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Wednesday, March 14, 2007

The 7 ”commandmends” to wealth

Starting from today and the following six days I will be talking a little about personal development in the form of attaining a healthy economic balance in your life. For me it all started about 6 months ago when I read a book by Jim Rohn in which he encouraged the reader to get the little book called “the Richest Man in Babylon”. First of I though “why would I want to read that book” but from everything else that Jim has thought me, I knew that HE KNOWS and that I just had to get the book.

So I went out and got the book and that has now started me on my journey towards financial independence. I strongly encourage you the read the book as well but today and the following six days I would like to share a few (7) pointers from the book, that when followed, will put YOU on the path to financial independence as well.

#1 Cure to a lean purse
“For each ten coins I put in, to spend only nine” – This simple phrase means that you need to pay yourself first. When your paycheck comes you must put aside the first 10% for yourself. The money is NOT to be spent (ever) but is to be put to work (invested) to make you even more money. In the beginning it won’t seem like much but as the months and years go by you’ll see that it actually adds up to a significant amount.

This task will help you do three things: 1) You will suddenly be saving up a lot more that most people (and probably you) have ever done. 2) You are learning to minimize your expenditures to only 90% of your income and you will soon find out that you’re not doing any less. You can still afford all the necessary goods in life and finally 3) by saving you will soon find a joy by knowing that you have money “in the bank” and that you are working on your financial freedom. That feeling alone will be worth the amount you save 10-fold.


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