Rise Of The Financial Ruler. Mr Paul See
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Название: Rise Of The Financial Ruler
Автор: Mr Paul See
Издательство: Ingram
Жанр: Учебная литература
isbn: 9789811124938
isbn:
17
Good Years, Year 2
He just jotted down in his journal:
Reuben and his wife continued to notice that property prices were continually rising. By now, they had managed to amass enough funds from friends and family to make the down payment for the hut. So Reuben went down to the simple, quaint hut by the hillside to check it out again. Everything was going according to plan, but just as they were about to close the deal, Reuben was told that the minimum price for down payment had increased and his funds was no longer sufficient as down payment.
This disappointed Reuben very much, but even though he could not close the deal then, he left feeling determined to buy down a house as soon as possible. He knew that the value of houses will continue to appreciate and the sooner he bought one, the more profit he would make from the property’s appreciation.
With this in mind, he borrowed money from more friends, and asked each of his brothers, right down to the youngest one, Benjamin.
Spending within your income is not equivalent to spending within your means
18
Good Years, Year 2
Surprisingly, it turned out that the one who had the most cash to spare was in fact Benjamin, who knew that Reuben was in need of a house after his wedding. Seeing how he lacked money for the down payment, Benjamin had predicted that sooner or later, he would come looking to him for a loan. He was prepared, and had set aside 5 percent of his annual income for Reuben.
Out of the money that Benjamin had compartmentalized, 5 percent of his income was to be spent on charity. This portion of Benjamin’s money can be given to anyone that needs it most, and this time it was his brother, Reuben. Even though he gave it to Reuben as a loan, he decided to consider this money as no longer his, and took it as helping his brother in need instead.
The original plan was for Reuben to earn money quickly to repay him back within 3 months. However, as he still had not bought his house, Reuben’s loan period grew to 6 months, then a year…
But Reuben still did not have enough, and asked Benjamin if he had more to spare. Reuben calculated that 5 percent of his yearly income was about 1000 shekels, and told him that that was as much as he could offer him.
When Reuben asked for even more, his answer was simply: “Sorry, I have already made plans for each of my shekels, the rest have other places to attend to.” To such an answer, Reuben had no choice but to back away.
19
Good Years, Year 3
Year 3
Camel Travel was seeing excellent growth over the year, and Reuben benefited from the growth as well. He was promoted to a managerial position and had his salary increased to 3650 shekels of silver.
Having borrowed even more money from friends and family, Reuben excitedly went back to the hut in a bid to buy it down. But to his dismay, it had already been bought by another couple!
Reuben knew he had no time to be disappointed, and quickly looked for the next best alternative, the riverside cottage. Fortunately for him, with his salary increment and the borrowings he had made, the 24,000 shekels of silver he had was just enough to make the down payment for that property.
“The hut does not suit the image of a manager like me anyway; huts are for poor people after all”, Reuben contemplated to himself, “it’s only right for someone of my status to live in a cottage!” The cottage was also selling for a good price, and it would surely appreciate over the years, so Reuben decisively concluded the deal with the cottage’s owner.
Before moving in, as Reuben was busy with his work, he sent his wife to the market to buy whatever was needed to refurnish the house. Little did he expect that the bill at the end of the day would come as the shock of his life.
20
Good Years, Year 3
Reuben’s wife had bought lots of STUFF. The latest urban pot from Syria, the finest Persian silk, the most exquisite Da Vincy timber wood dining table, the designer mirrors…Just plenty of STUFF.
When confronted, she got angry and justified that they would have to use those things one day, why not buy in advance? Moreover, what good would a beautiful cottage be if its interior is mediocre? To top it off, some of them were on half-price sale!
Reuben was still hopping mad, he argued that these STUFF were not necessary expenditures. She had saved half the price on the STUFF, but she had also spent the same amount without needing to! The dining table was one of the most expensive, requiring a monthly instalment of 50 shekels of silver.
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