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FINANCIAL CHRONICLE™ » FUN CHRONICLE™ » Seven Cures for a Lean Purse

Seven Cures for a Lean Purse

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sriranga

sriranga
Co-Admin
Dear forum members, recently I read the following article based on 'The Richest Man in Babylon'.


Seven Cures for a Lean Purse
1.Start thy purse to fattening
Take one-tenth of what you bring in and save it for the future. The book uses a coin analogy: for every nine coins you spend, take one and put it away for yourself. This is very sensible; a goal all of us should have.
2.Control thy expenditures
Don’t buy frivolous things even if you have enough money to pay for them. Instead, make sure that you can continue to save one-tenth of what you bring in. For this reason, I write about frugality on The Simple Dollar.
3.Make thy gold multiply
Once you start to build up some savings, invest that money so that it will make more money for you. Another pretty clear point; if you start saving money, it shouldn’t just sit in a mattress. Even a high-yield savings account is much better than that, and it can double your principal in about fifteen years.
4.Guard thy treasure from loss
This one is interesting: you should only invest in things where the principal is safe. In other words, the book seems to discourage stock investing. I found this to be particularly interesting given that it was written in 1927, right in the midst of the first big American stock market boom. Of course, 1929 proved the author right.
5.Make of thy dwelling a profitable investment
One should own their own home rather than renting because then money can be invested in the home or invested in other things rather than handed over to the landlord. Something tells me that this lesson applied better before people were looking at homes that were three or four times their annual income.
6.Insure a future income
In other words, invest for retirement and your family’s well being after your passing. You should be dropping some Hamiltons right into your retirement account if you can possibly afford it.
7.Increase thy ability to earn
Work hard, look for opportunities, and educate yourself. Today, a college education is one of the best investments you can make; I’m not saying that it’s a requirement to be successful, but it opens the door to greater possibilities.

Those who wants to download the whole book please find from the following link.
http://www.ccsales.com/the_richest_man_in_babylon.pdf
Happy reading.

http://sharemarket-srilanka.blogspot.co.uk/
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