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after hearing about this book for years, i finally got the chance to read it march 2022 when i found it on my sister's bookshelf after moving in with her. the book is only 144 pages & if you are an avid reader you could possibly finish this book in a day. the only thing i could think of while & after reading this book was "why didn't i hear about & read this book at a younger age?"
it would've made such a difference in my life as a young adult getting into the working world & not knowing a thing about how to properly manage money.
there are so many beautiful gems in this book & i would like to share them with you below. i trust that this inspires you to read it also as well as apply as many of these learnings to your own life just as i have been doing.
DEBT REPAYMENT PLAN
what i love most about this book is the fact that the stories even though they may seem "old" based on the time the book was set in - the teachings are still very much applicable now. the teachings are so needed in this time when so many persons are struggling financially & just surviving, rather than living because they don't yet have the finances to support themselves well. this repaying debt plan presented in the book is very simple & easy to understand:
1/10 of earnings (monthly) – keep as payment to yourself
7/10 of earnings (monthly) – spouse & cost of living
2/10 of earnings (monthly) – divide evenly among debts
for this plan, Clason also places importance on the fact that one's living expenses should NEVER exceed 70% of one's income.
7 CURES FOR A LEAN PURSE
if like many you are seeking to fatten up that purse then Clason recommends these 7 things:
start thy purse to fattening - use the skills you currently have to make an income, work
control thy expenditures - live within your means
make thy gold multiply - seek out & invest in new income streams
guard thy treasures from loss - don’t make unwise investments, invest only where thy principal is safe, consult with wise men & use their wisdom
make thy dwelling a profitable investment - own your home, don’t rent
insure a future income - make long term investments
increase thy ability to earn - learn new skills, cultivate & improve on the skills you already have
Clason also talks about the 5 laws of gold which i think i still very applicable in the modern day world & handling money matters.
5 laws of gold:
gold cometh gladly and in increasing quantity to any man who will put by not less than 1/10 of his earnings to create an estate for his future and that of his family.
gold laboreth diligently and contentedly for the wise owner who finds for it profitable employment, multiplying even as the flacks of the field.
gold clingeth to the protection of the cautious owner who invests it under the advice of men wise in its handling.
gold slippeth away from the man who invests it in businesses or purposes with which he is not familiar or which are not approved by those skilled in its keep.
gold flees the man who would force it to impossible earnings or who followeth the alluring advice of tricksters and schemers or who trusts it to his own inexperience and romantic desires in investment.
have you read this book? what are your thoughts/comments/questions on it?
- santana chevel
"infinite spirits expressed in the IAM. iam in you, as you are in me"
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