The majority of us know exactly what needs to be done but the reason why we still remain in the same situation year after year is because we never get down to doing exactly what we need to do. You know exactly what is needed for you to be successful but because of your past, low self-esteem, your circle of influence and other negative forces you end up giving up at the first hurdle.
Everybody knows they need to make their New Year resolutions, everybody knows they need to create and follow a budget but they just don’t get down to doing it. What is the difference between those who get down to doing what they need to do and those that don’t? It is called the power of self-discipline.
Discipline by far remains the most important factor to realizing your goals and achieving your dreams. All other factors rest on discipline because discipline is measured by the ability to do things that you need to do at the most appropriate time. No matter how good your plans and goals are but if they are not followed by the requisite discipline to doing what you need to do all your plans will come to naught.
Discipline is pivotal to any achievement. The ability to be able to stick to a desired plan is inextricably linked to any accomplishment. Discipline distinguishes between successful people and unsuccessful people. Discipline will therefore largely determine whether you will be successful or not.
Success experts consider discipline to be the underlying factor common across all great men and women. People who have achieved great things had the discipline to follow their plans, principles and do exactly what they need to do.
Disciplined men and women do not change their plans because of the spur of the moment remain unfazed by superficial activities and treats all the days of the year as the same. If you are disciplined you will accomplish a lot because you are determined to stay the cause. Develop the discipline to draw a budget and the discipline to follow your budget.
If you discipline yourself to do your tasks then you naturally develop the habit of doing things at the time that they must be done. If postpone your tasks you are postponing your success. But if you get things done faster you are accelerating your way to success.
Thousands and thousands of people spend needlessly and make unwise buying decisions. They overspend even though they know they are living beyond their budget. This is an issue of discipline because the same thing will happen over and over and probably for the rest of their lives if they do not change spending patterns.
Develop the habit of saving specifically for events such as Holidays and the discipline of staying stuck to your budget irrespective of the hype around you. Many are in debt in January and probably the entire first quarter of the year. The impact is humongous if you lose 3 months in a year the impact is equivalent to your hourly rate multiplied by 8 by 180 days.
The ability to do what you should do and make it part of you is the rudimentary and most basic factor that will determine your success.
All of these information we all know but the ability to put into practice the principles that we know and those that we learn will go a long way in assisting you to be successful. Discipline forces you to do things that you may not want to do or conversely ensure that you do not do things that are not adding value to your life.
If you accomplish 20% of the task that gives you 80% of the results and ensure that you stay at your tasks until you get things done. You will achieve more by your ability to distinguish greater impact tasks and tasks that contribute little to your overall success.
Why January remains one of the most difficult financial months for you is because of lack of self-discipline. We were not prepared for the festive season and the results are extreme financial difficulties in the beginning of the year. The question is how will be January 2016? My answer is it will be the same if you employ the same financial approach. In all honest it does not have to be if we become disciplined to follow the financial tips of MoneyMind.
If you are to have a tab on your money drips, you need to have a monitoring tool which is your budget. Over 70% of adults do not have budget and that is where the problem starts. If you don’t have a budget you cannot manage your income. You cannot determine what luxury is or not or where the gap in your budget is. The budget will be the biggest starting point to disciplined money management. My biggest tip is the simplest one: Create a budget and follow it.
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Marcian Concepts have been contracted by Selibe Phikwe Economic Unit (SPEDU) in a P230 million project to raise the town from its ghost status. The project is in the design and building phase of building an industrial hub for Phikwe; putting together an infrastructure in Bolelanoto and Senwelo industrial sites.
This project comes as a life-raft for Selibe Phikwe, a town which was turned into a ghost town when the area’s economic mainstay, BCL mine, closed four years ago. In that catastrophe, 5000 people lost their livelihoods as the town’s life sunk into a gloomy horizon. Businesses were closed and some migrated to better places as industrial places and malls became almost empty.
However, SPEDU has now started plans to breathe life into the town. Information reaching this publication is that Marcian Concepts is now on the ground at Bolelanoto and Senwelo and works have commenced. Marcian as a contractor already promises to hire Phikwe locals only, even subcontract only companies from the area as a way to empower the place’s economy.
The procurement method for the tender is Open Domestic bidding which means Joint Ventures with foreign companies is not allowed. According to Marcian Concepts General Manager, Andre Strydom, in an interview with this publication, the project will come with 150 to 200 jobs. The project is expected to take 15 months at a tune of P230 531 402. 76. Marcian will put together construction of roadworks, storm-water drains, water reticulation, street lighting and telecommunication infrastructure. This tender was flouted last year August, but was awarded in June this year. This project is seen as the beginning of Phikwe’s revival and investors will be targeted to the area after the town has worn the ghost city status for almost half a decade.
The International Monetary Fund (IMF) has slashed its outlook the world economy projecting a significantly deeper recession and slower recovery than it anticipated just two months ago.
On Wednesday when delivering its World Economic Outlook report titled “A long difficult Ascent” the Washington Based global lender said it now expects global gross domestic product to shrink 4.9% this year, more than the 3% predicted in April. For 2021, IMF experts have projected growth of 5.4%, down from 5.8%. “We are projecting a somewhat less severe though still deep recession in 2020, relative to our June forecast,” said Gita Gopinath Economic Counsellor and Director of Research.
The struggle of humanity is now how to dribble past the ‘Great Pandemic’ in order to salvage a lean economic score. Botswana is already working on dwindling fiscal accounts, budget deficit, threatened foreign reserves and the GDP data that is screaming recession.
Latest data by think tank and renowned rating agency, Moody’s Investor Service, is that Botswana’s fiscal status is on the red and it is mostly because of its mineral-dependency garment and tourism-related taxation. Botswana decided to close borders as one of the containment measures of Covid-19; trade and travellers have been locked out of the country. Moody’s also acknowledges that closing borders by countries like Botswana results in the collapse of tourism which will also indirectly weigh on revenue through lower import duties, VAT receipts and other taxes.
Latest economic data shows that Gross Domestic Product (GDP) for the second quarter of 2020 with a decrease of 27 percent. One of the factors that led to contraction of the local economy is the suspension of air travel occasioned by COVID-19 containment measures impacted on the number of tourists entering through the country’s borders and hence affecting the output of the hotels and restaurants industry. This will also be weighed down by, according to Moody’s, emerging markets which will see government losing average revenue worth 2.1 percentage points (pps) of GDP in 2020, exceeding the 1.0 pps loss in advanced economies (AEs).
“Fiscal revenue in emerging markets is particularly vulnerable to this current crisis because of concentrated revenue structures and less sophisticated tax administrations than those in AEs. Oil exporters will see the largest falls but revenue volatility is a common feature of their credit profiles historically,” says Moody’s. The domino effects of containment measures could be seen cracking all sectors of the local economy as taxes from outside were locked out by the closure of borders hence dwindling tax revenue.
Moody’s has placed Botswana among oil importers, small, tourism-reliant economies which will see the largest fall in revenue. Botswana is in the top 10 of that pecking order where Moody’s pointed out recently that other resource-rich countries like Botswana (A2 negative) will also face a large drop in fiscal revenue.
This situation of countries’ revenue on the red is going to stay stubborn for a long run. Moody’s predicts that the spending pressures faced by governments across the globe are unlikely to ease in the short term, particularly because this crisis has emphasized the social role governments perform in areas like healthcare and labour markets.
For countries like Botswana, these spending pressures are generally exacerbated by a range of other factors like a higher interest burden, infrastructure deficiencies, weaker broader public sector, higher subsidies, lower incomes and more precarious employment. As a result, most of the burden for any fiscal consolidation is likely to fall on the revenue side, says Moody’s.
Moody’s then moves to the revenue spin of taxation. The rating agency looked at the likelihood and probability of sovereigns to raise up revenue by increasing tax to offset what was lost in mineral revenue and tourism-related tax revenue. Moody’s said the capacity to raise tax revenue distinguishes governments from other debt issuers. “In theory, governments can change a given tax system as they wish, subject to the relevant legislative process and within the constraints of international law. In practice, however, there are material constraints,” says Moody’s.
‘‘The coronavirus crisis will lead to long-lasting revenue losses for emerging market sovereigns because their ability to implement and enforce effective revenue-raising measures in response will be an important credit driver over the next few years because of their sizeable spending pressures and the subdued recovery in the global economy we expect next year.’’
According to Moody’s, together with a rise in stimulus and healthcare spending related to the crisis, the think tank expects this drop in revenue will trigger a sizeable fiscal deterioration across emerging market sovereigns. Most countries, including Botswana, are under pressure of widening their tax bases, Moody’s says that this will be challenging. “Even if governments reversed or do not extend tax-easing measures implemented in 2020 to support the economy through the coronavirus shock, which would be politically challenging, this would only provide a modest boost to revenue, especially as these measures were relatively modest in most emerging markets,” says Moody’s.
Botswana has been seen internationally as a ‘tax ease’ country and its taxes are seen as lower when compared to its regional counterparts. This country’s name has also been mentioned in various international investigative journalism tax evasion reports. In recent years there was a division of opinions over whether this country can stretch its tax base. But like other sovereigns who have tried but struggled to increase or even maintain their tax intake before the crisis, Botswana will face additional challenges, according to Moody’s.
“Additional measures to reduce tax evasion and cutting tax expenditure should support the recovery in government revenue, albeit from low levels,” advised Moody’s. Botswana’s tax revenue to the percentage of the GDP was 27 percent in 2008, dropped to 23 percent in 2010 to 23 percent before rising to 27 percent again in 2012. In years 2013 and 2014 the percentage went to 25 percent before it took a slip to decline in respective years of 2015 up to now where it is at 19.8 percent.