For one to be successfull in life you need to understand the relationship betwen your income and your expences.To be a wealthy man you must learn how to minimize your cost(reduce it to minimum level)and maximise your income(increase it).Your expences can be grouped into the following categories: neccessity,normal, inferior and luxury goods.Do away with luxury goods it takes high proportion of your income.and add litle or no value to your life.(phone is a neccessity but buying a galaxy tab turn it to luxurius because you spend more money and you are no longer satisfy with it when the new version comes out) inferior goods are those pattern of consumption you change as your income increase(if you are buying second hand cloth before when your finacial status changed you now decide to go for new ones)neccessity this are consumption pattern which can not be changed irrespect of what you earn(you can not increase your consumption of salt because you have money. this leads to yoruba proverb that says A KI FOLA JEYO).normal goods are those one that increse as your income step up but in a small proportion like food(your family may share a dirica of rice as their dinner as your income increases the same family size may cook one and half to satisfy everybody).Having understand this you can acquire wealth four your self.I will disscuss the issue regarding your income in the next write up before giving out diffrent method of combining the two to acquire wealth. have a nice day
Posted on: Sat, 27 Jul 2013 08:06:31 +0000
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