining 80%.
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