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Seven Cures to a Lean Purse
The First Cure: Start thy purse to fattening.
Arkad (Richest Man in Babylon) advises saving 10% of your annual income to start building up your wealth (or purse). “For every ten coins thou placest within thy purse take out for use but nine. Thy purse will start to fatten at once and its increasing weight will feel good in thy hand and bring satisfaction to thy soul”.
We discuss automated deduction and my personal revelation that wealth is independence. It’s not simply saving to buy, saving for rainy day, saving for retirement. It is saving so I have freedom to do what I want, when I want, with whom I want, without regard to the cost.
The Second Cure: Control thy expenditures.
Arkad advises against luxury expenditures that ultimately become confused as necessities. “The gold we may retain from our earnings is but the start”, and, “What each of us calls our ‘necessary expenses’ will always grow to equal our incomes unless we protest to the contrary”, and, “Confuse not the necessary expenses with thy desires”.
We discuss personal strategies of electric vehicles and solar to save money. We comment on the terrible leadership from the Federal Government. I recommend a list of expenditures that should be cut from the federal budget.
The Third Cure: Make thy gold multiply.
Arkad advises to invest and to compound the investment return from these savings. “The earnings it will make shall build our fortunes … Learn to make your treasure work for you. Make it your slave. Make its children and its children’s children work for you”.
We discuss my 401K story from the early 1990s.
The Fourth Cure: Guard thy treasures from loss.
Arkad advises against taking a risk of loss and investing get-rich-quick schemes: “Is it wise to be intrigued by larger earnings when thy principal may be lost? I say not. The penalty of risk is probable loss. Study carefully, before parting with thy treasure, each assurance that it may be safely reclaimed. Be not misled by thine own romantic desires to make wealth rapidly”.
Arkad also advices that you seek advice from those that are knowledgeable with money. “Gold flees the man who would force it to impossible earnings or who followeth the alluring advice of tricksters and schemers or who trusts it to his own inexperience and romantic desires in investment.” Arkad’s advice here is about avoiding get-rich-quick or very aggressive wealth creation strategies.
We discuss the length of time it takes to save money. Manage your money carefully and make wise choices.
The Fifth Cure: Make of thy dwelling a profitable investment.
Arkad advises buying versus renting your principal residence, and to use your residence to establish a business. “I recommend that every man own the roof that sheltereth him and his”, and, “Nor is it beyond the ability of any well-intentioned man to own his home”.
We discuss the housing crisis in California and San Diego, especially for first time homeowners.
The Sixth Cure: Ensure a future income.
Arkad advises on having a pension and future retirement income. “Therefore do I say that it behooves a man to make preparations for a suitable income in the days to come, when he is no longer young, and to make preparations for his family should he be no longer with them to comfort and support them”.
We discuss the benefits of having a financial planner.
The Seventh Cure: Increase thy ability to earn.
Arkad advises to keep developing your own skills to increase your investing wisdom and also to increase your earnings power. “The more of wisdom we know, the more we may earn”, and, “That man who seeks to learn more of his craft shall be richly rewarded”.
Pursue Your Life, Your Liberty, and Your Pursuit of Happiness!
#RichestManinBabylon #PersonalFinance #GeorgeClason
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