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Money: 7 Cures for a Lean Purse
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Money Management Tools
 
June 3, 2007
 
Money, or the lack thereof, can play a significant role in creating stress in our lives.  In this segment of the "Conduct a Life Audit" series we'll take a look at ways you can increase the flow in money in your life.
Conduct a Life Audit - Part 3
 
 7 Cures for a Lean Purse
 

It's time to audit your financial life.  What are your personal views on money?  What early childhood messages did you receive about money and still believe today?  Did you grow up believing that there would always be an abundance of money in your life or did you believe that having an abundance of money was reserved for a select few-not including you?  Do you instantly get stressed when you receive your mail-knowing there are bills that will need to be paid?

 

How do you spend your money?  Can you account for where the bulk of your money goes?  Can you meet your financial obligations with ease or do you struggle from paycheck to paycheck-worrying about how you're going to pull it all together each month? 

 

The universe is an abundant place and even though we know we have the ability to manifest anything we desire, most of us still find ourselves struggling financially.  If you have fear and doubt that you will be able to meet your financial obligations, you could be sending negative vibes into the universe, thus creating scarcity in your life.

 

There are well-documented laws of attraction as it relates to money.  Basic, easy-to-follow laws that when followed can create unlimited abundance for all who adhere to them.  One of my favorite books, "The Richest Man in Babylon," by George S. Clason, is an amusing and insightful tale of wealth building and retention as recorded by the ancient Babylonians.  It is recorded that the people of Babylon created the wealthiest city in the ancient world because its citizens were the richest people of their time-using the universal laws of attracting money to create their wealth.

 

These universal laws of attracting money are unchanging and are still being practiced today.  Below are excerpts from the book from the section "7 Cures for a Lean Purse."  See if you are currently practicing any of these cures.  If not, it's never too late to start using these simple laws to create the abundant life you deserve.

 

 

7 Cures for a Lean Purse:

 

The First Cure:  Start thy purse to fattening:  For every ten coins thou placest within thou purse, take out for use but nine.  Thy purse will start to fatten at once and its increasing weight will feel good in thy hand and bring satisfaction to the soul.

  • Pay yourself first - You should be saving no less than 10% of your earnings.  You've worked hard for your money and you deserve to keep a portion for yourself.  Just like paying other bills on your list, get in the habit of paying yourself by putting 10% of your pay in an interest-bearing checking account.  In time, you won't even miss the money and you'll be surprised how quickly your savings balance will grow.

The Second Cure:  Control thy expenditures:  "Budget thy expenses that thou mayest have coins to pay thy necessities, to pay for enjoyments and to gratify thy worthwhile desires without spending more than nine-tenths of thy earnings".

  • Budget wisely - Pay close attention to your debt-to-income ratio.  See where you may be able to trim some of your expenses.  How much money are you paying on credit card debt or other credit accounts?  Make a personal budget spreadsheet or list to keep track of your expenses (including seemingly insignificant miscellaneous expenses like that daily latte and expenses for entertainment and dining out) as it will be easier to see the big picture if all of your expenses are documented.
  • Here is an easy-to-follow money success formula.  Compare this formula to your budget to see what you are currently spending and where you can make modifications: 

10% = Savings

20% = Debt Repayment

70% = Living Expenses

100% Total Income

 

The Third Cure:  Make thy gold multiply:  "To put each coin to laboring that it may reproduce its kind even as the flocks of the field and help bring to thee income, a stream of wealth that shall flow constantly into thy purse".

 

The Fourth Cure:  Guard thy treasures from loss:  "Guard thy treasure by investing only where 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."

  • Make sound investments - Now that you've got a little savings accumulated, it's time to plan for the future.  Hire a professional to help you choose wise investments so you and your family will have resources to draw upon in the future.  It's never too late to start planning for the future and you don't need a boat-load of money to start investing.  Just do it...you'll love the security and peace of mind of knowing that you'll have a financial nest egg to fall back on when you need it most.

"No man's family can fully enjoy life unless they do have a plot of ground wherein the children can play in the clean earth and where the wife may raise not only blossoms but good rich herbs to feed her family.  To own his own domicile and to have it a place he is proud to care for putteth confidence in his heart and greater effort behind all his endeavors."

 

The Firth Cure:  Make of thy dwelling a profitable investment:  "Own thy own home."

  • Invest in homeownership - There are many advantages to owning your own home.  The interest you pay on your mortgage loan is tax deductible as are the property taxes you pay. Since at the early stages of ownership most of your payment is applied to interest, your tax refund will be much larger. Also, as your home increases in value and your loan value decreases you build up equity.
  • If you are renting, you get no tax deductions--your landlord does--and the only real advantages you have are that you are generally free of most maintenance responsibilities and that you are also free to change houses whenever you want (depending on the terms of your rental agreement).  In most cases, you are spending nearly as much on rent as you would on repaying a loan, and at the end of any given time frame, you have nothing to show for it.

The Sixth Cure:  Insure a future income:  "Provide in advance for the needs of thy growing age and the protection of thy family, for a lean purse to a man no longer able to earn or to a family without its head is a sore tragedy."

  • Secure your assets and your family's future with insurance.  If people depend on your income, life insurance can replace that income for them if you die.  This is especially important for parents with young children or for couples in which the survivor would be financially stricken by the income lost through the death of a partner.  Insurance to replace your income can also be useful if the government or employer-sponsored benefits of your surviving spouse or domestic partner will be reduced after your death.
  • Life insurance can pay your funeral and burial costs, probate and other estate administration costs and debts and medical expenses not covered by health insurance.  Even if you have no other assets to pass to your heirs, you can create an inheritance by buying a life insurance policy and naming them as beneficiaries.  Life insurance benefits can also pay estate taxes so that your heirs will not have to liquidate other assets or take a smaller inheritance.

The Seventh Cure:  Increase thy ability to earn:  "Cultivate your own powers, to study and become wiser, to become more skillful to so act as to respect thyself."

  • Increase your earning potential by increasing your knowledge in your chosen craft or profession.  Continued learning helps to keep the mind focused and sharp and as you gain more knowledge you'll have more confidence in your ability.  This will enable you to seek higher compensation for your skill.  Also, as your knowledge grows, so will your ability to find more opportunities to make your income grow.
Abundance is your birthright and once you start to follow the simple laws of the universe for attracting wealth you'll create an opportunity for your desires to sync up with the universe thereby allowing prosperity to flow into your life.  If you are not happy with the state of your finances as they are right now you have the power to change your situation.  Trust in yourself and believe that you are worthy of living an abundant life!
 
Feel free to forward any or all of our Conduct a Life Audit series to a friend or colleague by clicking the "Tell A Friend" link below.

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