Book Summary covers following: 1. How to fattening your purse?
2. Importance of control of expenditures?
3. Make the gold multiply.
4. Guard the treasures against loss
5. Dwelling a profitable investment
6. Ensure a future income
7. Increase the ability to earn
Personal finance success is the accomplishment we achieve by our efforts and abilities. For that, We require a proper plan and act on it. The Personal Finance Lessons from the book The richest man in Babylon will surely help you in wealth creation and financial freedom The secret of the richest man in Babylon
Most people believe in working hard and earning money will change their life like magic and fulfill their desire. They will be able to do the things they want to do, buy the things they want to buy, etc. When they witness the harsh reality of life, they know it is not serving the purpose. If working hard would be the way of the wealthy life, most of us would be wealthy. To be wealthy, we have to learn the rules which govern money.
Key wealth creation lessons from the The richest man in Babylon is:
1. Part of all you earn is yours to keep- First pay yourself first, then spend your money on the other things. It is challenging in the beginning, but when you start doing it. Over time, it will become part of your habit, and you adjust your expenses with the rest of 90% of earned money. At least pay 1/10 (10%) of whatever you make to yourself. The sooner you start paying yourself first, the earlier you will get wealthy.
2. Take Advice– Take advice only from those who are experienced and experts in that field. Advice is freely available to us, but we should take what is worthy of having. If you work on the inexperienced person’s advice, you will pay off your hard earned savings quickly.
3. Invest the saving– Invest your money, and don’t misuse the saved money on luxury, party, and personal comfort. Let your saved money work for you by investing it in the advice and experience of experts. It will compound the money we have saved from our earnings.
