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Sierra Leone Business: ACHIEVING YOUR FINANCIAL GOALS IN 2017: 10 LESSONS FROM SELF-MADE MILLIONAIRES & BILLIONAIRES (Part 2)

Sierra Leone Business: Sierra Leone court backs Cape Lambert request
Australian miningweekly.com reports that the High Court at Government Wharf in Sierra Leone “has issued a court order” against Timis Mining in favour of Cape Lambert.
The Court Order against Timis Mining which now controls the former London Mining mines is “preventing the liquidation of Timis Mining and allowing Cape Lambert and others to proceed to arbitration.”
It will be recalled that in May 2017, Cape Lambert instituted legal action “against Timis Mining, Gerald Mining and others, over overdue royalty payments, which stemmed from a 2014 agreement.
“ had inked a binding term sheet with Timis Mining to provide financing of $20-million to assist the company with its acquisition of the Marampa iron-ore mine, in Sierra Leone, from the administrators of London Mining.”
“The agreement was divided into two parts, with the first consisting of an $8-million bridging loan, and the second of $12-million for purchase of royalty.”
“Pursuant to the royalty purchase, Cape Lambert was to receive $2/t of iron concentrate exported from the mine, payable on a quarterly basis on the production of 24-million tonnes from the mine.”
“Cape Lambert had received $400 000 in royalties, but was owed a further $2.5-million in relation to the March 2015 quarter, when iron-ore production at the mine ceased.”
“Cape Lambert executive chairperson Tony Sage said on Friday that the company was delighted that the High Court had maintained an injunction preventing the liquidation of Timis Mining, adding that the company remained committed to recouping funds.”
Monday July 10, 2017.
Dear readers in just about 4 weeks time you would have gone through half of 2017. Are you worried that you are yet to achieve anything meaningful? Have you actually sat down to map out your plans and strategies to achieve your financial goals this year? Maybe you want to get a new job?, buy a car, start a business or move into your own home? This is the concluding part on how to achieve your financial goals in 2017 with lessons from self-made millionaires & billionaires.
6. Work harder and smarter
All millionaires work hard, hard, hard. They start earlier, they work harder and they stay later. They develop a reputation for being amongst the hardest working people in their fields. If you only work 40 hours and the average work week today is closer to 35 hours, all you will ever do is survive. You will never get ahead. You will never be a big financial success. You will never be highly respected and esteemed by your colleagues. You will always be mediocre working the basic 40 hour week. But every hour over 40 is an investment in your future. You can tell where you are going to be in five years by looking at how many hours over 40 you put in every week. Work all the time you work. Resolve today to develop the reputation for being the hardest working person in your company. This will bring you to the attention of people who can help you faster than almost anything else you can do.
7. Never stop learning
You have more intelligence than you could ever use if you were to work on developing yourself for the rest of your life. You are smarter than you can imagine. There is no obstacle that you cannot overcome, no problem you cannot solve and no goal you cannot achieve by applying your mind to your situation. But your mind is like a muscle. It only develops with use. Just as you have to strain your physical muscles to build them you have to work your mental muscles to build your mind as well. The good news is that the more you learn the more you can learn. Just like the more you play a sport the better you get at the sport. The more you dedicate yourself to life-long learning, the easier and faster it is for you to learn even more. Leaders are learners. Continuous learning is the key to the 21st century. Lifelong learning is the minimum requirement for success in your field, or in any field. Make a decision today that you are going to become a student of your craft and that you are going to continue learning and becoming better for the rest of your life.
8. Save and invest 10% of your income .
Take 10% of your income off the top of your paycheck each time you receive it and put it away into a special account for financial accumulation. What this means is that anyone, even a minimum wage person if they start early enough and save long enough can become a millionaire in the course of time. It was once said that “If you cannot save money then the seeds of greatness are not in you.” Developing the lifelong habit of saving and investing your money is not easy. It requires tremendous determination and will power. You have to set it as a goal, write it down, make a plan and work on it all the time. But once it locks in and becomes automatic your financial success is assured. Practice frugality, frugality, frugality in all things. Be very careful with every penny. Question every expenditure. Delay or defer every important buying decision for at least a week, if not a month. The longer you put off making a buying decision, the better will be your decision and the better price you will get at that time. A major reason that people retire poor is because of impulse purchases. They see something and they buy it, with very little thought. Decide to start saving now within one year you will be saving 10% and maybe even 15% or 20% of your income and living comfortably on the balance. At the same time your savings and investment account will start to grow. You will become more careful about your expenditures and your debts will begin to be paid off. Within a year or two, your entire financial life will be under your control and you will be on your way to becoming a self-made millionaire. This process has worked for everyone who has ever tried it and it can work for you.
9. Do everything with excellence
The market only pays excellent rewards for excellent performance. It pays average rewards for average performance and below average rewards, failure and frustration for below average performance. Your job is to become an expert in your chosen field by learning every single detail about how to do it better and better. Read all the magazines in your field. Read and study the latest books. If you are in sales, become an aggressive, lifelong student of the selling process. The top 20% of salespeople earn on average 16 times the amount of the bottom 80% of salespeople. The top 10% of salespeople earn even more. If you are in management, resolve to become an outstanding professional manager. If you are starting and building your own business, study entrepreneurial tactics and strategies and apply new ideas every single day. Set a goal for yourself to become the very best in your business or profession.
10. Learn to be hospitable
Your rewards in life will always be in direct proportion to your service to other people. All self-made millionaires have an obsession with customer service. They think about their customers all the time. They are continually looking for new and better ways to serve their customers better than anyone else. Keep asking yourself these questions, “What do my customers really want? What do my customers really need? What do my customers consider value? What is it that I can give my customers better than anyone else? What is it that my customers are buying from others today and what would I have to offer them to get them to buy from me?” Your success in life will be in direct proportion to what you do after you do what you are expected to do. Always look for opportunities to do more than you are paid for. Always go the extra mile for your customers. “What can I do to increase the value of my service to my customers today?” Look for ways to add value to what you do and to the people who depend on you every single day. One small improvement in the way you serve your customers can be a major reason for your financial success. Never stop looking for those little ways to serve your customers better.
John F Fowler is a business consultant, entrepreneur and youth entrepreneurship development trainer. He has produced books on various SME business start-ups. For business advice contact him on info@startabusiness.com.ng , www.startabusiness.com.ng, whatsapp +234 802 325 4577.
Monday July 10, 2017.

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