Time and again we hear Bruno Mars on radio wallowing or stumble on him goofing off on TV. However, he brings out an important wish; to become wealthy. The rules for acquiring, retaining and building wealth are simple, universal and unchanging.
The fun part is there is no prerequisite and believe or not it’s not a secret. But then again we’ve read lots of tales in fat tomes about getting rich. The truth is always simple. Following are the seven remedies for your broke ass.
cure 1: start thy purse to fattening A part of what you earn is yours to keep. It’s recommended to save AT LEAST a tenth of whatever you earn. Thy purse will start to fatten at once and its increasing weight will feel good in thy hand and bring satisfaction to thy soul.
cure 2: control thy expenditures
A budget is a good place to start. One may write down all their expenses then mark those that are necessary and additional ones that are possible on the remaining 9/10 of earnings and forget the rest. A strange truth is that expenses will always grow to equal your earning unless you make an effort to prevent that from happening, the so called hedonic treadmill.
cure 3: make thy gold multiply
Now that your purse is fattening and you have nipped your expenses in the bud you might continue saving forever with no end in sight. I mean, what do you earn you miserable peasant? Who are you? Okay let’s continue. Identify a profitable investment that will guarantee returns and then keep ploughing back profits. You will soon find out the power of compounding.cure 4: guard thy treasures from loss
Once in a while there will be temptations to invest heavily in plausible projects. The road to hell is paved with good intentions. The first instinct should always be security for your capital. Is it redeemable from this so called perfect opportunity and if so will it rake in reasonable dividends? Here is where you seek EXPERT ADVICE. It is usually free. Don’t ask your barber about treasury bonds because they know zilch about it.
cure 5: make of thy dwelling a profitable investment
Chances are that you don’t own the house you live in while this is a perfect opportunity for enterprise. By the time you arrive at this step it may be quite easy to borrow a loan to construct/buy your own house since you can demonstrate a clean bill of financial health.
The logic for borrowing for construction is that now you can repay loans with rent money (which you would have paid anyway) and the debt reduces after each installment leaving you with valuable property at the end of it all. Hope you don’t live near an airport.
cure 6: insure a future income
You will undoubtedly grow old but still need comfort. Since old tongues love to wag, let’s hope you will have something to wag about. Many ways exist such as owning properties to pension schemes whatever works for you.
cure 7: increase thy ability to earn
Finally you must cultivate your power to acquire skills, knowledge and wisdom to remain relevant and get rewarded richly in whatever it is you do.
Its time I started writing this blog from a rustic villa atop white sands with an excellent view of the blue ocean. Having smelt the cheese, I’m sure you want a bite. Here’s the whole of it: The Richest Man in Babylon
