In the last 40 articles, we have covered the secrets, concepts, principles, methods and best practices of creating “enlightened” wealth.
Starting from this post, I’m going to shift the focus to the second stretch of the path, which is preserving and maintaining the wealth you have created so far.
Climbing to the top is not easy. Staying up there is even harder! Unless you have a wealthy mind and heart, you could find yourself down at the foothills in no time. There are so many ways to waste a fortune. On the other hand, keeping and growing that fortune takes vision, planning, and above all, discipline.
A wealthy person carries great responsibilities towards himself/herself, his or her family, and the community he or she lives in. Money is not “ours” to hoard! It is a gift that we must use wisely and share generously.
The first step in maintaining your wealth is to know, exactly, where the money is coming from, and how, and where it is being spent, and how.
Why would you need to know “how” the money is generated? To be an enlightened wealthy person, you must generate your money ethically. We have already established that in previous posts. Let’s take an example: While checking your last income statement, you notice an extra 100K. You become carious. You investigate the source of that unexpected sum. Finally, you discover that one of your assistants had been involved in an unethical money-making activity, which is harmful to the society. Whether that was intentional or unintentional is irrelevant now. That money must be returned properly, and the harm must be compensated.
Next, you need to track where the money is going. Depending on the number of people spending the money, and the variety of activities involved, you may need an accountant to carry out this task. It’s time-consuming, even for an individual with two or three transactions a day. There are plenty of online tools, which you can download to your smart phone, and record every purchase, payment, loan, etc.
In the next article, I’ll expand on the above points a bit further.
Till then, stay safe, make money ethically, and spend wisely!
The Wealth Maker