7 Powerful Lessons From The Book The Richest Man in Babylon. [A summary of the book]

      7 Powerful Lessons From The Book The Richest Man in Babylon. [A summary of the book]

      1. Pay yourself first with 10% of your income.

      You will adjust your budget to fit your means within the other 90%.

      2. Control unnecessary expenses by controlling your desires.

      Desires grow when there is a chance of them being fulfilled. Study your habits and eliminate any unnecessary expenses.

      See also: 10 Lessons From The Psychology Of Money: Excerpts from a must read book by everyone

      3. Make your money work for you by investing your savings.

      Invest the profit from your investments to grow your wealth even quicker.

      4. Make safe investment decisions to prevent financial ruin. Your money can’t work for you if you lose it.

      Do your best to never lose money.

      See also: How To Teach Your Child Financial Literacy: Episode 2 (How To Spend/Save Money)

      5. Own a home if it means you can save on rent.

      If you can rent out rooms to lower your living expenses, do it.

      6. There will be a day where you can no longer work and earn.

      Prepare for retirement from an early age. The earlier, the better.

      7. Increase your ability to earn more money by amassing skills.

      It is the burden of all men to gain the confidence needed to achieve his desires.

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