Welcome back to the temple of financial breakthrough and dominion in particular knowledge wisdom and it's iterpretation and application.Let me begin by refreshing our memories that Sri Lanka,a South Asian country formerly known as Ceylon,was a British colony but became independent in 1948.With a population of about 20 million persons,the country is a multi national state and home to diverse cultures, languages and ethnicity.At a stage the country went through an economic crisis which began in 2019 as a results of rapidly growing foreign debts.Foreign debts had risen to over 51billion dollars.
Fast forward,in August 2021 the country declared a food emergency and in June 2022 to be precised,the prime minister declared the collapsed of the Sri Lanka economy.A recent survey by the United Nation world Food program noted that around two thirds of Sri Lanka households had been forced to reduced their food intakes.The economy crisis in the country resulted in an eruption of massive street protest across the country.
This led ofcourse to the first resignation of the then President, Gotabaya Rajapaska after which he fled to Singapore.The Prime minister was not spared as his private residence was burnt down.A new president, Ranil wickremesingha was elected by parliamentary election in 2022 . A central bank governor who was appointed following these events made some weighty observation.He said and I quote "If we had taken the decision to go to the IMF earlier,if we started the debt settlement process a year before,we could have managed the situation without this kind of suffering in the country" **
This reminds me of an adage "A stitch in time saves nine".That means one principle we need to have in Life is not to push forward what we ought to start today or now.A man who doesn't plan long ahead Will find trouble at his door!.** We should take early urgent steps and kill procrastination.
Start education savings early for your children:if you can,start building house of your own or mortgage early when your kids are still young before they grow up when their demands on your resources will be high. Start a business early and build it up gradually.Its called"early bird".Do not leave things to your old age which you should do in your youthful years in life.That reminds me of an adage."Give me six hours to chop down a tree and I will spend the first four hours sharpening the axe!" Wisdom!Start doing that thing now!.Be an early bird!.