LIVING WITHIN YOUR MEANS; A PANACEA TO FAILURE

Someone might ask what the subject matter is all about, but i must confess that living within your means is one of the persistent secret behind affluence.

Inadvertently, we have mismanaged our resources and yet still wail aloud for the day when we will have a silver spoon in our mouth. Living within your means has all that it takes for one to be rich. Although everybody is rich; but all fingers are not equal.

The concept “living within one’s means” are in most cases in our lives neglected and underestimated; yet it is of paramount importance to our live and our journey towards wealth.

Though that every one do not earn equal amounts, but to be concise about the matter when one earns be it a very small amount, he or she should not spend it in a twinkle of an eye bearing in mind that they will be paid the next day, week or month. For instance if the world’s richest men earned their money and spent it all in a day; they will by no means become rich or even yell for it, but they maximized their resources for effective use.
by that very fact or act; the rich are fast becoming rich while the poor are getting poorer; the problem is simple to solve: live within your means.

In most cases we take solace in the economy as a major factor that makes the poor go poorer. But if i may ask; doesn’t the economy also affect the rich ones, so one should cross your tears and dot the eye. It is not a problem of other economic problems of what to produce, how to produce, for whom to produce and problem of unemployed goods; but it is a problem of efficient use of resources.

As a matter of fact; living within your means simply means cutting one’s cloth according to his/her size. Be it so little, anyone earns; it is just a question of efficient use of resources. In the study of the concept “living within your means”; every other economic problem of the society lay inert except the efficient use of resources.

A worker who has a very lucrative job and earns very high amount may have a small savings making him to think that he is rich; but to his astonishment, he is just obeying the law of non-proportional returns or variable returns; by that very fact or act, he may be assuming that he is rich but his resources and means kept decreasing with time.

The mere simple key towards wealthiness is living within your means the key to that is just

  • Earn small, save small
  • Earn high, save high
  • Earn higher, save higher.

One of the problems an earner may encounter in his journey towards richness is just, when he earns high, he saves high, but when he earns higher the concept of saving higher is just negligible in his dictionary. Because of this many has failed in their quest to become rich.

Living within your means as far as wealthiness is concerned is too enormous to forget.

Importance of living within your means

  1. It makes one to be contented with what he/she has
  2. It brings about efficient use of resources
  3. It makes the word “borrowing” exempted from one’s dictionary
  4. It does not give room for mismanagement of resources, which is a problem which has double tied most economies
  5. It enhances the stability of the economy.

KEYS TOWARDS LIVING WITHIN YOUR MEANS

  1. Manage the little you have
  2. Avoid extravagant expenses
  3. Do not “borrow”
  4. Do not procrastinate your savings/resource
  5. Do not lend amounts which you cannot afford to loose.

With these few keys, our success in the journey towards being rich is guaranteed; just insulate them; cultivate them and practise them religiously, you will be successful. Remember; it does not apply only to monetary world, it also extends to your success in life.

Updated: May 8, 2020 — 11:24 am

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