Wendel AbelAS A continuation of the new year's resolution series,
I have decided to deal with one of the more popular
resolutions on most people's list having more money. What most persons really want is a better quality of life and
greater prosperity.
Of course, good health
contributes to our quality of life. Managing our money and resources can lead to increased prosperity and an improved quality of life. Earning more money is not going to happen overnight or at one shot, except you win the lotto, of course! Unfortunately, most of us will not win the lotto. So, we had better learn to earn more and manage whatever we have better. Here
are some tips for earning and managing your money better:
1. Be realistic: You may feel excited and positive, but set goals that are realistic, make a time table to achieve your goals to earn more.
2. Honesty is still the best
policy: There is vicious money and virtuous money. Vicious money is earned through greed and ill-gotten means and, very often, does no good in the long run. Commit yourself to honesty and integrity in your pursuits
to earn more.
3. Learn to manage your money: The first rule in
making and keeping money is to
manage what you have wisely. He that is faithful in that which is little will be faithful in that which is much.
4. Save more and spend less: This is one of the first steps. Master the art of saving. The more you spend, the less you have. For the spendthrift, the more he gets, the more he spends. Start on a saving
plan today. Make saving a
compulsory part of your life.
Set aside something for
illness and, regardless of your age, set aside something for
retirement.
5. Seek professional help: There are a lot of financial institutions that provide ideas in terms of how we should save and invest our money. Remember, the most effective
strategies are long-term.
6. Go for the long-haul: Making money is not an overnight business. Go for the
long-haul and stay the course.
7. Stick to core business: Stick to the area you know best and the area in which you have the greatest competence. Some
persons are impatient and they are always jumping from one
activity to another. If your skills
are in writing, then stick to this, if it is gardening, then pursue this area.
8. Go find new customers and markets: If you keep on doing what you have always done, you are going to get what you have always got. Go in search of new markets and new customers. Study the
marketplace and go in search
of new markets and customers and, remember, keep your old customers happy always.
9. Develop a high-quality
service or product: This is the key to success. Sometimes
in our haste to make money we forget to deliver quality service and products. Develop a service or product of the highest quality and beat everybody at it,
including your competitors.
10. Know your customer, treat them well: We all have customers, whether we are doctors, teachers, lawyers,
hairdressers, shopkeepers. Our customers have needs and desires. Sit with them and ask them how you could better meet their needs this year. When last have you asked these questions of your customers?
11. Borrow to make more money: It is safe to
borrow money to make money. That is sound investment. Make sure that you borrow at an affordable interest rate. Invest
in your business. Borrowing
for personal consumption is
dangerous.
Dr. Wendel Abel is a
consultant psychiatrist and senior lecturer, University
of the West Indies; email: yourhealth@gleanerjm.com.
