Purse Skills? What Are Purse Skills?

What on earth are "purse skills"?

What on earth are "purse skills"?

In George Clason's classic book "The richest man in Babylon" first published in 1926, the main characters are engaged in a conversation about the seven cures for a "lean purse". These days a person's wealth is not determined by the size of their purse or wallet (very few millionaires carry cash!) but clearly, there seems to be a continuous challenge when all over the world, in all cultures, in rich and poor countries, there always seems to be more "month" left at the end of the money when all the creditors have received their "pound" of flesh. Interestingly enough, in Clason's book one of the first cures for a "lean purse" is to pay yourself first - not last!

A purse skill is a money skill

But how do you pay yourself first when it is an open secret that less than 1% (one percent) of the world's population is defined as "wealthy". The truth is that this figure is closer to .5% (point five percent). A skill can be acquired or someone can transfer a skill, hence the phrase "skills transfer". The same applies to money skills. However, who among the 99% will be able to transfer the skill to anyone within the same 99%? It would respectfully, be a case of the blind leading the blind. So, no matter how much more education about personal money management is brought into the school curriculum the poor learners will probably be taught by someone who themselves lack the skills that they are trying to transfer.

What skills does the 1% have?

There are those who would argue that it is 80% attitude and 20% skill and there is probably a lot of truth in such an argument. If one is enthusiastic and more positively disposed towards learning about the best management of money you would certainly have an edge over those with low motivation to be financially independent or even wealthy. Spending and saving habits also differ remarkably between the 1% and the other 99%. Most of the world's millionaires spend less than they get in. Then they seldom put all of their savings in an ordinary bank account but rather find ways to invest their savings in a way so that compound interest will deliver the best returns for them. Lastly, invariably, the world's wealthy citizens are not the kind who would give up easily. They are determined to achieve their objectives - very often making a comeback after a severe setback.

by: Trevor Herbert

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