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 :

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.

You won’t become an overnight millionaire simply by knowing those principles I just share with you …but I can assure you that if you DO and ACT on these principles, and if you start early to pay yourself first, at least 10%; control your spending;  multiply your assets through compounding; guarding your assets from loss; invest profitably, and increase your ability to earn, by learning and growing yourself, you would slowly but surely learn how to become a millionaire – steadily and surely – over the course of your working adult life.

This may not sound as exciting as becoming a millionaire in weeks or months but it’s a lot more real. It’s the tried and true common sense approach of becoming financially independent and achieving your live goals.

I have diligently form the habit of following these principles and they have help me achieved financial freedom, success and abundance. I was also able to build multiple assets and streams of income at the same time by following these exact same principles which I am sharing with you. Whether you want to listen and heed the advice of The Richest Man in Babylon? The choice is yours. You Decide !

I hope you enjoy the sharing

By Michael Tay   www.michaeltay.com

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