Daily Meeting - Personal Finances pt 4

7 Cures for a Lean Purse

• Increase your ability to earn

Bob Proctor — What is The Law of Compensation

https://www.youtube.com/watch?v=5sdKmM3s788&t=2s 

• The amount of money you earn is going to be in exact ratio for:

1. The need for what you do
2. Your ability to do
3. The difficulty in replacing you

• Insignificant wheels don’t get the grease

• You cannot live a life in which you approach your life as an opportunity to increase your ability to earn
• If you don’t increase in value every area of your life, you’re going to lose those things
• Compensation is anything you are in that has your attention
• If you have money problems, you have serious character problems
• You do not become the richest person in the world by thinking about saving money
• In times of cutback, don’t save; go make more
• The people who win during cutback seasons are the people who plant seeds
• Cutting back is a vibration; it’s an admission of “I don’t have”
• Everyone wants to be on the mountain top; the problem is that gardens don’t grow on the mountain top
• You can only eat from the valley
• There’s always somebody not being superstitious
• Being on the mountain top means you won already, but you can’t keep “won already” to keep winning
• You’ve got to go back to the valley and plant more seeds so you can eat on the mountain top longer
• Every blessing you’ve gotten has come from the valley
• Stop hating those down periods in your life
• Praise before your harvest
• If you keep waiting to see what you’re praising for, you’re going to continue to wait to see what you’re praising for 

1. Start thy purse to fattening

• Take one-tenth of what you bring in and save it for the future. 
• The book uses a coin analogy: for every nine coins you spend, take one and put it away for yourself.
• This is very sensible; a goal all of us should have.
• Pay yourself first

1. Control thy expenditures

• Control your expenses
• You don’t need everything
• Don’t buy frivolous things even if you have enough money to pay for them. 
• Instead, make sure that you can continue to save one-tenth of what you bring in. 
• For this reason, I write about frugality on The Simple Dollar.

1. Make thy gold multiply

• Once you start to build up some savings, invest that money so that it will make more money for you.
• Another pretty clear point; if you start saving money, it shouldn’t just sit in a mattress. 
• Even a high-yield savings account is much better than that, and it can double your principal in about fifteen years.
• If you do not multiply your money, you’re dead in the water
• You can have a lot of time and no money, a lot of money and no time, or a lot of time and a lot of money

1. Guard thy treasures from loss

• Never lose money
• To never lose money, you need a mentor
• This one is interesting: you should only invest in things where the principal is safe. 
• In other words, the book seems to discourage stock investing. I found this to be particularly interesting given that it was written in 1927, right in the midst of the first big American stock market boom. Of course, 1929 proved the author right.
• The more you multiply your money, the more you can go live your dreams

1. Make of thy dwelling a profitable investment

• The USA will allow you to write off a home, dollar for dollar tax write off up to $8 million

1. Insure a future income

• Real estate can be insured
• Insure everything you have 

1. Increase thy ability to earn

The Goddess of Good Luck 

• Lesson: Good luck favors the man or woman of action
• A person of action is favored by the Goddess of Good Luck
• Procrastination upon decision-making only leads to regrets. 
• Make decisions with all the good information that you have – either for or against an action – and carry out the decision. 
• Indecisiveness does not bring good fortune.
• The more successful people you have around you, the better your garden is
• You want to be a person who can nearby activate luck all the time
• Lucky people are always people who took action
• The more you’re in the zone, the more Universe activates in that zone
• Good luck hangs around action
• Imagine how good your life would be if you just activated good luck
• Procrastinators rarely get good luck
• There’s only 2 roads in life: the road to prosperity and the road to poverty
• These 2 roads never cross and never go in the same direction
• The moment you decide to change instantly, you’re on the road to prosperity
• The road to riches has nothing to do with the road to poverty

Closing Thoughts

• You’re going to be able to do great things poor or wealthy
• You will get it one day; you’re going to make it
• Unfortunately, you may take a longer road for you to get it
• There are no mistakes 
• If it takes you longer to get it, it’s perfect
• In the valley is where you truly become God
• In this present is only the deeds of your past
• Sometimes, you just have to walk out the nasty harvest
• Release people from how you think they should respect you
• Release people from the responsibility of doing right by you
• Release yourself from what you’ve done
• You aren’t making any money being mad that you don’t have any
• When you walk out that harvest, it’ll come so fast you’ll wonder where it was all those lean years

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