The rule of maintaining wealth

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The goal is not only to be wealthy, but to stay wealthy. I am sure we have seen a lot of persons who were once at the top and now,they are no where to be found again.

That's how life is and one of the reasons for that fall, is lack of discipline. If you must stay rich, you must learn to discipline yourself and manage your money effectively. It is not rocket science that keeps wealth, but your ability to ensure that you manage whatever resources that you get very very well.

People who go about spending money everyday for unnecessary things are just calling poverty for themselves. It is okay to spend on yourself once in a while but making it a habit to spend every now and then, doesn't just make sense. Ask every rich man, they will tell you that for the first few years of their lives, they didn't spend extravagantly. They disciplined themselves to focus on building wealth for themselves first which is very important.
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In fact, that is why as an individual, it is very important to separate your needs from your wants at all times. This method will always help you to be disciplined when it comes to what and what not to buy. For instance, assuming I have the option of buying a car and a house, it is only wise that you buy a house at that moment. How can you buy a car and not have a roof over your head? When you prioritize things, you realize that it saves you from unnecessary mismanagement which will help you save more money for yourself always.

The joy of every adult, is to always have lots of credit alerts than debit alerts. It feels so good when you look at yourself and you know how much you are worth. Imagine your worth rolling in dollars. That's a beautiful feeling I must tell you. But what is sweeter is if you continue to swim in money till you die and even pass the wealth on to your children and generations to come. That's a lifetime goal if you ask me and being financially disciplined from the scratch is the only way to achieve this long term goal.

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There are some basic rules which helps you achieve financial discipline and for me the very first step, is your mind. When you can conquer your mind to bend to your tune,then you can achieve anything. The moment you make up your mind to be disciplined in your spendings, and caution yourself not to go against whatever decision you have made, then you have achieved your goal up to 60%. In fact you realize that the remaining 40% will be a walk over for you.

After having full control of your mind, you need to plan yourself to avoid unnecessary spending. This is where a lot of people miss it. They spend their money on things that are not important thereby causing wastage of funds. That is why it is important to apply the 50/30/20 rule in your financial dealings as it will help you a great deal.

I want to conclude by adding that the initial stage of your business is very crucial. It is the foundation of a building that matters. Whatever you do at this point will determine how far you will go in your wealth creation. Be disciplined at all times.

Thank you for reading.

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