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Written by: I.K Adusei

To be able to start small and keep your business running effectively, you need to know and understand the golden rule of business.

With golden rules, those who have the gold make the rules.

Pay yourself first! This is the golden rule for financial freedom.

The size of your wealth is not dependent on how much money you make but how much you keep and invest.

If you have a monthly salary of GHC 1,000 and spend GHC 1,300 each month you are not financially wealthy. You are in financial distress.

The golden rule of wealth creation is to create excess money through prudent spending, saving and investment.

Pay yourself first out of every money you make! A part of every money you make is yours to keep – save and invest to provide capital or funding for the success of your own business. 

Don’t give all your income, take-home pay or pocket money to your mobile operator, dressmaker, tax collector, utility service owner, owners of supermarket and grocery stores, etc.

Every cedi you spend on your daily needs makes the provider of such goods and services richer. Even though you may not have enough, you will always have money (even if borrowed) to make your mobile operator, dressmaker, tax collector, utility service owner, owners of supermarket and grocery stores, etc. richer anytime you request for their services.

Gold cometh gladly and in increasing quantity to any man who will put by not less than one-tenth of his earnings to create an estate for his future and that of his family.

– George S. Clason

By paying yourself first, thus putting not less than one-tenth of your earnings aside as an investment for your future, before you pay any other person, you give yourself a chance to be rich too.

Contribute to your own success. Always remember the golden rule: Pay yourself first! It is apparent that those who have the gold will continue to make the rules.

Source: How To Start Small: Financial Skills For Business Success a Book by I.K Adusei