How to thrive at a time when uncertainty is the only constant and traditional investment practices no longer seem to work? Here are the keys to building capital and having money.
In ancient Babylon, there were thousands of citizens who with intelligence and dedication made themselves and their families rich, and in the process created one of the richest and most powerful cities in the ancient world.
Such progress led to the development of writing: on the clay tablets, the account statements of farmers, cattlemen, builders, service providers, government men and lenders were captured.
So, inspired by such a dynamically dynamic society, author George S. Clason wrote a book that is considered a classic of self-improvement and personal finances : "The Richest Man in Babylon," from which we derive the following rules for Have lots of money
The Seven Golden Rules of Money:
Save 10% of income
The idea is that "a part of all that is earned must be preserved". Calculate what would happen if you keep 1/10 part of everything gained and invest wisely, how much money would you have after 10 years? If you want to be rich, then here is a simple formula: you should save at least 10% of income.Control spending
Here it is about having a little discipline in spending. If we are not able to save 10% of the monthly income, this means that you are spending money on things you really do not need. No matter how much or how little you earn, everyone can live with 90 percent of their income and save 10 percent each month.Make money multiply
This is part of the investment. What is owed is to make money a servant rather than a servant of money. Money will work for one fortunately if you can invest it wisely, with the advice of professionals whose daily work is to make money produce thanks to other people. To invest money , there are many different options available, such as stocks, bonds, mutual funds, fixed-income deposits (bank payments), commodities (gold, silver and oil), etc.Take care of loss money
You should not invest money in risky investments . At least in the early years of investment, you should invest money in secure investments where you get a steady return and where capital is secure. In the meantime, you must acquire knowledge about the different investments where you can get better returns with less risk. If the money is placed in investments where the risk / return ratio is high and you do not have enough knowledge, chances are you will lose the money.Invest money in secure and profitable investments
It is the fifth rule of money that states that money will come with joy and in increasing quantity if the money is invested in investments where the risk is very low and there is no fear of losing it. There are many safe investments like fixed deposits or state bonds where you get a lower return, but the capital is safe.Securing future income
This law says that money comes in excessively to the person who invests their money to buy a home where their family can live for years. After purchase you can invest the savings to buy other rental flats, apartments or houses where you can pay the monthly fee of the mortgage to income obtained from tenants and secure a future income once the mortgage is paid .Increase the ability to win
Here you are invited to improve your income skills so that you can earn more. These are important skills, which should be considered improving. So you should invest time to improve communication, leadership, sales, relationship development, equipment, techniques, language and other skills related to the occupation.