George .S. Clason born in Louisiana on November 7 1874 is the author of one of the greatest financial books ever written, if not the greatest. Written 95 years ago, the ‘richest man in Babylon’ still holds wisdom for generations to come. If you haven’t read this book, I encourage you to do so, you can’t go wrong with the knowledge from this book.
I have actually read the book and also have some level of understanding and because of this, I will be sharing seven great lessons from the book on how to cure a ‘lean purse’. Having a lean purse can be described as a state of having little or no money and here are the seven ways to cure a lean purse as suggested by George Clason.
- The first step to having a fat wallet is saving at least 10% of your income. This simply means you shouldn’t eat all of your income.
- Be very mindful of your expenses, control them so you can pay comfortably for your necessities without touching your savings or borrowing.
- Let your saved money bring in more money, this simply implies making investments with the money you’ve saved
- Having investments is not enough, you have to guard your money very well and this can be done by investing wisely, making proper enquiries, researching properly and making sure you invest rightly.
- Make where you live a profitable investment. This simply means to own your home. Instead of unnecessary luxury, why not build or buy your own home. Considering the amount spent on rent these days, owning your home is fulfilling.
- Insure a future income. This is simply making provision for old age and protection for your family so when you are no more in the picture your children don’t go begging.
- Increase your ability to earn, this simply means becoming better at your game, becoming more skillful and improving your business.
These rules are forever golden, they were useful many decades ago in Babylon and are very applicable today and by tomorrow, they remain profitable. Do well to share your thoughts by dropping a comment