Monday mornings have a way of getting many people to think about finances. Whether you are fulfilled in your current occupation or you are unhappy with your position, “The Richest Man Of Babylon” is a great story about accumulating and managing wealth.
Georges S. Clason describes Babylon as an example of our ability to achieve great things by utilizing what we have. Imagine, Babylon had only two natural resources and they were able to build from there. It’s important to note how educated the people of Babylon were.
Where Do We Start?
The story begins with a man who desires wealth. He was down on his luck because no matter how hard he worked, he could never accumulate enough income to speed as liberally as others.
I’ve been there.
The man soon realizes that the reason he has yet to accumulate wealth is that he never actually attempted to find it. Up to that point, he only succeeded at the things he devoted himself to.
So, he began by seeking the knowledge of the “The Richest Man Of Babylon,” at the time.
You don’t know what you don’t know.
Increasing knowledge and the ability to earn are great places to start. This will lead to confidence in achieving our desires.
Allocating Income
Georges S. Clason says that the road to wealth begins by deciding that part of your income is yours to keep. He acknowledges that this may be extra tough for low-wage earners. But could it be achieved nonetheless?
Second, what we keep (or save) must be put to work. Investing would be a good example. Keep in mind, caution should be exercised when seeking knowledge and advice from others in this area. Invest safely and wisely.
This is the building phase, not a “get rich quick” scheme. Wealth needs to be watered and nourished in order for it to grow. Be content with what you are comfortable with saving and build from there. We are all starting from different positions.
Our expenditures are up next. This is the area that may need the most adjustment, if possible. For example, eliminating subscriptions. It’s all about what is important and necessary for you.
He says that owning a home is wiser than renting from someone else. I’ve personally experienced yearly rent increases, which are a hindrance to financial goals.
Another important key is planning for the future, such as retirement.
At the end of the day, desires should be simple and definite. Having general ideas about what we want can lead anywhere…with no direction. We should be able to act on specific opportunities to get us to specific goals.
Avoid procrastination, it leads to nowhere. Determination will help us find the way.
“The Richest Man Of Babylon” goes on to provide some great tips on borrowing and lending money, as well as protecting our assets.
This classic book is a great place to start if you are looking for some direction.
Comment below if you have already read this book and thanks for reading!
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Sachi Reads Daily 