7 Superfire Cures For Lean Purses
Do you want to know the seven superfire cures for lean purses?
One of the most important things we need in life is money.
Without money, we can't survive in this world.
But the sad thing is that many people have the wrong preconceptions about money.
Many people believe that money is the root of all Evil.
Some people believe that money makes good people evil.
Many people believe that you can't have money and be spiritual at the same time.
Nothing can be further from the truth.
Money is an absolute necessity in this world.
We need to take a closer look at how to maintain the right perspective about money.
Here are 7 concepts to help you get the right perspective about money.
These principles will cause money to flow in your life.
1. You need to develop a money mindset
The first thing that you need to do is to develop a proper money mindset.
By a money mindset, I mean you need to start looking at money as important and essential in this life.
If you hate money, then you won't be able to make it.
This is a very simple yet profound principle.
Get your thoughts right as far as money is concerned, and you will start earning a lot of it.
You must look at money as a friend and not an enemy.
Most of us spend all our lives earning money by working, or or by conducting businesses, or in some other way.
This is the first thing which you should get right in order to make money.
2. Never rely on just one source of income
If you have the right mindset about money, you will start making money.
But one thing you should always remember is that never rely on just one source of income.
You should have multiple sources of income .
That way, if one source dries up, you can always receive it from another source.
There are so many different ways to earn money.
With the proliferation of the internet, it is possible to have multiple sources of income online.
You can earn money through the following means
Selling physical products
Selling digital products
Selling Amazon products
Selling domain names
There are literally hundreds of ways to make money online.
Find out the ways which match your skills, talent, and expertise and start earning through multiple sources.
3. Save at least 20% of your income
Once you start making money, then you should learn to save money.
As a general rule, the money experts advise you to save at least 20% of your household income.
This income can be invested for further gains in the future.
It is a wise thing not to spend all your money but to save and invest at least 20%.
This can be used for unseen contingencies like sickness etc.
4. Never increase expenses with income
Some people live beyond their means.
Their expenses are more than their income sometimes.
This is very bad financial management.
It will get you and your family in trouble sooner than later.
Never let your expenses grow with your income.
Even if your income grows, let your expenses remain the same.
It is a wise thing to spend according to your income.
Avoid the trap of taking loans or using credit cards.
This will lead you into the debt trap and into a vicious cycle of debt.
5. Don’t go broke trying to impress others
Don't ever try to impress others with wealth or possessions.
Many people have tried this and have gone broke. Don't flaunt your wealth.
Don't splurge away your money on things that you don't need or on parties.
There are many stories of people who have won millions of dollars in a lottery, but after a few months, or one year, they are back to square one.
They were not able to manage their wealth properly and so they lost it.
Don't do that. Be careful how you manage your money because it doesn't come so easily but it can go very easily.
6. Avoid bad debts at all cost
This one is the most important advice about money management.
Avoid bad debts at all costs.
Never allow yourself to go into a position where your liabilities exceed your assets.
It takes years to build assets unless you have inherited them from your parents.
Even then your parents have worked hard to create it and you have a responsibility to keep it protected.
As far as possible don't take any loans.
I normally advise people that if they have to take any loans at all, they can opt for housing loans only and avoid any other types of loan.
A housing loan is alright because it will help you to build an asset i.e property.
All other loans will not build assets for you, but will be liabilities for you.
So live within your means and things will be alright.
7. Never stop learning and investing in yourself
Lastly, never stop learning throughout your life even if you have to invest money to do this.
Investment in yourself is the best investment because it will produce many long-lasting assets.
This will help you and your family to have a solid financial foundation.
These are my 7 recommendations regarding money management.
I hope that you got a lot of value from this and will put this into practice in your life.
I want to see you become financially strong, and never stop enjoying life for the lack of finances.
This is totally possible if you follow the seven principles mentioned above.
Following these 7 superfire cures for a lean purse will result in you having a full purse always.
This content is accurate and true to the best of the author’s knowledge and is not meant to substitute for formal and individualized advice from a qualified professional.
© 2020 Nitin Khaire