7 Tips to Cure an Empty Wallet

by Minority Fortune

emptywallet

Today we’re going to share tips to you from The Richest Man in Babylon bestseller book written by George Samuel Clason. You may not be familiar with it, but financial investors list it as a classic to have in your reading repertoire. It was written by a man who lived through the Great Depression and wrote financial investing advice.

During our current recession, it’s very appropriate to rehash this age-old, classic advice learned from the Great Depression. It’s vital to cure your empty wallet!

Seven Cures for a Lean Purse

The First Cure: Start thy purse to fattening: Consider trading services, assets to generate income for your wallet.

The Second Cure: Control thy expenditures Live simply. For every 10 dollars, spend only 9 dollars.  Simple, right?

The Third Cure: Make thy Gold Multiply Invest. Consider bonds, treasuries, stocks, index funds, mutual funds, Person-2-Person lending, etc.

The Fourth Cure: Guard thy treasure from loss Get the help of an experienced financial consultant. Avoid questionable investment practices. Create a will so your assets can safely be transferred should you pass away. Additionally, this is quoted from the book:

“investing only thy principal is safe, where it may be reclaimed if desirable and where thou will not fail to collect a fair rental. Consult with wise men. Secure the advice of those experienced in the profitable handling of gold. Let their wisdom protect thy treasure from unsafe investments.”


The Fifth Cure
: Make of thy dwelling a Profitable Investment Attain your own home, which will grant you security.

The Sixth Cure: Insure a Future Income Put away money for retirement and old age.

The Seventh Cure:Increase thy Ability to Earn Pay your debts off. Do not buy things you cannot afford. Become wiser, skillful, and powerful.

Remember this:

In the book, a teacher told to his students that Babylon has plenty of gold. The same is true today. There is plenty of money still floating around in our economy. Be mindful of these 7 cures, and you will no doubt become one of the richest financially, spiritually, and physically.

*Tips courtesy of Wikipedia.
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