The Richest Man in Babylon is a really old book that's super smart about money stuff and stories from forever ago. It was written by George S. Clason, and he tells stories that teaches us how to be good with money, save it, and make it grow. What makes this book special to me and to others who have read it, is the fact that it's information and insight were applicable, are applicable and will be applicable in any dispensation.
In this book, there are rules called the "Five Laws of Gold." They are the main or basic rules for making and keeping money. I would like to share them with you, I believe it will be helpful for those who don't know and even those who already know and apply.
1. Start Thy Purse to Fattening:
Arkad, who was the richest man at that time, began teaching on the first step to wealth. He stated that a 10th of all you earn is yours to keep, by which he implied that save at least 10 percent of all your income.
This rule is all about saving money before you spend it on anything else. If you put some money away first, you'll have it for later when you need it. It's like being ready for anything. He gave a profound analogy, when he said that if you put 10 eggs in a basket and take out 9 everyday, eventually that basket will overflow. That is how your bank account will look when your pay day comes and you always don't take out a 100 percent for expenses.
2. Control Thy Expenditures:
This law teaches on the importance of controlling your expenses. I believe that no matter how much money you get paid or earn, if you spend 101 percent of it, you will always be broke and in debt. He advised in this law against wasteful spendings that can lead to financial troubles. Ever wondered why it seemed like 2 people can be earning different amounts of money but both seem to be broke? It's not about how much that comes in, it's about how much you keep from going out through the expense column. Delay gratification is the name of the Game. There are many things we get we don't need, we only desire. But there is a limit to how much everyone can get. Even millionaires can't afford certain things billionaires can. If you want to be wealthy, you must learn to delay gratification.
3. Make Thy Gold Multiply:
This rule is about making your money grow by investing it. If you put your money in things that make more money, you can end up with even more money over time. It's like making your money have babies. This encourages people to avoid hoarding money which hurts the economy, and investing it. In short, make your money work for you. True financial freedom I believe, is through passive income. Money coming in even when you are asleep or taking a vacation. That's the life we all dream about. And that can be achieved through this means.
4. Guard Thy Treasures from Loss:
We just spoke about investment, but do you know that some people's lives have been ruined through bad investment?. Arkad makes us to understand that, it's better to keep your wealth than to risk losing it by investing it in things we do not understand. He explains by saying, "do not invest into things you do not understand". The fastest way to lose your money is to put it in such ventures. Do not take financial advice from people who are inexperienced in the area you are going into. Only take advice from people who have succeeded in that path. You can also decide to learn from the mistakes of those who have failed. I personally encourage you to have a mentor in any field you endeavor to go into or invest in.
5. Increase Thy Ability to Earn:
Arkad finally teaches us to keep learning and getting better at what we do, so we can make more money. Staying open to new ideas and changes in our job or business to improve our earnings is paramount to our success. If you've observed, those making the big bucks are those who are very experienced in the things they do. Continue to improve your skill in your endeavors and see yourself rise.
In conclusion:
The Five Laws of Gold from "The Richest Man in Babylon," it's like having a roadmap to wealth. We will eventually get wealthy if we can save money, be smart about spending, make money grow, keep it safe, and get better at making even more money.
thank you for spending time to read my post, hope to see you in the next. Stay blessed. Love you all ❤️