What is the Secret of the ElephantThe Secret of the Elephant is: knowledge is power. The African elephant never forgets. Its knowledge, aided by its memory, is its power. It remembers the places it has been, and uses this knowledge to plan its future. Proper record-keeping will help you understand your spending habits much better. Once you have recorded what you actually earn and spend your money on, you can plan how to change your spending to suit your income and future goals.
- It will help you identify different kinds of expenses and how to manage them
- Develop a family budget at least once a year
- You'll be able to create a list of a simple five-step budgeting process that works
- Enable you to develop a plan to track difficult variable expenses using the "elephant envelopes" method
Do you know exactly what you earn, or exactly where your hard-earned money is going each month? A great secret of wealthy people is that they take control of their earnings and expenses. Knowing what you earn, what you owe and what you spend on a monthly basis will help put you in control of your finances.