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Keeping Control of your Finances PDF Print E-mail
Written by Gavin Allday   

Did you know…

£1000 put on a credit card and paid at the minimum amount every month would take 16 years and 3 months to pay off.  You really need to understand money and get a grip of your finances if you’re going to be successful.

The best book I’ve read on the subject of money is ‘The Richest Man in Babylon’ which comes highly recommended.  The author makes some very simple recommendations, the basics of which are:

  • Spend no more than 70% of what you earn
  • Save at least 10% and invest it in assets that will make you money
  • Give at least 10% to charity
  • Control your expenditure
  • Protect your money from loss
  • Insure a future income
  • Increase your ability to earn through increased knowledge and skills

 

It’s very, very simple advice and it works for personal finances as well as business finances.  These principles formed the foundation of the city of Babylon; the place where money was invented. The principles were taught to all who would listen.  It helped me understand how simple finance could be and these theories have been weaved into our finances ever since.

This may seem like a very short section for what is a complex topic - but spending less than you earn and putting your money to work for you are very simple messages that will ensure your success.   The rest I leave up to my accountant.

 
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