7 cures for a lean purse. In this article, we discuss seven secrets of keeping your purse fatty at all times. We all want to keep our purses full. But it is not always possible. Sometimes because of the harsh changes in our life and sometimes because of our faults.
It is a fact that 70% of people are born in poverty, live in poverty, and die in poverty. If hard work is only the basis for being rich. Then every worker should be the richest person in the world.
So for being rich, we have to apply a smart strategy in our life. With hard work, our smart saving and investment strategy, our way of spending, and lastly our self-discipline help us to become rich or make our purses fatty.
The 7 cures for a lean purse are the combination of the techniques of saving, investment in gold and property according to the condition of the market under expert guidance, control of our expenses, how to use gold and property to earn more, and always sharpen your work.
If you want to be rich, you have to think and act like rich.
The 7 cures for a lean purse.
1. Learn how to keep your purse fatty.
The first thing you have to learn is how to keep your purse full at all times. For this, you have nothing more to do. It is simple. You just have to follow a simple rule.
For example, if you put $ 100 in your purse daily, which you have earned, then try to only spend $ 90 out of it. Save the remaining $10 daily. I know it will not always be possible for you to save $10 daily. But at least you can save $4 or $5.
For this, you should give yourself a target or goal. Which always encourages you to save your money or to reach the target. So, by following this rule, your purse will start filling fast. And soon you will learn to save $70 a week and $300 in a month.
Which is a good amount. Or if you will save $3 a day. You will save $30 a week and $90 a month. Which is better than an empty purse. So simply fix a target amount. Which you want to save in your purse. You can start with the low amount to the high amount. Means starting with a small target.
Once you achieve a small target. And found money in your purse at the end of the month. You will feel great and continue it automatically. Because once you become addicted to saving money. You will never leave it. Because it keeps your purse fatty. And everyone likes fatty purses.
2. Learn to control your expenses.
You should have to control your expenses. Normally it is believed that people spend the same as their income. But this is wrong. Because money-making law is against the above law.
So when your income increases, you start to increase your expenses. Most people do the same. And here they make the mistake. Because according to their previous income, they already make a budget of savings and expenses. And for this, they are habituated.
So if their income will increase and they include the extra income in their savings budget. There is no adverse effect on their living standards. So if they take it as an opportunity of saving. And still, have to limit their expenses. They can increase their wealth.
Don’t confuse your desire with needs. To increase your money returns, invest the extra income in any investment tool. Which makes you a millionaire.
3. Everyone buys a little gold.
Everyone should buy a little gold, so try to buy gold. Because gold is something that doubles very quickly. You should have to invest in gold because of two things.
First, it fits low-budget investments as well as high-budget investments. So if you have a low budget. You can invest in it. You can easily buy one gram or two grams of gold. At this time the good price of 22-carat gold is approx 4500. Which anyone can easily purchase. And slowly-slowly you can easily multiply it.
Second, investing in gold is safer than other alternatives like equity and mutual funds. There is not much fluctuation shown in gold prices, especially in the long run. So that if you will have a lot of gold, then it can give you an investment opportunity. Or you can take out a loan on your gold.
4. Protect your deposits.
It is very important to protect your savings or deposit and other investments carefully. It is crucial and the main part of making your purse always fatty. You all do very well. Like, start saving, invest your wealth, and reduce expenses.
But if your investment is not smart or not in an accurate place. Then there is the most probability of loss in it. Sometimes the loss is unexpected. Due to a crash in the market and some natural disasters.
So You have to protect your deposit. Because after all, this is your money. Which you earn by doing hard work. So invest it smartly. You can use the following simple rule to protect your deposit.
- Diffracted your investment. Do not invest in a single alternative. Diffracted into several alternatives. Like in equity, mutual fund, and gold & property. Like, if you invest in equity, investments in different equity.
- Before investing, take the advice of an expert in that field.
- Regular check the performance of your investments.
- Take regular updates on the market.
- Wait, watch, and then act on investment and withdrawal.
Do not dream of becoming a millionaire overnight. Otherwise, you may lose your deposit. Think double before making any investment and withdrawal.
5. Make your property a profitable investment for yourself.
Like if you have an extra house or land give it for rent. If the land is near the market or in a commercial place. Then think of the construction of a shop and house on that property.
I know, for this heavy investment will require. But now there are a lot of solutions to arrange finance. For this, you can take a loan. Or do a contract with the builder. Who constructs houses and shops on your property? And share the profit of that property with you.
You also use your gold. When you want extra finance for your business or any work. You can take a loan against your gold. Instead of selling your gold.
Due to this, you can easily multiply your wealth and income. Because gold lying in the cupboard may look good. But it will not bring any financial benefit to you. Similar is the case with vacant land and houses also.
6. Secure return investment is essential.
For secure income, I mean to invest in the life insurance or educational insurance and pension schemes. These all are investments. Which has secure income without any risk.
These investments help your family. When you will not in this world. Help you when you are old. And not able to earn money for yourself. It also helps your children in their education. When they need the money for higher studies.
The drawback with these investments is that. The return is less. And will take more time to complete. But the benefit is that the return is secure. And it will help you in your terrible times. So we should include it as a part of our investments.
7. Try to sharpen yourself.
And the most important point, in the end, is to always sharpen yourself. Increase your skill and ability. So that you can earn maximum. If you have enough spare time from your job. You should try to learn other skills. Which helps you to maximize your income.
So, by increasing your skill. You can increase your intellect. And because of that, you make your recognition in your professional life. The more competent you are, the better chances you will get. Which will help you to increase your earnings.
The 7 cures for a lean purse is the formula. That helps you to learn how to keep your purse fatty, how to control your expenses, save your deposit, do investments after thinking twice, invest small in gold, do secure income investment to reduce the risk of future, and last sharpen your skill.
We all have to use this 7 formula to cure for a lean purse. And act like a rich person. This is the difference between the thinking of the rich and labour.
To be rich does not depend on your destiny, but it depends on your smartness.
Best of luck.
This idea I took from the book: The richest man in Babylon.