Laica Ayo

      PERSONAL  FINANCE:  OWNING  YOUR  MONEY  LIKE  A  BOSS     Managing   your   finances   is   easier   said   than   done.   It’s   even   harder   when   you   don’t   have   money   to   manage   in   the   first   place.       So  how  do  you  start?  Decide  that  you  will  be  rich.  Here.  Now.       Commit  to  monitoring  your  finances  each  week.  Evaluate  your   cash   flow.   Realize   that   your   money   problem   will   not   go   away   unless  you  do  something  about  it.  If  you  don’t  take  charge  now,   someone  is  still  going  to  make  a  lot  of  money  –  just  not  you.     INCOME  AND  INVESTMENT:  MAKE  IT  GROW     You   can’t   get   rich,   or   even   save,   if   you’re   expenses   are   higher   than   your   income.   Once   bills   are   paid,   there’ll   be   nothing   left   for   investment,   let   alone   retirement.   Saving   just   isn’t   going   to   cut   it.   You   have   to   earn   more.   Once   you’ve   found   ways   to   increase   your   income   incrementally,   invest   that   extra   earning.   The  more  income  you  generate,  the  faster  you  get  rich.       CREDIT  AND  DEBT:  MAKE  IT  WORK     There’s   a   reason   rich   people   are   still   rich   even   if   they   always   use   credit   cards   and   owe   hundreds   of   dollars   in   debt.   Unlike   the   average   person,   the   rich   don’t   use   credit   cards   or   owe   debt   to   go   on   shopping   sprees   or   summer   vacations.   Their   main   purpose  for  owing  debt  and  using  credit  cards  is  to  grow  their   business   and   improve   their   credit   history   respectively.   They   also   pay   credit   card   balances   in   full,   month   after   month,   and   consequently  get  high  credit  scores  for  it.  So  unless  you  plan  on   spending   money   that   isn’t   yours   to   begin   with   for   pursuits   designed  to  improve  your  finances,  stay  away  from  credit  cards   and  don’t  owe  debt.   Otherwise,   you’re   just   setting   yourself   up   for  financial  failure  and  heading  straight  for  broke  territory.     TIME  AND  MONEY:  MAKE  IT  COUNT     Time  is  the  most  prized  commodity  in  the  world.  If  you’re  going   to  get  rich,  you  have  to  make  every  minute  count.  Spend  95%   of   your   time   growing   your   income.   While   you’re   at   it,   be   like   the   1%   of   high-­‐income   earners   and   save   40%   of   your   income.   If   you’re  going  to  be  one  of  that  1%,  you’ll  have  to  save  like  them.   Grow   your   income,   live   with   less,   and   invest   your   money   instead   of   having   it   sit   idly   on   your   bank   account.   Resolve   to   make   this   a   weekly,   monthly   and   yearly   goal   and   you’ll   be   racing  balls  out  on  the  highway  to  getting  rich.