The internet is such a treasure trove of learning! I have been searching
for ways to get additional income and I have stumbled upon a lot of sites
offering such. However, they normally ask for payment ranging anywhere within a
hundred dollars. I actually tried several and it resulted to me losing
money. Oh well, lesson learned.
My search,
however, is not totally futile. I found a really good book emphasizing on
the need for self discipline when it comes to money. It also gives
practical advises on how best one should handle and make money work for you.
I have been going through the list as fastidiously as I can and slowly
but surely I am seeing results, I am nearly debt-free and getting there.
As this book has encouraged me, I hope you try reading it as well.
Richest Man in Babylon by George S Clason:
1. Start thy purse to fattening. Keep a tenth of your income.
As we grow old in employment, our compensation tends to increase as well.
Nowadays, instead of increasing our investments, we choose to grow
our expenditures instead. It’s time to go back to time tested ways to increase
wealth, SAVE UP.
2. Control
thy expenditures. There
are so many ways to spend our income. We could now buy all the
gadgets we need and don’t need, at payment schemes that are truly
enticing. There are expenses that are
necessities such as water, electricity, groceries, school bills, etc. There are those that are non essential and
could be left for another day. Excessive
grocery that are often times left in your pantry because you have no use for
them are considered non essential.
Additional mobile phone just to accommodate your additional sim is
luxury. It is always best to ask, do I
need this? If yes, do I need it now? If
your balance sheet now doesn’t give you enough leeway for luxuries, then don’t
push it. It would still be there when
you already have the extra cash to purchase it.
3. Make
thy gold multiply. Investing has been made easy thru online
trading in stocks. You may check out
Citiseconline.com for an easy way to invest long term.
4. Guard
thy treasure from loss. As I mentioned previously, I made some bad
decisions that led to money loss. I
would never allow it to happen again. Ensure that you put your money in a secure investment. Know the people behind them. Read the contract’s fine print. Until all your
questions have been answered satisfactorily do not invest. Though there are times that you need to take
a risk, do so with proper mentoring and advise.
5. Make
thy dwelling a profitable investment, own thy home. One way to own your home is thru bank mortgage. This is a
necessary expenditure. Renting only puts
a big dent on your pocket and you will have nothing to show for in the long
run. Start owning your home, add a
little to your current rent and you could already pay amortization. A little sacrifice now would pay off big time
in the future.
6. Ensure
a future income. Again, look for investments that would ensure
that you have future income. Check out
franchises and determine the best one that would stay long in the market. Check out those that have been long in the
business. Investing in long term stocks
or bonds also pays off during retirement.
Please see a mentor or advisor.
7. Increase
thy ability to earn. Learn new skills. Knowledge comes from reading, listening, and
taking advice. Invest in books,
trainings and seminars, and financial advisors.
Hope you actually read the book, because there are more to learn
and insights to keep.
Have a great day!!!
Yayie
