Here are 4 Cures for a Lean Purse and Bank Account. You want the saying of “no more insufficient funds” to be a reality in your life? You haven’t figured how to “FATTEN” your “LEAN” purse and account balance.
The First Cure: Save
Savings is very important in your day to day activities and it is a sure way of boosting your account balance this year. Most people find it extremely difficult to save, and that is shocking, to say the least.
Some prefer to spend money on clothes, subscriptions to watch irrelevant programs, “blin–blin”, pieces of jewelry etc.
They don’t believe in savings; they rather believe in “let’s eat and merry now, for no one knows tomorrow”.
For you to cure your “lean” purse and account balance, you’ve got to cultivate the habit of saving. I once read a thread on twitter where one Dr. Tayo Oyedeji was talking about how he resigned from his place of work and became a CEO before the age of thirty (30).
He said “I save 30%-50% of my monthly income. I still do.
It is important to save first and spend later.” but most of you out there do the reverse. For salary earners, you need to start saving a certain percentage of your earnings.
That is, you need to live under your earnings. For example, if you earned N200,000 monthly; you should be able to save N20k-N50 monthly.
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There are people out there who don’t earn up to 200k monthly, have the same financial burden as you, and yet they still survive. If such a person can survive, then you can survive too.
Always take a certain percentage out of what you earn daily, weekly or monthly and save. Don’t spend or touch this money you are saving; I’ll tell you what you will use this money to do as we progress.
Once again, First Cure, start fattening your account by saving what you earn.
The Second Cure: Control your expenditures
Some of you will be thinking of “how is it possible for me to save 20-30% of what I earn? The answer is not far-fetched, it is by controlling your expenditures.
To be the no more insufficient funds type of person, You’ve got to control the way you spend money if you truly desire to cure your lean purse and bank account.
Cut out all things that are irrelevant. Before you purchase anything, ask yourself these questions: do I really need this thing?
Is there a closer and better substitute but better? Can I do without this thing? Do I just want to show off?
These and more are the critical questions you should ask yourself before spending a penny.
After saving your desired percentage, then, list out your scale of preference starting with the most important ones.
Discard all things that are inconsequential, then you’ll be able to save out of your earnings.
Which do you desire the most? Is it the gratification of your desires of each day, a jewel, more food, more fancy clothes, things quickly gone and forgotten?
Or is it substantial belongings, money, lands, merchandise, income-bringing investments?
The money you don’t save bring the former while the money you save brings the latter.
The Third Cure: Make your money multiply
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Now, your lean purse is “fattening”. You’ve disciplined yourself to always save at least 10% of your earnings.
You’ve also learned how to control your expenditures to protect your growing treasure.
Next is putting your treasure to work. You now have to invest. Invest in things you have knowledge about, you can really learn about it or already know about it.
Please don’t invest in things you don’t have knowledge about because it is yielding more profit.
If you have knowledge about buying and selling phones, please invest in that area; If you don’t, please ignore and invest where you have the knowledge, to avoid having a disastrous start in this great adventure.
The Fourth Cure: Guard your money
“Misfortune loves a shining mark”, and that’s why you must guard your money with firmness to avoid loss.
Thus it is wise that we must first secure small amounts and learn to protect them before nature entrust us with larger.
You have to protect the little amounts you have, and gambling is one thing you must avoid. To minimize your loss in your day to day activities, you mustn’t gamble.
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Gamble is a game of luck, and luck does not make one very wealthy.
I will say this, Bill Gates, Aliko Dangote, Mark Zuckerberg, Otedola and the rest of them didn’t get their wealth by placing bets.
They got their wealth by saving, controlling their expenditures, by investing in profitable and feasible businesses and guarding their money.
Why don’t you save that “inconsequential tiny money” and see it multiply then invest it? Kick off a project that will yield returns in the nearest future?
oin the VIPs savings scheme? As they say, “put your money where your mouth is”.
Think of all the money you’ve wasted trying “to get one over these people that have been using my money to eat”. To be frank, the more you gamble, the poorer you become and not the other way round and its possible you don’t ever win.
Not to be misguided, life itself is a gamble, and you’ve got to take risks to survive in this world. But playing bets is an obvious risk that will make you poorer than before; hence it should be avoided.
These are the four cures for a lean purse and bank account. Start today and see yourself in real wealth in the nearest future. This New Year, no more insufficient funds again.