GBESENOMICS

Gbesenomics is a term I coined from two words, “Gbese” which is the Yoruba word for debt and “economics,” the study pertaining to the production, distribution, and use of income and wealth. Thus gbesenomics can be said to be the science of using debt to produce income and wealth.

I make bold to declare to you today that one cannot become extremely wealthy and successful financially without debt. In all my years of studying the success patterns of billionaires I have discovered that not one was able to invest in substantial business opportunities or to expand their businesses without debt. They are avid students of gbesenomics and have built great fortunes using it.

Sadly those living in poverty and lack, may also be  in debt but they have been unable to harness it to good use in their financial lives. There is a science to it. Here are ten key facts you should know about debt.

Firstly, debt is not a bad thing. What makes debt bad is when you get involved for the wrong reasons. For instance getting into debt to buy clothing for family events and investing in other frivolities is wrong. However there is nothing bad about getting into debt to purchase an asset that will yield more for you or appreciate, such as land. The major issue is what you are investing in. In fact debt is the rich man’s best friend for he uses it to attain his goals.

THINK WEALTH, THINK PROBLEM SOLVING

In Africa we have been indoctrinated to believe that problems are a bad thing. We all want to live a life whereby problems do not have proximity to us. We desire a state of utopia where everything is perfect  from start to finish in our lives. Unfortunately this state exists only in movies and literature. Life is made up of challenges which when surmounted add colour to one’s existence. Life would become shallow and uninspiring without problems to face.

Now problems are opportunities for you to take the bull by the horns and create wealth. Look for a problem to solve and not one to complain and fret about. Financial success belongs to the problem solver. You are guaranteed wealth if you can solve problems for the greatest amount of people.

Problems abound. In every sphere and strata of life problems continue to be created. It is almost as if the minute one is solved several others pop up to replace it. Sometimes even a solved problem gives rise to another myriad set of problems that also need solutions. it seems the Creator of the earth established this cycle of unending problems that need solving so mankind could continue to improve upon his environment.

Problems are an integral part of man’s existence. Every one of us will be known for the problems we created and the ones we solved. The onus is on us to intensify efforts into solving the problems of as many people as possible and through this route riches and wealth is guaranteed. Stop wishing for problems to just disappear, instead engage your mental faculties and come up with solutions.

AUDITING YOUR PERSONAL EXPENSES

Auditing, the process of inspecting, evaluating and verifying an organisation’s financial accounts is undertaken every accounting period to ascertain its financial standing.  At the end of this exercise a company’s true financial performance can be derived. The importance of auditing cannot be over emphasized because performance is used as a yardstick to measure whether the company is on track or not. No wonder the laws of most countries stipulate that organisations must be audited.

The benefits of auditing include getting a true picture of the financial status of the company, it ensures that the company sticks to what was agreed. The audit is also a kind of report card showcasing the management team’s astuteness and achievements in piloting the affairs of the company. It enables stakeholders like the government, shareholders, investors and partners to act when there are deviations from the expected norm.

It is imperative that the process of auditing be extended to your personal finances. This is because there are many similarities between organisations and individuals; both utilize financial resources and base their performance on the profitability or otherwise of their actions. Both also have similar desires to succeed or progress in their chosen fields of endeavor.