Income management is a skill that everyone must have irrespective of the source of income.
An average individual gets their income from different sources but what matters most is not the source of the income but how you manage the income.
You do not need a manager before you manage your income very well or will you employ a manager to manage your growing business?
The manager of your business at the initial stage is you and no one will manage it for you.
Going into the realm of business makes income management more difficult but you as an individual, how well do you manage your income?
Are you spending on expenses or you are spending on investment?
If you are spending on expenses that are recurrent in nature, very soon, your source of income will not be able to satisfy your regular expenses.
This is not a bias statement but it is a well known fact for those that knew about income management.
The value of money is reducing almost everyday and the same amount you are earning today might not be enough to clear the same expenses tomorrow.
Tomorrow in this sense might be a month or a few weeks but if you are not looking for a way to preserve the value of your money, you will have to beg tomorrow.
Spending on capital expenses at times does not count as investment.
Investment must be able to bring returns and also keep the value of money at a future date.
When you become obsessed with income management, your first question before spending will be;
Is this an expense or an investment?
Investment has the ability to give you more than you invested but money expended has been lost.
Make your money work for you first before you think about expenses.
If you are spending on expenses, you will have to work harder on a daily basis.
Be monetary wise, invest before you spend!!!