I recently attended one of Steve Down’s seminar in Nairobi, Kenya and can attest that I did not waste my time. A friend had just invited me to attend the seminar and listen. I remember that I was financially down on that particular date but then I decided to attend by public means of transport. One thing that caught my eyes when I got there was Steve Down’s level of submission and humility. You couldn’t tell that he was the one had you not known him before. This summit completely changed my perception on cash flow and I decided to share it with you.
While giving his keynote address on cash flow, I remember telling myself that this speech is so timely as it came just at a time when I was struggling with issues with what comes in and what goes out of my life financially. Steve Down gives a simple rule of thumb when it comes to cash flow. That is, a negative cash flow added to time is what results to bankruptcy.
Confucius states, ‘When prosperity comes, do not use all of it.’ This is the basic principle in managing your cash flow. The first step, however, is to know your cash flow standing through checking your memory, going through your checkbook, and considering the memory jogger. You will be surprised, like I was surprised, that many actually spend much more than they get as revenues.
Are you running a business? Steve Down wants you to check on its cash flow, whether a small or a big business. If you realize that you seem to be spending most if not all or more than what you have, the next step is to correct your expenditure. Where does your money go to? Is it necessary, really?
Roy L. Smith states that managing money usually require more skill that actually making it. It is your money and no one is refuting it; but do you really want to be financially fit for life? Then you need to take action after you realize that you are spending more than you should. Don’t forget, the more you earn, the more you spend. Human needs are unlimited.