Control Your Spending – 2nd Cure for a Lean Purse
Control Your Spending – Never Get in Debt
The 2nd rule from The Richest Man in Babylon is “ Control thy Expenditure ”. In simple terms, control your spending.
There is this saying that I once read and I have shared with many people and how true it is.
“ We buy things that we do not need, with money that we don’t have or can ill-afford, just to impress our friends or neighbours that we don’t even like “.
How many times have we done that ourselves ? Have you ever made the same mistake?. I urge you to rethink again.
Practice Frugality and Delayed Gratification.
Save and invest 10% of what you earn, the balance 90 percent is spend after saving the 1st 10 percent for yourself.
Practice frugality in all things and exercise delayed gratification. Be careful with your money on what you spend. Question yourself, is this really necessary? Question every spending. Is it necessary or can I afford this. Resist the urge to buy something on impulse. A major reason many people retire poor is because of impulsive buying. They see something or their friends have something and they buy it with very little thought whether they really need it or rather because they want it just to impress someone else.
It does not matter how much you earn. It is what you do with what you get than it is with what you get. I learn this from the late Jim Rohn, whom I admire and respect for his wisdom. Read the rest of this entry »
Pay Yourself First! A part of what you earn is yours to keep.
When you give someone a book, you don’t give him just paper, ink, and glue. You give him the possibility of a whole new life.
– Christopher Morley (1890-1957)
Pay yourself first – A part of what you earn is yours to keep !
I learn this golden rule from one of the best inspiring book on personal financial thrift and wealth building, “The Richest Man in Babylon” by George S. Clason, written in 1926. As in the above quotation, I would like to share with you the possibility of a whole new life if only you take the trouble to get the book and read it. Just browse in the Bookstore and if you like purchase and read it.
Pay Yourself First.
One of the most important thing that we need to do to achieve financial freedom is to form the habit of “paying ourselves first” instead of paying ourselves last. We could work all our lives for money, trying to make ends meet, living month to month, paycheck to paycheck and like most people, realizing there is too much month left at the end of the money.
Instead of working hard for our money, we could learn to make our money work hard for us. The trick is very simple but it is not easy for most people to do. What is the trick, you might ask ? Everytime you earn a dollar, you should make sure to pay yourself first. Simple, isn’t it. Read the rest of this entry »
6 Basic Principles to attract Financial Abundance
6 Basic Principles to Attract Financial Abundance
We heard so much of the “Secret” and the Law of Attraction. For me, I have been learning and applying and deliberately creating my success and abundance using the universal laws — specifically Law of Attraction — attracting abundance and prosperity in all aspects of my life because whatever I focus on expands.
An important area of our life which all of us tend to focus is on the subject of money. How to have financial abundance and wealth creation strategies.
There is a simple formula that can be applied which serves almost as a blueprint for a wealth building strategy. I would like to share these 6 principles and if you follow them diligently, you can also attain the wealth and success that you are looking for.
The 6 key components of such a blue print include the following:
1. Your belief system and your relationship with money
2. Your wealth building habits
3. Learning to become your own expert
4. Becoming an active wealth builder
5. Creating multiple sources of income
6. Looking outside the box for opportunities Read the rest of this entry »
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