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HOW'S THE FAMILY PURSE?
In George Classon's classic "The Richest Man In Babylon," he urges readers to "set your purse to fattening." His other advice? Pay off your debts - live debt-free. With those two simple bits of advice, he lays out a wealth of financial advice guaranteed to keep the wolf away from the front door - forever. He has the audacity to suggest that a part of all you earn is yours to keep. Put $100 a month into your "purse" beginning at age 20. Invest it at 10%. At age 65, you will have a purse filled to the brim with $1,048,000. How difficult is it to convince yourself to put away $100 each month? Poverty is not our fear. It is the insecurity of being vulnerable that we fear - of not being able to meet our obligations. The "fat purse" does not pay our bills. The amount we earn over and above the part "that is ours to keep" does that. The part we keep - our "fattening purse" - is what gives us the confidence that we are okay. By the way, according to "The Millionaire Next Door," the "haves" spend twice as much time planning their financial success as the "have nots." Forget setting aside $100 a month, the "haves" set aside up to 40% of their pre-tax income for fattening their purse. That also means they live on just 60%. The "have-nots" are hyper-credit users who do no budgeting whatsoever. Want to set your purse to fattening? Want to give your children a heads-up on being financially independent? Pick up a copy of Suze Orman's best-seller "The 9 Steps to Financial Freedom". More importantly - put her financial roadmap to work. Don't worry - be happy!
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