In the the first part, we examined two cures to a lean purse derived from the Book the Richest Man in Babylon.We will look at five other ways to cure a lean purse.
1) Make thy Gold Multiply
Once one begins to save money, it is critical to invest this money in order to create wealth. There are many ways one can multiply “Gold” as shown in the previous article on investment. Its pivotal to come to a point where money works for you .
2) Guard thy treasure from loss
To quote the author, “Misfortune loves a shining mark. Gold in a man’s purse must be guarded with firmness lest it be lost.” It is critical in our efforts to multiply Gold to make sound investment decisions based on sound advice from those more knowledgeable than us. It is not uncommon to see people losing money in get quick rich schemes such as pyramid schemes and losing their entire investment. It is also critical to take out insurance for those valuables we have in our homes or business to guard against loss through fire, floods, theft etc.
3)Make thy dwelling a profitable investment
It is critical to work towards owning a home of your own. Lets assume one rents a flat for $500 that is $6000 paid in rentals in a year. In 5 years time the rentals will be $30000 equivalent to the value of a simple high density house in Harare. Its essential to do away with a plush lifestyle and sacrifice to own a home. Once you own a home make it profitable dwelling by renting out the spare room.
4)Insure a future income
It is critical to provide in advance for the needs of retirement and protection of one’s family. One, in addition to signing up for pension, one can take up a life assurance policy from any Life Assurance company. This is in addition to investments made in buying a home to rent out or a running business.
5)Increase thy ability to earn
The greatest weakness many of us have is that of arriving too early. It is critical to be constantly learning new skills that can earn an additional stream of income. For example one can do a jewellery making course and earn additional income aside from their salary. One can also upgrade their qualifications i.e from a diploma to degree to a masters degree on and on this can make one qualify for a promotion.
These are five ways one can adopt as cures to a lean purse.In the next article we will look at lessons learnt on vision from a book called Taking Advice by Dan Ciampa.