Thread by @FinPlanKaluAja1

New month....

This month I want to try something new.

This book "richest man in Babylon is the DNA of all investment and personal finance books...I will attempt to serialize a part of it

#FinPlanBooks

Seven Cures for a Lean Purse

1st Cure:  Start Thy Purse to Fattening

Arkad recognizes the great benefit of paying oneself first out of all income.  The recommended amount is not less than 1/10 of all earnings.

Me: When you earn save at least 10%, then invest it.
#FinPlanBooks

2nd Cure :  Control Thy Expenditures

Arkad explains that “what each of us calls ‘necessary expenses’ will always grow to equal our incomes unless we protest to the contrary’.

Me: Live within your means. Spend less

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3rd Cure: Make Thy Gold Multiply

After setting aside 10% of earnings,  it is wise to invest in ventures that are assured of return. Compounding this return upon itself causes your multiplying savings to increase at an ever-quicker pace.

Me: Compound your returns

#FinPlanBooks

4th: Guard Thy Treasures From Loss

Many ventures will come into your sights, some promising outrageous returns, others a fair return. Make certain that the advice you utilize comes from others who know & understand the venture.

Me: seek advice from professionals

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5th:  Make of Thy Dwelling a Profitable Investment

Arkad also points out the spiritual benefits of owning a home – where your family can enjoy a yard and perhaps a garden, and how owning property in and of itself does good to a man’s heart.

Me: Own your own home

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6th Cure:  Insure a Future Income

“It behooves a man to make preparation for a suitable income in the days to come, when he is no longer young, & to make preparations for his family should he be no longer with them to comfort and support them.”

Me: Open RSA

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7th Cure:  Increase Thy Ability to Earn

Me: Create multiple streams of income.

Arkad’s gave other advise

"You must pay his debts with all the promptness within his power, not purchasing that for which he is unable to pay."

"You must take care of your family that they may think and speak well of you."

Me: Be financially responsible

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"You must make a will of record that, in case the Gods call you, proper & honorable division of your property be accomplished."

 Me: Have an Estate plan, we are mortal

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"He must have compassion upon those who are injured and smitten by misfortune and aid them within reasonable limits.  He must do deeds of thoughtfulness to those dear to them."

Me: Be charitable

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"And lastly, to cultivate thy own powers, to study and become wiser, to become more skillful, to so act as to respect thyself."

Me: Read, Study, Learn, Do, Understand......

#FinPlanBooks