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|Important Personal Finance Tips To Remember From Richest Man In Babylon by samowo01: 6:16pm On May 29, 2020|
The Richest Man In Babylon written by George Samuel Clason’s was published in 1926 but it’s content still remains relevant in this current time. It’s a must read for every individual that wants to learn about personal finance, or those that are already big on personal finance, but needs a refresher on its fundamentals.
In this article, we highlight important personal finance tips to remember. The book named this nuggets as the “seven cures for a lean purse”. The king of babylon called on a man named “Arkad” to teach the finest men in the land the secrets of personal finance so every man can be financially free.
Start thy purse to fattening.
This simply means, save 10% of your income. “For every ten coins thou placest within thy purse take out for use but nine. Thy purse will start to fatten at once and its increasing weight will feel good in thy hand and bring satisfaction to they soul”. Pay yourself first by saving 10 % of your income maybe more when you can.
Control thy expenditure.
This simply means live below your means. “What each of us calls our ‘necessary expenses’ will always grow to equal our incomes unless we protest to the contrary. Confuse not the necessary expenses with thy desires”. This states the importance of budgeting so as to have extra to save , it also offers security in case there’s an emergency. In addition, the richest man in Babylon also enforces the need to not spend more than 9/10 of your monthly come. It also adds that your expenses expand to fit your income, always remember you need to find ways to increase your income and also find ways to decrease your expenses.You cannot manage what isn’t measured, remember to always keep 10%, this is a starting point for any individual that wants to start a savings plan, saving 10% is a good place to start.
Make thy gold multiply.
“The gold we may retain from our earnings is but the start. The earnings it will make shall build our fortunes. Learn to make your treasure work for you. Make it your slave. Make its children and its children’s children work for you”. “Put thy coin to laboring that it may reproduce its kind even as the flocks of the field and help bring thee income, a stream of wealth that sall flow constantly into thy purse”. In summary, this simply means invest your money and let it multiply.
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