VIRTUE 1:70% to expenses – [Control Your expenditure.]
Spend no more than 70% of what you Earn. Set financial goals and evaluate expenses to help you reach your goals. Practice spending wisely, shop for deals! Use coupons.
VIRTUE 2:10 % to Savings – [ Pay Yourself first.]
Set aside 10% of your earnings towards saving for a rainy day. Treat savings as an expense and make a habit of deducting 10% off any amount of money you receive.
VIRTUE 3:10 % to Investing – [Make your money multiply so it is working for you.]
Invest 10% of your income for your future. For this virtue, think long term. Put this amount away, knowing that it will build over time into a nice lump sum for your future. Bearing in mind the magic of compound interest this virtue is likely to help you retire comfortably.
VIRTUE 4:10 % to Giving – [No man is an Island, play your part for a better world.]
Allocate a portion of your earnings to good causes. Remember No man is an Island, sharing what you have it makes room for more. With this in mind, think about giving towards making your community or the world at large a better place.
VIRTUE 5: Your greatest asset is your earning ability.
Learn as much as you can how you can on how to maximise your income, make investments, create secondary sources of income and become a better person.
“Give a man a fish, you feed him for a day, teach the man to fish you feed him for a lifetime” (Chinese proverb)
One of the best things about life is that we never have to stop learning. There are always new skills to learn and techniques for us to adopt. The most successful people in the world understand this fact.
For us to live life to the fullest, we must continually look for ways to improve. I hope this piece allows you to improve your financial health.
Please share your thoughts comments and tips that have helped you on your financial journey.