Monday, October 25, 2010

emmanuelkumah: Rules of "The Money Game": 3 and 4

In my first post on the rules of the money game , we dealt with the rule 1 and 2 that is Paying yourself first and saving what you have payed yourself. Hope you where inspired by it. Well as i have already said, money is a game and those who knows the rules win the game with easy. Without knowing the rules of the game of money  you would spend years playing the same game but never winning, how frustrating!
I would love to continue with the rest of the rules of the game called money, would you want to know more? Then relax and enjoy the game of  MONEY


Rule 3: Develop Life long Habit of Saving.
In this rule ,you would have to grow and develop a habit  of  saving all the 10th of the money you have payed yourself in a selected mutual fund, depending on your financial needs.You should begin by asking this question: What is the purpose of the money you want? Answering this question would help you know where to channel the money you have saved into.
I must confers developing the lifelong habit of saving and investing your money is not easy. It requires tremendous determination and willpower you should also do a due diligence about the company you are investing you hard earned money seed-cause the reward you get from working is not a fruit of your labor but the seed ,for it will  grow into a money forest if planted well. You have to set it as a goal, write it down, make a plan, and work on it all the time. But once this practice locks in and becomes automatic, your financial success is virtually assured. Ready to develop a positive habit of saving and investing the saved money?

  Rule 4: Practice Frugality,frugality,frugality!
Practice frugality, frugality, frugality in all things. Be very careful with every penny you spend. Question every expenditure. Delay or defer important buying decisions for at least a week, if not a month this is important because the longer you put off making a buying decision, the better your decision will be and the better price you will get at that time,learn how to buy stuffs when they are not in season as the price would be very high when in season. Do not buy stuffs in bits ,buy in bulk-cause this would help you save much money and channel you time in a productive activity.If you are able to have a discount on a purchase ,keep it in a saving jar until the drops of coins becomes great money seeds to be grown on a fertile soil. Did you get that! Don't eat your eggs before they get hatched.

 What Next? Is your Turn:
So how are you coping with the game,are you getting the rules well? Don't worry at first it may seems difficult but keep on enjoying the game. I would like to hear from you,so feel free to drop a comment and share this with your friends on other social networks. See You Soon