Empty purse: how to attract, retain, and grow money

By Prof. Samuel Lartey

In the classic book The Richest Man in Babylon, George S. Clayson outlines timeless principles for financial success: earning, saving, and growing wealth. These lessons resonate with the real-life story of Prof. Samuel Lartey, a distinguished academic, financial expert, and current Vice President of Regent University College of Science and Technology, Ghana.

Through his personal and professional journey, Prof. Lartey exemplifies how individuals can attract, retain, and grow wealth through discipline, knowledge, and strategic investments.

The Early Years and Foundations of Success

Born and raised in Ghana, Samuel Lartey’s formative years set the tone for a life defined by academic and financial excellence. With early education anchored in strong values and an emphasis on learning, Lartey pursued higher education with a focus on social sciences, earning degrees in Political Science and Philosophy.

His journey continued with an MBA in Management Information Systems and a PhD in Financial Management, equipping him with the expertise to understand financial systems deeply and make informed decisions.

The Symbolism of an Empty Purse

“Empty Purse” symbolizes a state of financial scarcity or insufficiency. It refers to situations where individuals live paycheck-to-paycheck, with little or no savings to fall back on, similar to an empty purse. This feature uses this theme to emphasize that financial hardship often arises not from a lack of income, but from poor money management and a lack of financial discipline.

Key Causes of a Lean Purse

1. Overspending:

Many people spend beyond their means, leaving them with little or no savings.

2. Lack of Savings Culture:

Failing to save even a small percentage of income leads to financial fragility.

3. Poor Investments:

Investing without sufficient knowledge or blindly trusting others can result in losses.

4. Failure to Plan for Emergencies:

An empty purse leaves individuals vulnerable to unexpected crises, such as health emergencies or economic downturns.

Career Milestones and Financial Growth Strategies

Lartey’s career trajectory offers profound insights into accumulating and retaining wealth. From his roles in banking, academia, and consulting for multinational organizations, he gained hands-on experience in financial management and digital financial services.

At institutions like the Chartered Institute of Bankers and the Ghana Association of Banks, he led research efforts that emphasized the importance of financial literacy, sustainable investments, and wealth preservation strategies.

Lartey’s rise through the ranks, including his role at Regent University, reflects the principle from Clayson’s teachings: “Make thy gold multiply.” His investments in knowledge, through continuous learning, research, and mentoring, are akin to reinvesting in assets that yield returns. His work with organizations like the United Nations and GIZ further underscores the importance of aligning financial goals with societal impact.

How to Overcome an Empty Purse

1. Save 10% of Income:

Start by setting aside a portion of all earnings. Even small savings over time build financial security.

2. Control Expenses:

Differentiate between needs and wants to reduce unnecessary spending.

3. Make Money Work:

Invest savings in ventures that promise steady returns, but only with proper due diligence.

4. Seek Advice:

Just as the characters in Babylon consult with experienced advisors, individuals today must seek financial guidance before making investments.

5. Develop Skills:

Increasing your ability to earn ensures that income grows over time, reducing financial stress.

Attracting Money: Opportunities in Ghana’s Economic Landscape

Ghana’s economy offers several avenues for wealth creation, from entrepreneurship to investments in technology and education. Lartey’s story exemplifies how strategic career choices aligned with the country’s economic opportunities can attract financial prosperity. As a financial educator and mentor, Lartey emphasizes seizing these opportunities and leveraging financial systems, such as savings and loans, to create and grow wealth.

For many Ghanaians, especially SMEs and low-income individuals, the concept of the empty purse resonates strongly. Inflation, high living costs, and inadequate financial literacy contribute to financial instability. However, embracing the principles from this feature, saving, budgeting, and investing wisely can empower individuals and businesses to build financial resilience.

1. Individuals:

Mobile savings platforms (e.g., MTN MoMo) provide opportunities for consistent saving.

2. SMEs:

Businesses can reduce financial strain by reinvesting profits and accessing microfinance loans responsibly.

3. Corporates:

Large organizations in Ghana combat lean finances by focusing on long-term investments, diversifying income streams, and managing operational costs effectively.

Retaining and Growing Wealth: Financial Lessons for the Modern World

The lesson of the empty purse teaches that no matter one’s income level, financial stability comes from deliberate savings, prudent spending, and strategic investments. These lessons hold value across personal, business, and corporate settings in Ghana, promoting wealth-building and long-term growth.

In alignment with this, Lartey’s career shows the value of sustainable financial planning and diversification. His involvement in academia and consulting demonstrates a commitment to long-term financial strategies, ensuring steady income through multiple streams.

Furthermore, his career in Ghana’s financial sector highlights the importance of staying ahead of economic challenges. By engaging with financial literacy programs, Lartey promotes retention and growth of wealth, mirroring Babylon’s principle of prudent spending and investing wisely.

Conclusion

The story of Prof. Samuel Lartey offers real-life validation of financial principles. His journey, from early education to influential roles in academia and finance, shows that wealth creation requires a deliberate combination of knowledge, discipline, and opportunity. His work reinforces the idea that financial prosperity is not just about attracting money but also retaining and growing it sustainably.

In an economy like Ghana’s, where digital financial services are proliferating, Lartey’s insights provide invaluable guidance on navigating financial systems and achieving long-term success. Like the ancient citizens of Babylon, the path from an empty purse to financial security is paved with wise decisions and relentless pursuit of knowledge.

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