George S. Clason in his book The Richest Man in Babylon outlined seven (7) ways to cure a lean purse – curing a lean pure simply translates to teaching people practical ways to acquire wealth.
1. Save at least 10% of your income – Develop the habit of savings by simply saving at least 10% of your income monthly.
2. Control your expenditure – draw a budget, work within your budget, and adjust it if need be, but try not to touch your savings. Differentiate between your needs and wants.
3. Invest your savings – Grant Cardone puts it better, he said, “investing puts money to work. The only reason to save money is to invest it”. Money sitting in your savings account isn’t profitable. Invest it into a profitable venture.
4. Seek Investment Advice – Seek expert advice on the kinds of investments that will meet your financial goals. Don’t be tempted by investment opportunities that promise huge returns. Invest wisely.
5. Own your own house – Invest in building your own house. Own the roof that shelters you. Your cost of living will be less as landlords charge outrageous amounts as rent.
6. Insure a future income – make plans for the unforeseen. Take voluntary pension schemes that will pay you when you are no longer in active service and make investments that will outlive you.
7. Earn additional income – Get a side business to support you. Turn your passion into income, learn a trade, gain a skill, etc.
“It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for”. – Robert Kiyosaki