They say that a good book can change a life. Boy, do I believe that!
This year I’ve been working on reading the best books I can find to help me improve in business, finance and family. I’d gotten out of the habit. It’s only March but I’m already noticing how all these reads are helping me to think differently, examine a decision thoroughly, and make better choices.
So much, in fact, that it’s time to start putting these lessons into serious use. Side note: I can see this book, in part, making a killer movie. So forgive the theatrics.
Set the stage
The king of Babylon is concerned about his people who are struggling with basic needs, and he realizes that this is due to their poor money management skills. (Can you imagine if our world governing leaders came together to address this very need? What a world we could create!) He consults with his Chancellor to find the Richest Man in the kingdom.
In comes Arkad. (How’s that for a hero’s name?) The king asks Arkad how he made his fortune, and Arkad explains that he had nothing special, just the resources available to everyone. The king is impressed and asks him to teach 100 of his wisest men so that they could learn the knowledge and share it with the people.
Arkad meets the men and offers only seven lessons. Each lesson he calls the “Cure for a Lean Purse.”
That’s where we come in.
Cure 1. Start thy purse to fattening.
The first cure is to “Start thy purse to fattening.” He explains simply.
He explains that if you have a basket of 10 eggs and every day you use 9, but keep 1 what happens?
Pretty soon you have an overflowing of eggs in the basket. In fact, it becomes overflowing much faster than expected- there was only space for 10 eggs in the basket.
Spend less than you earn.
I know. Sounds like rocket science, doesn’t it?
But imagine, if you were to take your budget and eliminate 10% of the top you could use that to help you in your financial journey.
It doesn’t mean you pay 90% of your electric bill. I’m realistic here.
But what about the extras? I’m looking at our grocery bill and wondering if we could live on the 90% comfortably.
And so, the challenge…
1st Cure for a Lean Purse Challenge.
Examine your expenses. Determine where you can use just 90% of the set budget.
For me, we have budgeted approximately $100 per week for groceries. I’m wondering if I can spend $90 and still eat quality, healthy meals. I’m almost sure we can. It means that I’ll prepare more meals from scratch (which will take a bit longer, but are always healthier meals) and stick with a consistent menu.
I plan to live on 90% for one week. And report back to you.
How about you? What will you do with the challenge?