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How to create extraordinary wealth

How to create extraordinary wealth Inspired by teachings of Richest Man in Babylon; Seven cures for the lean purse by Subhash Sharma CPA, CMA, MBA

  • Save at least 10% of your income
    • Transfer a minimum of 10% of your income to your savings account
    • Pay yourself first immediately upon receipt of a paycheck
    • If you are self-employed transfer 10% of each receipt to your savings account
    • Talk to your bank if you can automate this process
  • Control your expenses
    • Prepare a monthly budget for 90% of your income
    • This includes living expenses, meals, entertainment and vacation
    • All expenses to be paid by cash or debit card
    • Total expenses should not exceed 90% of income
    • Think ahead for lean months
  • Invest your savings
    • Invest savings to earn interest and dividends
    • Invest earnings to earn interest and dividends
    • Monitor your investments regularly
    • Think of long term potential
    • Think objectively and without emotions
  • Protect your capital
    • Invest with utmost care
    • Seek the counsel of experienced professionals
    • You should be able to retrieve the capital when you desire
    • Each investment must earn a fair and reasonable return
    • Stay away from quick rich schemes
    • Avail of tax incentives and government subsidies
  • Own your home
    • Invest in your home rather than renting
    • Borrow money to acquire your home, if required
    • Keep mortgage payment the same as rent
    • Pay off the mortgage regularly
    • Pay off more towards principal if you can
  • Provide for future earnings
    • Plan for income in retirement
    • Invest in passive income
    • Invest in rental property
    • Protect your income in case you are incapacitated
    • Buy insurance to protect your loved ones if you pass away
  • Increase your capacity to earn
    • Learn everything to excel in your craft
    • Be the best in your area of expertise
    • Learn everything about money and finance
    • Determine a strong and definite desire
    • Determine your “why”
    • Write down specific and measurable goals
  • Increase your ability to succeed
    • Do not borrow more than you can repay
    • Pay off your debts promptly
    • Take care of your family
    • Write a will for fair and equitable distribution of your wealth when you pass away
  • Gain self-respect and significance
    • Continuous learning and improvements
    • Show empathy towards injured and downtrodden
    • Give generously to those who are less fortunate
    • Teaching and helping others to succeed


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