HOW TO MANAGE YOUR INCOME

Your expenditure will always level up with your income if care is not taken. Therefore learning how to manage your income is essential. I have tried to solve this problem using my Asset - Liability Financial Wheel using a pie chart to show how to spend your money. On this chart I recommend 10%:10%:30%:50% income expending.

CHART DESCRIPTION

The segments of the chart are explained as follows;
1. Pay your tithe. God commanded the payment of 10% of your income as tithe, so obey Him for Him to bless the remaining 90%. This is a spiritual way to make you prosperous.

2. Pay yourself salary. 10% of your income should be given to yourself as compensation for your labour. Have a reserve.

3. Keep 30% of your income incase of any emergency or urgent need. Try as much as possible not to touch the money saved but you can invest it in a profitable venture. I recommend investing it in order to multiply it.

4. Try as much as possible to spend 50% of your income. Dont let your expenditure level up with your income.

Note: Helping others with the touchable part of your income is essential because you are not created to live for yourself alone but to better the lives of others.

Following this simple principle, you will realize that within a short period of time, your asset column will have been greatly enriched and your liabilities will be put in check. Once your income is more than expenditure, wealth will be created and you are on your way to greatness(riches). This principle require great financial discipline. Discipline yourself to use it and you will change your financial status in the shortest time possible.