Know your game – you can’t ride on tracks you haven’t laid down

Jul 23, 2008 Features / Columnists

Peter R. Ramsaroop, MBA

INTRODUCTION:
Money is something one achieves with hard work, commitment and drive. A Guyanese proverb says “wen you wan fuh swim, yuh gat fuh plunge inside fuss” You can only succeed at a venture by plunging into it wholeheartedly. Many of us have great ideas of what we want to be, but fail to develop our personal plan for success.

The cost of living woes are affecting all of us, and we must start paying more attention to our game — what will be our strategy to maintain our families and keep getting around the curve.

Many of us play cards, or dominoes, and many other games. It is always good if you know your game and have a strategy to win.

There is really no difference in managing your finances. I have always developed a budget to manage my finances.

We continue to lobby our Government to understand that the more money we are allowed to have in our pockets, the more the economy turns over.

Taxes and VAT must be reduced, and the fact that they are collecting much more than the national budget requires tells us that the system must change. What is their game?

THE GAME:
We must know our game. Develop your budget and use your time to develop a spreadsheet with your income.

Develop a mandatory bills section, things that must be paid first per month in priority order. You will then be very familiar with your discretionary dollars and what you can spend on other things.

Managing finances is never easy, it can be depressing more than rewarding. Many of us may have lost a job and managing finances becomes even more difficult.

It is not about thinking you are a failure, as many may want to tell you. You must remember that failure is a beginning, not an end, comeback is possible. We must look to the future and decide how to do it differently the next time.

OPPORTUNITY COST
Opportunity cost is a central concept in economics. It is a key to understanding individual choice. Scarcity implies that a trade-off exists between wants that can be satisfied and those that cannot be.

We all know that many do not have lots of disposable income (money that is left over after mandatory bills are paid, such as rent and electricity), thus choices must be made. If we only had $1000. and we spend it to buy a book, we have made a choice that has a trade-off:

We gave up doing something else with the $1000, such as buying a restaurant meal, renting a movie, or depositing the money in a savings account.

A person’s opportunity cost of an action is that person’s next highest-valued alternative given up as a result of the action.

Person A, who buys the book may consider the restaurant meal the next-best alternative. This means that Person A’s opportunity cost of buying the book is the restaurant meal.

Person B values saving the money as the next-best alternative, and therefore Person B’s opportunity cost of buying the book is depositing the money in a savings account.

The point is that, when there are limited funds, you have to decide on how best to spend.

CONCLUSION:
I believe in fighting back. Recruit others to help you fight back. Prove your mettle, overcome any insecurity and find the courage to bounce back.

The key is always having a plan. Always know your game. What is your next move, do you know it? Did you win, or is it another game?

To recover from a disastrous setback, find a new strategy that renews your passion and creates a new meaning in your life. The key is to just know your game, whether it is your job, your finances, your personal life, or your future.

I know it is not only about just making money. You may also write down your goals for life, contribution to fellow man and happiness for yourself.

We all want to do better in Guyana. Commitment, dedication and drive will make you stand out from among your peers. It is not just about doing your job, but what else you do.

Those who are attending university, and are frustrated that after they graduate there are no jobs for them, should be motivation enough that they must get involved in the activities of our nation and strive to improve it for themselves and those to follow.

If there are opportunities to do better elsewhere, then take it. I did. I came back, and I still love my country. Don’t just wait around for it to come to you.

Don’t buckle to peer pressure; it’s your play, act the part. Make your plan to make money. Peter Laws says “Patience is a virtue, but persistence to the point of success is a blessing.”

Please submit your questions on any economic issue you would like to discuss in this corner to: [email protected]

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Know your game – you can’t ride on tracks you haven’t laid down

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