Nobody wants to stay and live poor. But no matter how much effort one puts in to stay away from poverty, yet we fall short. It is not that we don’t know the basic tenets of financial freedom, but it our determination to be financial free and live comfortably while enjoy the fruits of our labor.
In my previous post, I mentioned that i will talk each day the 7 cures for a lean purse. However, I missed it daily due to some commitments I can not postponed. Please bare with me. But I promise to really complete it.
Geogre S. Clason’s concepts are not rocket science. Some of which are known to human, which we are unaware of. The concepts worked for those who lived before us and will surely work for our generation as well. Honestly, it worked for me. That is why I wanted to share this to those who are willing and determine to change the course of their financial health.
So here are the 7 cures for a lean purse:
Cure # 1: Start they purse to fattening . This talks about 10% saving. We have varying understanding of the concept of saving. Most of saving regarded savings as something’s left after spending your money. That’s the reason why we can not save because we spend all of our income, more often than not, we overspend. Sadly, we have to change change our thinking. Saving in its truest sense, is rewarding yourself first and spending the rest. In his book, Clason posits that “for each coins I put in, to spend but nine.”
If you are a starter and have so much debts to pay off, if you think that 10% is not feasible, you may just saving 1% and live with the 99%. Once you get comfortable living with the remaining 99% you start adjusting your saving and spending ratio until you reach the desired 10%.
If you are working in a company, see if your company offers some retirement fund or stocks option which you can participate. It is very helpful and convenient if it is through an automatic deduction scheme from your pay check. This will allow you create a state of mind that your pay is just this much, thereby allocating the said funds accordingly.