Daily Meeting - Personal Finances Part 2

7 Rules from The Richest Man in Babylon

1. A part of what you earn is yours to keep

• Save at least 10% of what you earn

1. Control your expenditures

• Cut your expenses and stop buying useless things

1. Multiply your money

• Make the money you’ve saved work for you
• Diversify your risk, not your assets attached to the risk

1. Protect your money

• Don’t lose money
• Try to make more money faster
• Invest in an index, don’t try to beat it

1. Own your own home

• Make decisions for the long term
• Be patient and let time do its magic

1. Ensure a future income

• Have a savings for retirement
• Don’t let your government have a full

1. Increase your earnings

• Invest in yourself and learn as much as possible
• The highest earner are the ones who work on themselves equally or more than they do on their job

• When you do not take your money off the top, you look to everything you did and look at what you’re supposed to do and say you don’t have enough left
• If you do not pay yourself first, you will never have enough left
• You are in poverty and poverty never lasts
• Lack of money is a heart issue
• Money is a relationship with energy
• If you have a lack of money, you have a lack of integrity
• If you are not paying yourself first, you vibrationally put yourself on poverty’s road
• If you believe in God and don’t tithe, you don’t believe in God
• If you are not tithing to yourself, you are killing yourself
• If you give the Lord 10% and never give yourself 10%, you’re not showing that the Lord loves you

The Richest Man in Babylon — Ch. 2

• Theme: the more you learn, the more you earn
• If you are not working diligently on making more money, increasing your skillset and your ability to earn, you are a sinner
• Once you start telling people to develop skills, no one shows up
• Once you start telling people to learn, everyone shows up

Lesson 1

• Algamish provides Arkad with the first lesson:  part of all you earn is yours to keep. This is that age-old saying that we’ve all heard often – Pay yourself first. It’s simple enough, but if you don’t take it to heart, make it a part of your every action, and put it into practice you won’t know the vast benefit of such a habit. As Arkad learned, paying oneself a tenth of everything he earns teaches a man to live just as well with the remaining 90% of his earnings. He didn’t even notice the difference.

Lesson 2

• Later on, as Arkad has gotten into the habit of putting away that tenth… we learn the second lesson. Arkad built up a bit of money and decided to take the advice of his friend the brickmaker, to invest in some gemstones. Algamish points out the folly of taking advice from a brickmaker about gemstones, as Arkad painfully learns by losing all of his savings. Why should he take advice about gemstones from a brickmaker? Lesson two from Algamish: take advice only from those that are experienced in the matter of your questions.
• You’re acting like Arkad talking to the brickmaker about gemstones when you listen to the people on your timeline
• You get real superstitious when you win with no education 
• A penny doubled everyday for 30 days is $5,368,709. But a penny doubled every day for 15 days is only $163.84. Lesson: trust the process.

Lesson 3

• The third lesson: take advantage of compounding of returns.
• Once Arkad had learned and applied the lesson of compounding returns (making the children of your money to produce children of the children), he had mastered the secret of increasing his wealth. Upon learning this, and knowing that his heirs had not learned these lessons, Algamish offers Arkad a job, managing some of his properties. In return, Algamish makes Arkad a partner in the profits, and the heir of a portion of his fortune. And the rest is history.

Closing Thoughts

• It doesn’t take talent to make a lot money 
• Skill acquisition and learning are two different things

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