Tuesday, 14 July 2015

Revenue conscious or Expense conscious?

“The key to success is to focus our conscious mind on things we desire not things we fear.”—Brain Tracy

     Who does not like to be rich in his lifetime? Every one wishes.But it  depends on the focus and right action personal finance management. The focus is required on both revenue as well as expense management for long-term wealth creation. Most of us are giving more focus on expense control than revenue maximization. Let us understand the implications of both.
   
Revenue maximization:

     When  you are more conscious about revenue maximization, the focus would be on generating  more revenue  through business expansion or professional development, etc.. Consequently, the action  and energy would be  on skill development, making yourself competent, looking, for, saving and investment opportunities, etc. In this approach, there is no limit to maximize your  revenue generation possibilities.

Expense control:

     When  you are more  conscious  about expense control, your focus would be  always on reducing the expenses, looking  for cheaper alternatives etc..Your energy  and action would be  cutting down the expenses even if looks required for long term benefits, for example, investing in yourself for future growth etc..But the fact is that beyond a certain point, you cannot control  your expenses as this  seems to be essential.


     The point is  not to be conscious  about expense control, but too much of consciousness  may  not make you  rich, instead  have consciousness  on revenue maximization and moderate control of  expenses may help you  accumulate wealth.Be aware about your control on  wealth creation process and you attract good things in life!