Never enough

2006 is closed. Never to come back again. Whatever is done is done. I am sure many will have made the new year's resolution. Whatever it is, I am sure it is something achievable.

One of the common things the "financial controller" of the family does at end year is to do the accounts for the year. If you had already done yours, would it be not too far from wrong to guess that the expense almost equals the income. This must be so otherwise you are either in greater debt or you are rich!

So going by the maxim, it is safe to say that it does not matter how much you earn that determines whether you are better off. Somebody who earns less can actually be better off than someone else who commands a higher salary if he/she is clever in controlling the expense part of the equation.

In the realm of financial planning, one needs to major in "paying yourself" first in allocation for savings or investment before the rest of the expense come in otherwise he/she may find that it is not possible to save the intended amount.

Make "paying yourself" first or rather allocation for others before self-gratification one of your 2007 resolution. You will enjoy the benefits of this discipline in years to come.