7 remedies to a sick wallet

Date: Tuesday, 16th of November, 2021
Published by: Greatwolfman

It was my last day in high school, the time to say goodbyes to friends you might never get to see again. Things were about to change. One day, I received a gift from a girl who confessed that she had feelings for me and she wanted me to have something to remember her by. I remember I was speechless, I was used to being ignored by girls due to my introverted nature.

I unwrapped the gift and guess what I saw? I'm sure at least some of you would have guessed it from the title of this article.

"The Richest Man in Babylon" by George Samuel Clason

She gave me the perfect gift. I love reading books and this book was just one of a kind, I returned the favor by giving her a gift too and I was glad she appreciated it, we are just friends now though but good friends.

The book changed my life although I didn't realize this until later, I'm glad I wasn't too late to realize this.

Regardless of your reason for clicking on this link to read this, I'm sure you will learn a thing or two that will change your financial situation for the better.

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The writer made use of a Babylonian character to teach these lessons that I will try to explain these rules making reference to Bitcoin Cash hence the reason for using the word "wallet" in the title.

There are 7 rules, as long as you follow them, you will see a lot of improvement, many of us are already doing that without even realizing it. The rules might sound foreign so I will try and explain in the best possible way.

Rule No 1

"Start thy purse to fattening"

This rule emphasizes having savings. Months ago, I read an article that suggested saving $1 every day to a private wallet and not touching it. It doesn't have to be $1, if it's a few cents you can save, it's something as long as you are saving something somewhere. It doesn't matter much if it's in Fiat, a stable coin like USDT, or in Bitcoin Cash.

Most people have difficulty following this rule. The truth is when you have access to it, you will be tempted to go back to touch it, and soon enough it would lose its sole purpose. If you can do this successfully, you have taken the first step in "Fattening your purse".

The journey to $1,000,000.00 begins with a few cents.

Rule No 2

"Control thy expenditures"

After following the first rule, and your wallet beings to grow, your needs would grow too. We are humans, we can never be satisfied and our wants can't be satisfied. There is this pressure to want to maintain a standard and meet certain conditions. This is good but you should know that by doing this, you might simply return to having a lean wallet.

You need to know the differences between what you want and what you need. It is very easy to confuse the two.

I'm not saying you shouldn't live a good life before you are trying to control your expenditure, do so, but moderately.

Rule No 3

"Make they gold multiply"

Now, you know what it's like to have a fat wallet (or in the very least, "not lean"), but the journey doesn't end here. This is where "Investing" comes in but do not be fooled, in the course of carrying this out, you will come across a lot of "get rich quick schemes" @HappyBoy can relate from his experience with a scammer on Telegram recently.

There is a golden rule that says "do not invest what you can not afford to lose", take this to heart as you DYOR (Do Your Own Research). Thanks to Smart BCH, a lot of developers can build their tokens, although there were some rug pulls but that only refers me back to the golden rule. You win some, you lose some, but by taking precautions, you will win more than you lose which should be your main priority as an investor as you try to multiply your earnings.

Rule No 4

"Guard thy treasures from loss"

As you try to fatten your wallet, you should also try to protect it. Since I'm directly referring to writers here who have some crypto hodlings, it is important you protect your "private keys", which could be in the form of "12 seed phrases".

Your wallet is only as secure as your 12 phrases, many writers have written articles on the importance of keeping these phrases safe. I wouldn't recommend storing someone on your phone since phones can get stolen or hacked. It is better to write it down somewhere safe and keep away from watchful eyes.

If you have your savings in Fiat, you should be careful with whom you share private and personal information. Storing your earnings as Crypto in your wallet gives you more control of your savings. Whichever form you decide to save your earnings, take precautions to protect it or you would have to start from the beginning.

Rule No 5

"Own thy own home"

We often spend money on a lot of liabilities without thinking about the future. We spend a lot on the latest mobile devices or Laptops, buying expensive cars and others but these are only liabilities (unless they serve as a medium for money to keep coming in). While we chase all these things, try and get a roof over your head.

There is a level of satisfaction that comes with knowing you would not have to spend a lot of money paying rents while trying to fatten your wallet. House rents are always rising, it adds more expenses and could even end up being a form of liabilities to your wallet.

As you try to chase more wealth, ensure you also have a place you can call "My home".

Rule No 6

"Insure a future income"

As you try to work towards fattening your purse, you need to know you won't be able to do this forever, eventually, you will want to retire. To insure future income can either be in form of some of your investment or the savings (Rule No 1).

I once heard a saying somewhere that "you can only know you are wealthy when you start to make money in your sleep". That's something to keep in mind as you try to ensure a future income

Rule No 7

"Increase thy ability to earn"

Don't put all your eggs in one basket. It's always good to learn new skills every day. We are currently in the computer age, which means that there is more value in software design skills, Computer programming, Crypto developers, Software design, and many more.

Today, read.cash and noise.cash has provided a means through which we can explore our writing skills to earn Bitcoin Cash. When you tell anyone about writing articles, the usual reply is "I don't know how" instead of "How can I do this" - to quote Robert Kiyosaki. It's never too late to learn a new skill as long as it can generate more income to your wallet. Having multiple sources of income Is the last and final rule you need to follow to fatten your wallet.

Conclusion

It's so wonderful how important rules can be, it is what separate us from the animals - to quote John Wick.

Rules can be difficult to follow, it is easier said than done but with time and dedication, it is possible. I have been trying to apply these rules and I've seen a lot of improvement, I'm sure if you do the same you will notice it too.

The answer to every question is in a book somewhere, you just have to find it

Lead Image Source: Unsplash

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