Financial Tips

7 Ways to make your purse fat

 

myphotoOn a weekend I was thinking how our grandparents became so rich that their wealth is protecting our future also. They must have known some tricks and techniques that their wealth became multiplied. In seek of the answer, I started searching about those techniques. I thought of asking my grandparents but unfortunately, God has already called them. So, how will we get to know about the cure of lean purses?

One day I was surfing the internet then suddenly I found a book that our grandparents used to read. The book was originally published in 1926 and with self-help genre. The book has all the answers I was searching for. It is George S. Clason’s “The richest man in Babylon”. In order to make purse always fat, everybody must read this book that tells the secret tricks.

So, here are the cures for lean purses:

  1. Start thy purse to fattening

Nowadays, everybody is working so hard and making enough money to fulfill their desires. But in the making of their desire fulfilled, they are not able to hold the money in their wallets. Due to which they always find their money less.

Now, according to Arkad, the richest man in Babylon, who declared himself an egg merchant “If thou select one of thy baskets and put into it each morning ten eggs and take out from it each evening nine eggs, what will eventually happen?”

“It will become in time, overflowing”

It is because every time he put one extra egg than he takes out. In the time the number of eggs will be so large that will start overflowing from the basket.

So, in the same way, whatever the money you earn, you leave one-tenth part of it in the purse and do not use it at all. And then when your next salary credits, again you use 9 parts of it and leave the one-tenth part in your wallet. By practicing it, your wallet will never get empty and start getting fat.

So, this was the first remedy of lean purses.

     2. Control your expenditures

Now, some of you must be thinking that how one-tenth part of our earning can make our purses fat if need the one-tenth part also for our expenditures.

I would say, many of you earn less or more than you but all of you have lean purses equally. So, do not be confused between necessary expenses and desires. All of you have their family for which you are responsible to gratify their desires. But the many desires are always left ungratifying in your earnings. All men are burden with more desires than they can gratify. Just because I have wealth, I can gratify every desire? No, it is the wrong idea. There are limits.

According to Akard, “select those are necessary and others that are possible through the expenditure of nine-tenths of thy income.”

“Budget then thy necessary expenses. Touch not the one-tenth that are fattening thy purse. Let be the great desire that is being fulfilled. Keep working with budget, keep adjusting it to help thee. Make it thy first assistant in defending thy fattening purse.”

So this is the second cure for a lean purse.

“Budget thy 43 expenses that thou mayest have coins to pay for thy necessities, to pay for thy enjoyments and to gratify thy worthwhile desires without spending more than nine-tenth of the earnings”

 

       3. Make thy gold multiply

Now, as you have become disciplined to spare one part of your earnings and controlled your expenditures to protect your growing treasure. What next should be done to increase the treasure? We will consider the means to use the treasure as labor and to increase.

The money that you have saved by controlling the expenditures and spared from your earnings can be used as an investment. Arkad’s first profitable investment was a loan. He lent his money to a man named Aggar, a shield maker. He was an honorable man. If he borrowed, he must repay it. He used to buy bronze shipments from across the sea for his trade. Due to insufficient capital to pay merchants, he used to borrow money from those who had extra.

Each time Arkad lent him his money, he repaid it back with interests. So, such investment made not only Arkad’s money increased but also Aggar’s earnings.

“According to Arkad, a man’s wealth is not in the coins he carries in his purse; it is the income he buildeth, the golden stream that continually floweth into his purse and keepeth it always bulging. That is what every man desireth”

So, this was the third cure of lean purse.

“To put each coin to laboring that it may reproduce its kind even as the flocks of the field and help bring to thee income, a stream of wealth that shall flow constantly into thy purse.”

       4. Guard the treasure against the loss

Misfortune loves a shining mark. Money in the purse must be guarded with firmness otherwise it will be lost. You must protect the small money that you have before God trust you and give you chance to manage more. Every person that owns money is always tempted to the opportunities where he can make more money by investing it in profitable projects.

The very first principle of investment is to protect the principal. It is not at all a wise decision to get fascinated by larger earnings if there is a chance that principal can be lost. The penalty of risk is equivalent to the loss of the principal. Study carefully before you give your money from your treasures and ensure enough that it can be reclaimed. Do not be misled by your own desires to be wealthy rapidly.

Before lending your money you must assure yourself that the person can repay it and his reputation for doing so.

Do not be so confident in your own wisdom. You must consult an experienced person who has the wisdom in money for profit.

So this is the fourth cure for lean purses.

“Guard thy treasure from the loss by investing only where thy principal is safe, where it may be reclaimed if desirable, and where thou will not fail to collect a fair rental. Consult with wise men. Secure the advice of those experienced in the profitable handling of gold. Let their wisdom protect thy treasure from unsafe investment.”

 

       5. Make of thy dwelling a profitable investment

 

“To a man’s heart, it brings gladness to eat the figs from his own trees and the grapes of his own vines. To own his domicile and to have it a place he is proud to care for, putteth confidence in his heart and greater effort behind all his endeavors. Therefore, do I recommend that every man owns the roof that sheltereth him and his.”

Today, it is very easy to get a loan to buy a home. Any bank or finance authority is gladly ready to provide home loans to whom who wants to have their own. When the house is built you can pay the loan back to them with same regularity in the form of installments as you pay your rents to your landlords.

So this is the fifth cure for a lean purse.

“Own thy own home.”

 

      6. Ensure your future income

Every person in his young age earn and invest in order to fill his purse and fulfill his desires. But what when you get older and weaken enough to not able to earn and save for your old age. Therefore, it is suggested to everyone to make sure for their future income in their weak and less abled days.

In order to ensure their future income, one may buy houses or lands for it. If they choose it wisely, their sale can provide enough to serve the purpose.

A person may loan a small sum to the money lender and make it increase by getting interests on it. Interest on the sum make it larger and then you can lend the large money again and make more. By doing this, you can ensure your future income for your old age. You can serve the purpose by having an insurance from insurance agencies also.

So this is the sixth cure for a lean purse.

“Provide in advance for the needs of thy growing age and the protection of thy family.”

  

       7. Increase thy ability to earn

 

A person has desires for which he always finds his money less to make it fulfilled. If desires are strong and definite enough then he may find the ways to make them fulfilled. How good it would be if we know more ways to earn money. The person who seeks to learn more can have more wisdom to earn and to fulfill his needs.

A person can always enhance his learning and talents in order to make it a source of income. The more you learn and improve your skills the more you have options to earn money. The person who always wishes to learn more than his already having skills is richly rewarded.

 

So this is the Seventh cure of a lean purse.

 

“Learn more skills and make your ways to earning more to fulfill your and your family’s needs and desires”

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