Managing your assets (Investor Mail #3)

Hailō śubharātri grace!   Kusile pillar! Don't confuse scattering, diversification and multiplication. "Such makes himself rich and has nothing at all; and such makes himself poor and has great possessions." (Proverbs 13:7, LSG) There are some who are poor and appear rich before those poorer than themselves. There are some who are rich and appear poor before fools. Who do you choose to be? Have a wonderful day and week!

" Cut the grass in the fields and, while new grass is growing, gather hay on the mountains.  Have sheep to make clothes for yourself, goats to buy a field. The milk your goats give in abundance, use it to feed yourself, your family and your maids." (Proverbs 27:25-27) 

Through previous articles in the Finance category, we've come to understand that GOD wants us to save. He also wants us to invest some of our resources. He wants us to give joyfully, without constraint and without regret, for the expansion of the Kingdom and good works. If you had any doubts, I can confirm that GOD is in favor of paying taxes. He is for tax optimization, not to be confused with tax evasion. GOD wants us to be good stewards (managers) of our resources.

In finance, assets are all the rights (patents, copyrights, usufruct rights, retirement pensions) and property of a natural or legal person.  Assets include savings, financial investments, movable property and real estate (land, real estate, furniture incorporated into buildings).

Wealth management encompasses all the actions that enable a person (natural or legal) to build up and/or develop his or her assets, in order to achieve more or less defined objectives (savings, debt reduction, investments, tax exemption or optimization, professional development, retirement, donation, transmission, protection, etc.).

The first step is to get informed, advised or trained (Proverbs 23:23). The aim of this step is to turn ignorance on its head: to understand the what, the why, the how, the potential, the constraints and the possible risks. Get the information where it's needed. Starting with your bank, wealth management advisors and dedicated platforms. Then do some research on the net. 

It's also at this stage that you take stock of your personal situation and inventory your assets. Is it time for a new position? What do you own? If you're in debt, you need to be able to identify the causes. Are you mismanaging your finances and/or not generating enough income? Do you understand the difference between a need and a want? Are you facing an unexpected event? If one unexpected event follows another, then they're no longer unexpected events, but unbudgeted everyday expenses. 

The second step is to decide, define a goal and strategies. Here the objectives are: talking with GOD, reversing emotional pressure, being objective and pragmatic (Proverbs 21:5, Proverbs 24:27, Luke 14:28, Psalms 127:1). You need to be able to answer the questions: what are my priorities? Objectively, in consideration of my current situation, what is possible and advisable?  What is my inner testimony? Have I fully understood the fiscal impact? In order of priority, what are my one-year and three-year objectives? How can I gradually reach my goal?

The third step is to take action. You have to start somewhere. Here the aim is to combat procrastination (Ecclesiastes 11:6). Remember the difference between speed and haste, and the difference between patience and procrastination. There is a time for everything (Ecclesiastes 3:1, Ecclesiastes 3:11). "The farmer who fears the wind does not sow. He who fears the rain will not reap." (Ecclesiastes 11:6) 

The fourth step is to observe, monitor, adjust your strategy if necessary and learn from it. Your goal is to fight laziness and assume responsibility. Specialization is a good thing. Sometimes it's even necessary. But it should never replace the first step. He who gradually amasses wealth increases it (Proverbs 13:11). In other words, he who is constant, who does not despise weak beginnings. 🙂 What stage are you in?

** Kusile = Hello in Siswati / Swazi (Eswatini, South Africa)

** Hailō śubharātri = Hello in Hindi (India)