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Tuesday, November 29, 2016

7 Timeless Lessons About Making Money

Stack of $50 dollars bills potruding from the hip pocket of blue jeans.
I always argue that money-making is not a modern science. The principles have been with us since ancient times, and they are as valid and reliable today as they have always been right from ancient times. Why then do many people find it difficult to make and grow money using ancient wisdom? Fact is, anyone can make money so long as they follow the rules. These here timeless lessons which our grandparents used can also be used by us for similar results.



01. Increase your ability to earn. No matter what business you are doing, it is within your power to increase your ability to earn. This is rather very obvious. The better your ability to earn, the more money you make. If you want to increase your income, you must increase your ability to earn. If you want to increase your ability to earn, you must increase your value to society. This you can do by improving yourself and learning more skills relevant for your increased productivity.

02. Control your expenditures. This you can do by striving to spend less than you earn. Somehow, earned money never seems to be enough for spending. It takes real discipline to keep expenses down while striving to increase your earnings. This is one very potent way to grow your money. If you are sincerely keen on making money/building wealth, it helps to get on a budget, and to start spending less than you make. The balance left can go into savings and or investments.

03. Guard your money from loss. Even if you are able to build up a lot of wealth through the careful investment of your money, you will discover that it is far easier to lose money than to gain it. What to do! Just explore ways to guard your money from loss through careful vetting of any investment. What that means is that you should not be reckless or stupid with your investments. The wisdom of the ancients says, "Guard thy treasure from loss 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."

04. Insure a future income. You may be aware that your entire life is divided into three distinct segments namely, your learning years, your earning years and your yearning years. Naturally, as you age, your ability to earn income will drop. You won’t be as ambitious, your health will begin to fail and there is a very real possibility that you’ll someday die. That is inevitable anyway. Therefore, the smart thing to do is to plan ahead for the day that you will no longer be strong enough to be able to work. That is, during your yearning years, what can sustain your income will be returns from long term investments. Making profitable long term investments is a great way to “insure a future income.”

05. Make regular savings. This is what the ancients refer to as “make thy gold multiply.” In modern terms, you make real money through savings by way of “compounded interest.” That happens when you put your savings to work to earn more money. Habitually saving a percentage of your earnings, say about 10% over time accumulates somewhat and with compounded interest, your money grows exponentially.

06. Earn from investments. This is what the ancients refer to as “start thy purse to fattening.” It is one smart way to allow your money work for you. You can do a variety of investments, from stocks to real estate investing to gold. All of them yield money for you in a variety of ways even with a one-time investment. With good investments, you earn income around-the-clock 24/7 even if you do nothing else but watch.

07. Make where you live a profitable investment. In ancient times, this was the same thing as “make of thy dwelling a profitable investment.” In modern times, when it comes to matters relating to where you live, it is better to take a mortgage than to pay rents in perpetuity. Rents do increase over time, but mortgages remain relatively stable over a prolonged period of time. Therefore, with mortgages, you are making a profitable investment in the home you domicile. That is one great way to save money and to grow your wealth.



As you can see from the foregoing, making money/creating wealth is not rocket science. The principles may be very old and have been around since ancient times but they are just as important today as they were back in ancient times. Wealth creation and making money is not a mystery. It is not luck and it is not a secret. It is a repeatable process, something anyone can do if they are discerning enough. In fact, you can find all these principles in my favorite “little money book” published in 1926 by George Samuel Clason. It is named “The Richest Man in Babylon.” With it, Mr. Clason tells his wealth creation stories with a collection of parables which are as relevant today as they were in ancient Babylonian times. Get a copy of that little book for yourself today.

Monday, November 28, 2016

6 Probable Reasons Why You Are Always Broke

Two hands with wrist watch, bangle and ring holding out a couple of dollars bills.
Worldwide, it now appears that many people are just scraping by financially. Even those not technically classified as poor are just managing to get by financially. The sad result is that many of us are always walking around broke even if we earn regular incomes. Somehow, for most people, that income just isn’t enough to allow them live the kind of life they will like to live. Here now are some of the probable reasons why.



01. Poverty comparisons. If you always think that your financial situation is better off than someone else who maybe starving, that does not make your own financial situation any better. What you are doing is simply trying to make sense and justify your financial situation by finding others that are worse off than you are. That in a way explains only your own situation and can leave you real broke while thinking that you are better off than some other persons.

02. Financial recklessness. The habit of spending money on things you don’t need and can’t even afford is one common form of financial recklessness that may leave you broke most of the time.

03. Economic illiteracy. If you are always broke, chances are, you are economically illiterate. It means you either spend money without giving a serious thought to the value of money and the wide range of uses it can be put or you are just taking money like any other commodity that is expendable. That is economic illiteracy and it can leave you real broke most of the time.

04. Over-dependence on paid employment. Most people who are on paid employment live from paycheck to paycheck and they are always broke. These are people who work 9-5 daily and they are always looking forward to the next paycheck. If you are unable or unwilling to engage in activities that will allow you earn additional income alongside your paycheck, you will always be broke.

05. Trying to live like the Joneses. This is one form of financial recklessness that can leave you broke all the time. Trying to live exactly the way your neighbor is living is reckless. Doing things with your money exactly the way you see your neighbor doing them is not on too. The earlier you come to the reality that you are not Mr. Jones, your neighbor, the better for your finances.

06. Financial apathy. If somehow you become apathetic about your finances, you will always be broke. There is no way you can have money if you don’t pay attention to it. It helps to admit to where you are financially and start paying attention to your money. Acting like there is no problem doesn’t make the problem go away, it makes it worse. Money issues are so very serious issues which no one who wants to avoid being broke most of the time can afford to ignore.