As you go along this year you should make statistics of the receipts and expenses by the day, week, month and year. With these figures you can make up a budget of your receipts and expenses for the coming year with reasonable correctness.
Keep your resources well in hand. Buy often rather than buy in large quantities.
If you are owing money to the bank, have your plans arranged so that you can realize on your assets quickly.
The good general always plans his campaign to be ready for attack that may come through unexpected sources. The good financier is always ready for an attack on his finances.
The concerns from whom one buys may be prosperous. The bank with whom one deals may be flourishing, and yet without warning something happens and you are suddenly called upon to liquidate your indebtedness. You should be prepared for this sudden call.
Financing is an art, and you will never be a good financier unless you have had perplexing problems to solve. In order to solve problems you must have the pro and con, in other words, the details of your receipts and expenses. These figures should be put down plainly, with elaborate detail, if necessary, so you may count on your figures and make your plans accordingly. Preparing for emergencies is one of the first things the financier should understand.
Discontent
While in another part of this book we show that ambition is one of the things that makes success, yet it must not be forgotten that discontent is another great factor in bringing about success.
When the young man quits school he has life before him and has ambition to succeed. It is not particularly necessary that we find out what his ambition is to start him on the right path. Let the young man get started at any thing. If he is ambitious and has ability in him to manage a business he will get there finally.