THE 7 MONEY LESSONS - THIS ASSURES YOUR WEALTH
Greetings to my Cent and Hive family, it's been a great eight months of this year 2024 and I'm truly grateful. It was this year that I discovered Hive and that has to be one of the coolest discoveries I've made this year.
I'v had the chance to share quite a number of stories both real life and ones I made up, backed by cool and I believe life changing moral lessons. All the articles or blogs I made have had great feedback and response from this community and from Hive and I'm grateful.
Today's posts is a special one for the special month of September. I wanted to share something that I believe will hopefully transform the mind of my readers and propel them into a future of financial success.
THE 7 MONEY LESSONS - THIS ASSURES YOUR WEALTH
Today's blog post will be about the powerful lessons learned from a very famous book called "The Richest Man In Babylon". Well I'm pretty sure a lot of you have heard of this book before and the lessons it tries to teach.
You see one thing about becoming Wealthy, rich or gaining financial freedom is that it's really all about a set of principles that anyone can follow and see the results no matter where you are in the world.
The main topic we'll be discussing is the 7 cures to a lean purse. This basically means, 7 things that anyone can do which will assure that you will move from broke or poor to riches.
And don't worry guys, I won't make this boring 😂
Want to know a fact about how "The Richest Man In Babylon" book came about. It's a real life story in the past that no one really wrote. It was merely a pamphlets of a few rules that some banks and few insurance companies use to share around to their customers and workers. Eventually, these little pieces of information was gathered to make this entire life changing book.
To avoid wasting your precious time let's get right into the 7 principles. The principles kinda look like ancient "KING JAMES" writings but I'll definitely write it in actual English 😂🥰
No. 1 START THY PURSE TO FATTENING
The first rule was to develop a habit of saving. No one can accumulate wealth without first having this as their attitude and lifestyle. In the book, the advice the Rich man gave was that at least 10 percent of everything you earn should be saved. This requires discipline and sacrifice.
That's why it's not everyone that is rich. Some people lack the discipline unfortunately. But trust me guys, if you start now, you are going to see a lot of changes in your life. Don't just save because you were told to save, try to make it your lifestyle and life principles.
No. 2 CONTROL THY EXPENDITURE
The second principle teaches us that we must learn to manage our incomes and how much we spend. The reason this advice followed the first advice about saving is that, some people might start complaining that they can't save because their incomes are too small, well the Rich man's advice to you is to cut down on some things. Not everything you buy is a necessity. Those little snacks and products you buy all in the name of " it's really cheap" or "it's black Friday" or "their doing a promotion" is really eating up your incomes and you're not fully aware of it.
Try to list out only the essential things you need for survival; food, shelter, hygiene products and clothing. This I believe are the only things you really need. That TV plan you have just to watch extra channels is really doing a lot. Of course if it's what you enjoy with your free time that's no problem but the idea is to control your expenditure to a point where you can save not less than 10 percent of everything you earn.
No. 3 MAKE THY GOLD MULTIPLY
Well guys, I hope you didn't think you were saving to become rich just like that right. 😂 I really wish that was how it worked, it would have been too easy. The savings is made so you will have capital to invest into businesses. The idea is to let your money do the job for you. Of course there are two types of investment. An active investment and a passive investment.
The active investment is when you invest money into a business that would also require you to work to make the business operate. For instance you start a little shop which would require that you sit in and ensure that sales go on smoothly. The passive investments include stuff like purchases stocks, bonds or even treasury bills from your country. You don't do anyw work. You just sit back and let the invest bring profits and dividends.
That's when you see the real meaning of money working for you rather than you working for money. 🥰
No. 4 GUARD THY TREASURE AGAINST LOSS
Now don't get all excited and start investing your money anyhow. You need to make sure to make the right investments. Here's a piece of advice from me guys; only invest into something you fully understand. Never invest into any business you are not aware of how the whole thing works. The reason is that sometimes ignorance can cost a lot of loss.
When you start saving and having a lot of money, you're going to be met with a lot of opportunities to invest your money, not all the opportunities are the right ones. You need good advice from experts of any field or business you want to invest into.
Always protect your savings and investments from loss guys. It was really difficult to save up all that money, I'm pretty sure you don't want to lose it recklessly right 🥰.
No. 5 MAKE OF THY DWELLING A PROFITABLE INVESTMENT
I think one of the things that really eats up a lot of the income of youths today is rent money guys. A huge portions of our incomes goes into rent payments. I mean that's how most youth literally go into their first depth. They try to borrow just to pay rent on time and they end up in financial disaster.
The aim is to get your own home guys. A shelter you don't pay anyone just to keep living in. I Know houses these day are very expensive, but try to start saving up to buy one. It will really ease a lot of pressure in your life. Your wife and kids will have a place they can call their own and you will have a place you can be in charge of.
No. 6 ENSURE A FUTURE INCOME
Now here's the objective of your journey of financial success. The plan is to get to a state of passive wealth. This is really what everyone is talking about when they say financial freedom. Everyone has a desire and passion for a particular career or mission in life.
Sometimes the lack of money stops us from being able to do the things we love. You spend your entire day at a job you hate just because it's the only available source of income. By following the principles and building passive streams of income, you can secure your future.
As humans we will not always have that youthful energy to keep actively working for money. At our old age, we become weaker and less adequate which is why old people need to retire. At that time of your life, your passive income will be your only income. So work hard to build your passive income.
No. 7 INCREASE YOUR ABILITY TO EARN
The final lesson that the book teaches us to do is to focus on increasing or improving on any skill set that is a source of money. Let's say you're a doctor. The better you get at being a doctor, the more quality high paying job or tasks you will get and the more money you will make.
If you want to make more money, work better guys.
For example, you look into the football realm, the best players are the highest paid. In any industry, the best people are the most favored ones. As you increase your skills and invest in educating yourself, you will earn more and become a future financial guru.
THE END
Well, I'm really grateful for the chance to share these few lessons with you. I really hope that it will help transform the lives of my readers as it has transformed so many lives already. I really appreciate the constant support this community and everyone on Hive gives to my posts. Thank you all. As I end this blog post, I say HAPPY NEW MONTH guys. 🥳 Have a lovely day. If you have any comments or question regarding this blog post, I'll be more than happy to respond to them. Bye guys ❤️
