Frankly, financial stability is what every businessman desires. The growth of any business is greatly determined by finance. This means that the business has customers and each month it achieves a certain amount of sales that enables it to survive. Without customers a business will not achieve financial stability, it cannot pay its expense.
You should always pay yourself first from the profits your business earns. Differentiate the money that belongs to the business from your personal money. It is advisable to have a separate account; your personal account should be different from business account.
You should always pay yourself first from the profits your business earns. Differentiate the money that belongs to the business from your personal money. It is advisable to have a separate account; your personal account should be different from business account.
1. Have Access to Information
Get access to information and widen your inquisitiveness for more knowledge of numerous ways of creating wealth. So many people are oblivious of what is happening in their environment, some will even say it is none of their business. Information is power, if you do not have the information that certain opportunities exists, you cannot take advantage of them. Ask questions and do lots of researches through different channels such as: internet (Google), newspapers, magazines, encyclopedia, Wikipedia, libraries etc. information is required in every strata of human life i.e in business, education, economic, culture etc., every human has the right to information especially in this era of information technology (Info-tech).
2. Position Yourself to Create Wealth
Positioning yourself to create wealth entails being ready to work no matter how small it may look like, breaking new grounds and educating yourself about innovative wealth creation. This positioning includes (a) how to make money, (b) how to manage it, (c) how to invest it. All these factors determine your place in the society, your lifestyle and the freedom to make the choices of how you want to live your life.
3. Don’t Spend More Than You Earn
Know the difference between what you need and what you want. Experts advice that before you buy any luxury, wait about 30 days, if you still need that thing then buy. Learn about budgeting and how to stick to your budget - this means that anything outside your budget must wait for the next budget. Be prudent in spending and avoid unnecessary miscellaneous expenses. Do not be in a haste to spend your money because you worked hard to get it, think it out very well before you spend. Protect your money and avoid any avenue of attracting unscrupulous individuals that may steal your money, this is because you cannot create wealth by throwing away money.
4. Take Advantage of Investment and Other Opportunities
Before taking advantage of an investment opportunity or any other opportunity which may arise, it is better to learn about the factors contributing to that opportunity and how investors adjust during the time of economic downturn. You can get these opportunities by investing in properties, oil and gas, real estate investment, Forex trading, agricultural and banking investment opportunities. Others are government bonds and education; you can also take advantage of government grants.