Your Jaw has an upper plate and a lower plate. The upper plate represents you income stream while the lower plate of your jaw represent your expense line. A wider jaw implies a higher upper plate combined with a reduced lower plate. The wider your jaw in the fashion the larger the amount of monies you can take in. Keep your jaw wide open.
Money solves a lot of problems while the lack of it creates a lot of problems. Even love without money is called endurance. Take you lower jaw plate seriously; it has the tendency to rise as soon as your upper jaw plates begin to rise. Keep it in check, through a common but difficult to implement technique called delayed gratification. This need to be practiced and rehearsed to achieve maturity. If you succeed at this, life will indeed be full of pleasure and less insult. Someone said money is required to check insult.
In general, you must keep your jaws wide open, your expense lines should not and never exceed or grow with your income streams, when that happens you are have stopped making progress, you are expending energy in a thread mill.
Here are a few tips:
- There are no limits to what you can earn; it all depends on your capacity to earn.
- You increase your capacity to earn by investing your income on things that bring more income.
- Constantly seek how you can earn more money from what you have instead of grumbling about what you don’t have.
- Be careful to note what you have that seem to attract more and more expenses. Reduce these liabilities from you life.
- Check who you spend your time with and where you spend you time in. Do they both earn you more money or increase your expense.
- Check what service you spend money on and ask yourself, “Can I provide this service to myself and others”? That way I can pay myself and have others pay me instead.
- Can you get others to work for you? Will some of them use their money and contribute their ideas so you make incremental income through their efforts? Wealthy people are wealthy because in addition to their money and ideas, they get others to join them and contribute both.
- Don’t starve the goose that lays the golden eggs, invest in yourself and increase your production capacity.
- Maintain a basket of relationships that can grant you access to your financial goals and form a line of defense in the time of trouble. No need cultivating relationships that hold no value for both.
- Time is money; rationalize your use of time in favour of your most important objectives. This is not an emotional decision.
- Do not put your money at unnecessary risks; consult an expert when charting an unfamiliar investment path. Noting as painful as losing your entire investment for a fraction of profit promised.
- No matter how profitable a proposition is and how regular the promise is kept, put your eggs in different baskets and watch over them closely. No one is worth losing.
- Debt is good, only when used wisely, never use debt to fund anything that only attracts more expenses or an asset you have not proved for income.
- A portion of all you earn is yours to save!!! Keep your savings going. Decide how much of your income you must save before you invest or spend.
- Understand the nature of your income and plan accordingly. Your income could be
- Predictable and regular (i.e. salary)
- Unpredictable and irregular (business income, bonuses, gifts etc)
- Predictable but irregular (investment profits, dividends etc)
- Do not plan a regular spend on an irregular income stream.