061: Control thy expenditures

061: Control thy expenditures

Continuing the discussion, comparison and contrast with our current lives of the universal laws of prosperity from “The Richest Man in Babylon” book by GEORGE SAMUEL CLASON, which are referred to as the “Seven cures for the lean purse”.

Review chapter #2 in the book

The Second Cure: Control thy expenditures

“Budget thy expenses that thou mayest have coins to pay for thy necessities, to pay for thy enjoyments and to gratify thy worthwhile desires without spending more than nine-tenths of thy earnings.”

I am big believer in living beneath your means. However as history shows, as back then in 1900s no one likes to budget, still up until this day, not many of us like to budget and can stick to one over a long period of time.

So the simplest (note not easiest) solution is to clearly identify your basic needs and how much you need to make to cover these cost. Hopefully it’s much less than you make.

One of the students in Arkads class, objected to sticking to a budget, because he wanted to to enjoy life now. You see, the similarity, many of us do this today. We want that instant gratification, we go in debt to get it.

Grant Cardone says it right: “Pay the price today, so that you can pay any price tomorrow”. I love this quote. Every time a temptation comes up, I repeat this quote to myself.

 
Anna Sergunina
anna@adviceonly.net

I passionately believe that in order to live a life of fulfillment and joy, we must genuinely serve each other in any way possible. I found my mission in life to serve others via financial planning. Anna regularly writes about personal finance. Her work appears on Business Insider, Nasdaq, Nerdwallet, among others. Anna is the creator of Money Flow system.

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