Saturday, April 9, 2011

Emmanuel F.Kumah:Control their Expenditure

  The Richest Man in Babylon
Hi , thank you for reading my article and I must recommend that your comments on such issues is very enlightening and give me the impetus  to do more.
So did you save the one-tenth of your earning or you planning to do so? You see my friends,although riches begins with the state of the mind, the best time to begin an important journey is now , so take action now. Today, we would still be drawing useful lessons from George S.Classon, “ Richest man in Babylon’ and we would be looking at the next cure for a lean purse. Hope you are ready to learn from this all time classic book, ‘ The richest man in Babylon”
“Some of your members, my students, have asked me this: how can a man keep one-tenth of all he earns in his purse when all the coins he earns are not enough  for his necessary expenses? So did Arkad address his students upon the second day.
George S. Classon’s Richest man in Babylon suggest that after you have channeled one-tenth of your money into savings or after you have paid yourself first , you need to control your expenditure. It is true that each of us have desires that our current earning cannot afford , however if you want to cure your lean purse so that you can fatten it later, you should learn the “Am budgeting” or ‘doing economics” phrase, as we say here in Ghana?
This where the issue of budgeting comes in , after paying yourself  first, write out all that you would desire to have for the month, select those that are necessary   and others that are possible  through the expenditure of nine-tenths of thy income.Cross out the rest and consider them but a part of that great multitude of desires that must go unsatisfied and regret them not,please restrain yourself from touching the one –tenth that is fattening your purse.
This is then the second cure for a lean purse: Budget thy expenses that thou mayst have coins to pay for thy necessities , to pay for thy enjoyments and  to gratify thy worthwhile desires without spending more than nine-tenth of thy earnings.
 What Next?
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