George .S. Clason born in Louisiana on November 7 1874 is the author of one of the greatest financial books ever written if not the greatest. Written 95 years ago, the ‘richest man in Babylon’ still holds wisdom for generations to come. If you haven’t read this book, I encourage you to do so, you can’t go wrong with the knowledge from this book.
I will be dishing out seven awesome lessons from the book on how to cure a ‘lean purse’. A lean purse can be likened to a slim wallet, it’s like brookness or a condition of having little or no more money. Here are seven lessons to learn from the ‘richest man in Babylon’.
1. The first step to having a fat wallet is saving at least 10% of your income. In other words, do not eat all of your income.
2. Control your expenses so you can pay for your necessities without deepening hands into your savings or borrowing.
3. Let your saved money bring in more money. This simply mean to invest your money.
4. It’s not enough to invest, you have to guard your money by investing with wisdom. Make enquiries, research properly and make sure you invest rightly.
5. Make where you live a profitable investment. This simply means to own your home. Instead of unnecessary luxury, why not build or buy your own home. Considering the amount spent on rent these days, owning your home is very fulfilling.
6. Insure a future income. This is simply making provision for old age and protection for your family so when you are no more in the picture your children don’t go begging.
7. Increase your ability to earn. You have to improve yourself, become more wise, more skillful, strive to be the best in whatever you do, that way you remain relevant in the game.
These rules are golden, they were useful then in Babylon and are very much applicable today and till tomorrow remain profitable.
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