Emmanuel f.kumah: The Third Cure for A LEAN PURSE

THE RICHEST MAN IN BABYLON

THIRD CURE: MAKE THY GOLD TO MULTIPLY

Hi,for the past  few days I have been sharing with you tips on how to be the richest man in  your country,hope you have been enjoying the conversation ? Well, Just to keep you on track,this is a post on personal financial management culled from one of the greatest book of all time, “The Richest Man in Babylon”. If you have read any of my post on this subject, I am on the third cure for a lean purse as prescribed by George S.Classon.

THE STORY CONTINUES

Arkad said,” I tell you ,my students, a man’s wealth is not in the coins he carries in his purse; it is the income he buildeth, the gold stream  that continually flows into his purse and keep is always bulging”

The third cure for a lean purse as proposed by George S. Classon in his book, “The richest man in Babylon “ is  to multiply or increase the amount of money you have saved.

Money begets money, if you have been following my post  on the seven cures for the lean purse I recommended saving one-tenth of all money you earn , this one –tenth should be accumulated until it becomes a substantial amount of money , you then channel this money into an investment that would cause the money you have birthed  to give birth to other moneys which would intend give birth to more money, in this case you are multiplying the gold you have.

I would quickly have  to add that before you channel  this money into any  financial instruments be very careful you know the return of your investment and are convinced the financial institution can multiply  your hard earned currency. No that money flows- no wonder it is called currency, it  would either flow from you or flow to you , money also rises,no wonder is called dough so be vigilant what ingredient you mix with it or else it shrinks, the choice is always yours.

Making thy gold to multiply is to generate an income that flows to you whether you travel or work , an income that would not necessarily require your presence. Do you think this is possible ?

In 2010 a friend and I devised a brilliant plan that would cause our gold to multiply, we channeled our little financial resources in to a food joint which is run by a successful operator and we have been receiving dividends from the business ever since. One interesting thing is, as long as the business still operates our gold would always multiply.

This then , is the third cure for a lean purse, to put each coin to laboring that it may reproduce its kind even as the flocks of the field and help bring to you income, a stream of wealth that shall flow constantly into your purse.

What Next?

You see information is what you read but transformation is what you do with the information you have received. How have this article been helpful to you? Would someone else benefit from this article? Then feel free to share this on facebook and other social media, and don’t forget to drop me your comment , I would be really grateful to  hear from you. Thanks

Emmanuel F.Kumah:Control their Expenditure

  The Richest Man in Babylon

SECOND CURE FOR A LEAN PURSE: CONTROL THEIR EXPENDITURE

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”

LET’S CONTINUE FROM WHERE WE LEFT OF:

“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?

Do you have any questions to ask, feel free to drop me your comment and don't forget to share this on facebook you would change someones life.

Emmanuel F.Kumah:The Richest Man in Babylon

The Richest Man in Babylon:Seven Cures for a lean Purse.

Do you want to be the Richest Man in your Country?Then you need to read the Richest Man in Babylon. Undoubtedly, George S. Clason ” Richest man in Babylon” is the foundation of personal finance and a must read book for anyone who is planning of becoming financial literate in a few years to come.

WHY SHOULD YOU READ THIS POST?

In the Richest man in Babylon, George S.Clason dispense a worth of financial tablets to many a people who were willing to take control of their financial issues using ancient wisdom from Babylon,what this post tends to do is to present this ancient wisdom to you in a modern format so you too can take control of your finances. Personally, I think the next greatest thing after a person’s salvation is financial freedom, freedom from the worry of money and freedom to buy all that your soul desires to have and this is definitely what this post from excepts of The Richest man in Babylon ,would seek to do.

I would like to thank you for the strong desire to read this material and obtain a great source of financial knowledge. We would be studying the Seven Cures for a lean purse from his book “ The richest man in Babylon” and I hope you would take step in applying all that is shared here.

LET’S BEGIN WITH THIS STORYLINE.

Arkad, who was considered to be the richest man in Babylon at that time was called upon by the King so he can teach his countrymen how he has been able to acquire such great wealth so they can have some coins dancing in their pockets as they walk along. This he decide to do by proposing seven things which Arkad believe can cure everyone that carries a lean purse. Now, let’s get studying

THE FIRST CURE FOR A LEAN PURSE:START THY PURSE TO FATTENING

“ Now my students ,ye can see that there are many trades and labors at which men may earn coins. Each of the ways of earning is a stream of gold from which the worker does divert by his labors a portion to his own purse… If thou select one of thy baskets and put into it each morning ten eggs and take out form it each evening nine eggs, what will eventually happen?”, “One student answered that; it would be overflowing in time, since that person put in one more egg than he takes out.”
In the first cure, Arkad is recommending that, “For every ten coins that thou place within thy purse take for use but nine” meaning you should divide the earnings from your labor in 10 equal parts and save one –tenth of income whilst you effectively use the remain ninth that is left.
Truth they say is simple, but not all people apply that truth. Here George S. Clason is recommending you to divide your savings or earnings into 10 equal parts spend nine of it and put aside the remaining one of the 10. This means no matter how small your earnings may be you should be able to channel one –tenth of that money into a savings then if this action is done repeatedly would becomes a habit and once those habits develop enough muscles, your purse or wallet would begin to fatten(Increase in size, isn’t that sweet!).
The joy is not in the fattening of the purse in that instant but lies in the development of a lifelong habit of wealth creation. Although the first cure for a lean purse seems very simple, the real issue is,would you do it,? Would you be daring enough to put one tenth of your savings in an account and would you do it consistently till you see a massive growth in your savings? If your answer to such question is yes, you are definitely on your way of becoming the richest man in ‘ Babylon’

What Next?

Well , you have just started off on a journey that would change your state of being and increase your ability to earn and use money effectively, so how has the first cure for a lean purse being? Informative? I would love to read what you thoughts are about this post, just drop me your comment, ok! Feel free to share this on facebook and other social networks it would change someone's life  you can also add me as friend on facebook. See you in the Our next class.

Emmanuel F. Kumah: Three lessons from Money

Thank you for following my chit-chat on money, I am grateful for taking time off your busy schedule to visit me again.How has the chit chat on money being, insightful? I just hope you are taking some few notes on the important points and applying it to your everyday issue of money.

Today, we would talk about some three lessons we can draw from money and apply it wisely,for  it is not how much you know but how well you apply what you have learnt to make  your life better.Are you ready?

Lesson one: Money is Important

One of the most prevalent misconceptions concerning money, relates to its

importance. For example, how many times have you heard people say in

conversation, "Money isn't everything." or "Money isn't important." or "I don't care

about money." Well, the people who say these things might not care about money,

but inwardly they really need money to satisfy some important needs in their life.

Just look closely at what you are wearing, if money is not important I guess you would have not be wearing any clothe today, or perhaps you would not be reading this article at all as whatever you are using to access this information needed money to do so.

Lesson two: Money does not buy happiness

This is one of the most arguable issues when it comes to money,I do not think I am the best person to talk about this, however, what I am about to share is mainly from my own opinion.

Well, does money buy happiness? Indeed money does not buy happiness but that thought of it can make you happy. Let me illustrate this, when you buy a new Mercedes Benz, do they put an equipment inside that makes you happy when you drive it? Certainly not, the latest cellular phone in town does not have a function called happiness installed in it. So what then makes people happy when they hear of or find money. Money in itself is a piece of paper with inscriptions on it, and there is no inscription on it called happiness.The reason you feel happy is that the happiness is generated in the mind not in what you possess, in other words it is our thinking pattern that makes us happy not the possessions.

The next illustration;Why is it that people who are promised pay increase or something important gets excited even when they have not received it immediately? Because the happiness or excitement generates from the mind not what they have.You can live a very happy life even if you do not have money because that amount of money or possession would not make you happy, it is what is inside of you that makes you happy.Well, if you disagree with me you can drop me your comment and let’s get talking.

Lesson three: Money is a Slave

Most people make money their master instead of making money their servant.If you consider money as a master it rules over you and dominate everything you do. However, if money becomes your servant you exercise authority over it.Most people have a miserable life because they see money as a master. Now here is my crazy thinking, it you see money as a servant it goes to work for and makes profit for you, in other words when money becomes a ruler of your life ,you go to work for it , this should not be.If money is a servant to you , it obeys your voice and your instructions, you then command it to go  to work for you and it would willing do.When it does, it also give birth to more money which intends becomes servants for you to generate the more.This is one of the most important principles of wealth creations. So the next time you receive an amount of money, make it your slave.

 What Next?
I would love to hear from you drop me a comment on what you think about this post, i would be glad to hear your views. Thank You

Emmanuel F. kumah:Money and Me

In my recent article on issues of personal finance, I asked a simple question that formed the basics of my writing,’Is money Good?’ Well I hope you enjoyed reading that article on money.

Today, we would want to continue another discussion of money as it can make or unmake you.Money is the idea of our thinking, and we would deal with the concept of money and you, focusing on the lessons  we can draw from the note called “Money”.

Are you ready to enroll in the school of money? Well take your seat and let me teach you money.

Let’s begin with this story?

The Edgewater Beach Hotel

In 1923, at the Edgewater Beach Hotel in Chicago, eight of the world's wealthiest

Financiers met. These eight men controlled more money than the United States'

government at that time. They included:

1.    The president of the largest independent steel company;

2.    The president of the largest gas company;

3.    The greatest wheat speculator;

4.    The president of the New York Stock Exchange;

5.    A member of the President's cabinet;

6.    The greatest "bear" on Wall Street;

7.    The head of the world's greatest monopoly;

8.    The president of the Bank of International Settlement.

Certainly, one would have to admit, that a group of the world's most successful men

was gathered in that place; at least, men who had found the secret of "earning

money."

Now let's see where these men were twenty-five years later:

• ·         The president of the largest independent steel company, Charles Schwab, lived on

borrowed money for five years before he died bankrupt.

• ·         The president of North America's largest gas company, Howard Hopson, went insane.

·         The greatest wheat speculator, Arthur Cutton, died abroad, insolvent.

• ·         The president of the New York Stock Exchange, Richard Whitny, was sent to Sing

Sing Penitentiary.

• ·         A member of the President's cabinet, Albert Fall, was pardoned from prison so he

could die at home.

• ·         The greatest "bear" on Wall Street, Jesse Livermore, died a suicide.

• ·         The head of the greatest monopoly, Ivar Krueger, killed himself.

• ·         The president of the Bank of International Settlement, Leon Fraser, also died a

suicide.

Each of these men learned well the art of earning money, but none of them learned the personality or characteristics of the money they have earned.No wonder Charles Schwab borrowed money for five years before he died bankrupt. My question to you is that, what happened to all that money? He never learnt the art of making money his slave and did not know the characteristics of money.

When I tell this story to many a people , they then conclude that money is not good and is evil. But the fact that someone wears his suit upside down does not guarantee you to do the same.

This article is a continuation  of my chit-chat with you about money,so enjoy reading it and learn some useful lessons from it.

We would focus on three main lesson we can draw from money in my next post .

What Next?

Has this post being educative, or you have a view to share. Feel free to drop me your Comment