Summary – 7 Cures or Principles for a Lean Purse
Summary – 7 Cures or Principles for a Lean Purse
I have shared with you the 7 key principles from The Richest Man in Babylon, where the author explained how any person – with the right information by their side – could not only abolish their debt quickly, but also create an abundance of wealth in the process.
The 7 cures or principles for a lean purse , to helping you get out of debt and creating wealth are :
- 7 Cures for a Lean Purse – The Richest Man in Babylon
1. Fatten your purse or wallet ( Savings and Paying Yourself First )
2. Control your expenses
3. Make your assets multiply
4. Guard your assets from loss
5. Make a profitable investment
6. Insure a future income
7. Increase your ability to learn
I have shared the 7 principles in detail and for those, who missed out on my earlier post, please refer to them to get a full understanding of the 7 lessons on personal financial thrift and means to create financial wealth.
Do you at least AGREE that these principles work?
Sounds simple doesn’t it? Nothing revolutionary here, it seems. If it is simple, why don’t people follow this simple success formula for financial wealth. The reason is although the principles are simple but they are Not Easy to implement. I can almost guarantee you that by just simply “knowing and understanding” those principles won’t do much for you at all. You must DO what you know and understand. And It won’t be easy.
Multiple Sources of Income – MSI way to Increase Your Ability to Earn
Multiple Sources of Income – MSI
We will receive not what we idly wish for but what we justly earn. Our rewards will always be in exact proportion to our service.?? – Earl Nightingale (1921-1989)
Continuing with my last post, I mentioned I will be sharing with you, a very powerful concept called Multiple Sources or Streams of Income or MSI.
Michael Tay with Robert Allen
Robert Allen, who is one of my mentors, in his book “ Multiple Streams of Income ” has done an excellent work on this subject matter, a book which I encourage you to read if you want to learn more on MSI.
MSI is a concept which has been adopted by almost all very wealthy people.
With Multiple sources of Income or MSI, you increase your ability to earn and create wealth. Most rich and wealthy people have always known about MSI and have chosen the Multiple sources of Income route – MSI to create their wealth. They have money or income flowing to them from various sources. They do and you will too! Therefore, start your journey to financial success by doing the MSI way.
Most of us just have a P.S.I. – Primary Source of Income, which usually, this is our JOB. This is the only source of income from our salary from our job or income earned from our business or profession. It is our active income. This income is what we get paid for our time or services rendered because of our expertise. It is active income, because you have to work. Just imagine, if you are ill or incapacitated and you cannot go to work, or worst still if you are made redundant from your job, then what happens to your active income ? Your money or income immediately stop flowing to you.
It is just like sitting on a chair with just one leg to support you. Would you feel safe and secured? No. you would feel very uncomfortable trying to balance yourself because you do not have firm support. This is just like you having one primary source of income to support you and your family. Not a nice feeling to have!
Now let’s add three more legs to your chair. Now you truly have a firm and secured chair to sit on and you would feel very comfortable, right? This is the analogy for having multiple sources of income in addition to your primary source of income.
Besides having an active income, you should look at other ways of earning residual income. Having MSI will permit you to multiply your present income by providing service beyond that which you are presently providing at your primary source of income.
It is having income from Multiple Sources. It is not another job, It is not a better job. It is not even a job. The additional sources of income could be book royalties, agency business, internet marketing, network marketing business, real estate investments, rental income, dividend income and so forth. Read the rest of this entry »
Increase Thy Ability to Earn – The 7th and last remedy for a Lean Purse
Increase Your Ability To Earn
“ Cultivate thy own powers, to study and become wiser, to become more skillful, to act as to respect thyself. The more of wisdom we know, the more we may earn ”
If a man empties his purse into his head, no man can take it away from him. An investment in knowledge always pay the best interest
- Benjamin Franklin
To earn more, you need to increase the ability to earn more. A very simple concept but why can’t most people earn more? My thought on this is that most people do not earn more, because they are not aware of what they are really capable of doing and earning because of their past conditioned paradigms.
They earned a yearly income amount, say $ 50,000 and that’s all they know. They never question themselves, how do I turn my yearly income to a monthly income because they are not aware of their ability to do so.
So how do you increase your ability to earn? You must change your beliefs and paradigms and continually work on yourself. You must work on you and educate yourself. You keep learning and growing you. You must continually learn and grow yourself. Invest energy, time and money in growing yourself. Read books, attend seminars, listen to Audio Cds, DVDs, learn new skills, model rich and successful people. Associate with successful people.
One thing I know, is that You can never learn less. Find people whom have done what you want and model them. Becoming the best you that you can be.
Michael, Belinda with Bob Proctor, Robert Allen and Patric Chan
Over the years, Belinda and I have sought out mentors who gave us sound advice and taught us the most effective strategies. We have attended many life changing seminars and workshops conducted by many well-known motivational speakers, leading experts and authors : including Jim Rohn, Bob Proctor, Robert Allen, Robert Kiyosaki, Blair Singer, and his Rich Dad Advisors, Keith Cunningham, Tony Robbins, T.Harv Eker, Gerry Roberts, K.C. See, Patric Chan, and many others.
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