INTRODUCTION
Reading
from the book of Luke 14:25-28; two keys are predominant in the verse
1.
Everything
in life comes with a cost
2. Planning is an essential element in the success equation
To become rich, you need effective planning and readiness to pay the necessary cost. Everybody wanting to be rich one day must understand the concepts of assets and liabilities well. Asset is anything that brings money into your pocket whilst liability is anything that take money out of your pocket.
A MISCONCEPTION TO AVOID
There
is a common misconception that has travelled through several generations and is
still travelling. That is owing a house or a car means that one has acquired an
assets. This has left a lot of people in debts. This makes a lot of people to
follow the crowd by borrowing huge sums of money from banks to build houses or
buy a car without any equivalent assets to cater the aftermath expenses. A house or a
car is only an assets when it generate an income. This is true for every single
item in your possession. This implies that any item you have that has no
capacity of bringing profits or financial gains is simply termed LIABILITY.
This is because it takes money from you instead of bringing you money. Many are
buying things thinking they are properties but frankly speaking they are
liabilities in disguised.
1.
How
to find an opportunity that everyone else has missed: You have to learn to
master the art of seeing with your mind what others miss with their eyes.
2.
How
to raise money:
We must not always go to the bank or borrow money. But we must learn to raise
money without these agents. This is where the principle of paying yourself from
what gains you make comes to play. This is where real discipline comes in. This
where you must cultivate the attitude of keeping living expenses modest and
learn to put aside some appreciable amount from all gains aside being a gift or
wages or allowance.
3.
How
to organize smart people:
In success journey one of the things we must learn is to make friends with
people who are intelligent. These people are people you seek advice from. “It
is what you know that is your greatest wealth. It is what you do not know that
is your greatest risk”- ROBERT KAYIOSAKI
1.
The
Rich Seek Knowledge: The
rich pay every price they need to pay to seek the right knowledge. They attend
seminars, conferences, buy books, they read a lot. The good word of God is very
clear on what happens to us when we fail to seek knowledge. “It says we are
destroyed”. Bishop David Oyedepo once said in his teachings that anything you
want to do in life, first seek for the necessary and needed knowledge. That’s
what will make you successful in that area. The rich study about money. They
learn on investment, taxes, business, entrepreneurship etc. Anything that has
the power to let money work for them, they learn about it. A lot Christians are
victimized because they fail to learn. They end up blaming God for all their
failures. God cant be blamed for our lack of knowledge on money.
2.
The
Rich Has A Mindset For Building And Increasing Their Assets: Increasing ones asset
is directly proportional to increasing one financial resources(money). The rich
has a mindset of building more assets. They basically do this by acquiring
things with real assets, values, engaging in investments portfolio, using a skill,
etc. The rich acquire resources that generates income overtime. That is, the
rich doesn’t just work hard to earn money only to spend them on liabilities or
consumables. Money brings happiness and comfort when it is spent as a benefit
from an assets. The rich focus on building more assets to have more passive
income sources which in the event of time increases their money gains which
enables them to meet their daily, monthly expenses.
3.
The
Rich Take Risk:
One of the core beliefs of the rich is learning from mistakes. So for them
mistakes are what makes them learn the real lessons of life. They believe that
in life sometimes you win, sometimes you learn. The rich is not afraid of
losing. They believe that we learn by making mistakes. For example the baby
learns to walk by falling several times. They same is true for getting rich.
The rich makes mistakes, correct, correct it, make more mistakes, correct it
and get better. If you are to fall(loosing money) in the making of money. Then
you cannot learn to be rich. Rich people make a lot of loses but they learn
from them and move on. Failure is part of the process of success. People who
avoid failure also avoid success. There is always risk, so learn to manage risk
instead of avoiding it.
4.
The
Rich Is Very Patient And Live Modestly: If you truly love your life and
want to be free financially then you must be modest and moderate in all things.
Especially when you don’t have more income coming in to match up your expenses.
To live modestly mean; Avoid to do things that will make the crowd hail or
praise you. To be patient means to be steadfast despite opposition, difficulty
or adversity. A patient person bears pains and trials without complaints. The
rich avoid doing big things beyond their financial ability. That is to say they
exercise temperance as a character trait. The rich live in moderation. They
delay the buying of very expensive things. But rather focus on building more
assets that will enable them acquire such items. The mind their own business.
They are not intimated by what the masses do. They’ve mastered the art of
delaying pleasures and gratification that brings no real income gains. The rich
buy luxuries last, while the poor and middle class tend to buy luxuries first.
The poor and middle class do that because they want to look rich. The look rich
but in reality they get deeper in debt on credit. If your desire to be rich for
a long term build your asset column first. The rich avoid excess as possible as
they can.
1.
Using
a skill
2. Partnering already exist business
3.
Identify
problems and providing solutions
4.
Buying
items that had potential power to bring money to you
5.
Be
very observant and do a lot of thinking to identify opportunities.
6.
Save
to invest. (pay yourself first before you pay bills)
7. Using peoples money to make more money.
Edwin Kweku Yalley
Chief Servant
The School of Dominion
0542488522
Fantastic
ReplyDeleteThank you for sharing. This is massive.
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