What would you like to do if you become a rich?
Live in a big nice house. Buy luxury brand clothes and bags. travel around the world. Ride in a sports car. Think about when that dream came true.
I will introduce the perfect book for you who want to make those dreams and aspirations come true.
This book was written in 1926, about 100 years ago, and is still read by many people as a money textbook.
That is "The Richest Man in Babylon".
Save 10% of your income
There are some things you need to know first before getting into the teachings of getting rich.
If you are a company employee, you will be paid on a fixed date, but do you think that the income which is deposited to your bank is yours?
Answer is no.
That is not your money.
"No way!.?
The paid salary is mine!"
You probably say so, but this is an absolutely true.
Because the money you earn by working hard goes to the supermarket that sells the food you eat, the owner of the house that rents you, the telecommunications company that sells smartphones loads, and so on.
And when you noticed it, all the money was already gone. Have you experienced like this? In such a way that we live our lives, the payment for the things we need is called "living cost" or "expenditure", but after paying them, all your money will be disappeared from your bank.
So how can we have our own money?
The answer is to transfer 10% of your income to another account in advance and live with the remaining 90%. This is called advance savings method.
And if you save that 10% of your money, that money will become finally yours.
This is what New York businessman George S. Clayson wrote in the early 20th century in the United States and is still read by many people nearly 100 years later.
It is a bestseller book "The Richest Man In Babylon", an immortal masterpiece.
What is "The Richest Man In Babylon"?
The Richest Man In Babylon is a book by George S. Clayson published in the United States in 1926.
George S. Clayson was born in 1874 in Louisiana, Missouri, USA. After he graduated from the University of Nebraska, he served in the United States Army during the Spanish-American War.
Later, he founded the Clayson Map Company in Denver, Colorado. In 1926 he published a series of short fables about frugality and financial success, later published as The Richest Man In Babylon.
Who is The Richest Man In Babylon?
The stage of the story is the history and formation of "Babylon", an ancient city that once boasted prosperity in Mesopotamia, one of the four major civilizations of the world. It also explains the profile of the city of Babylon.
This story begins when Bansir, who works as a tank craftsman asks "Why can't I get enough money even though I've been working so hard?"
Bansir, whose parents are suffering from debt, is in a situation where he may be sold in return for the debt, so he goes to ask the millionaire Arkad to teach him how to become rich.
First, Arkad tells Bansir that a rich person is someone who knows how to make money.
Bansir was surprised by Arkad's answer, as he thought "a rich person is someone who has a lot of money."
So how to get rich, Arkad will teach you 7 Cures to increase gold.
This time, I would like to briefly summarize the 7 rules for building a wealth
What is "7 rules for building a wealth"?
1. Save 1/10 of your income
If you have 10 coins in your wallet, don't spend more than 9
Saving 10 % of what you earn does not make you any worse off. On the contrary, more money will flow in than before.
2. Prioritize your desires
“I want to live in a good house”, and “I want to drive a good car”, there are no limits to human desires. If you want to satisfy all your desires, no amount of money will be enough.
The richest man in Babylon said, "What we call necessities will inevitably rise to the same amount as our income unless we are careful."
What you need is a budget. Millionaires recommend writing down all the things you want to spend money on (desires) and then selecting the necessary expenses, such as food expenses, and non-negotiable desires. Try to limit your expenses to 90% of your income by asking yourself, "Are these expenses 100% worth spending?"
Prioritizing means determining whether you need something or a luxury you don't, and giving up on low-priority luxury desires.
3. Make your money to work
Don't just let the savings in the bank
If saving 10% of your income becomes a habit and your wealth increases, think of ways to make that money work and increase it further. If you make small, but sure, profitable investments, wealth will flow continuously into your wallet.
In the Philippines, the value of money will continue to decline due to rising prices, but for that reason, it is necessary to make money work = invest. It is necessary to make money work and turn to the capitalist side.
4. Defend money from danger and natural enemies
To steadily increase money, a millionaire says, "It is necessary to protect yourself from risky investments." There is a great danger of causing losses if you jump into investment products that don't know how they work or sweet talk like "big profits"!
Don't let your saved money be stolen or defrauded. Also, be careful of people asking you to lend money to friends or relatives who have no intention of paying it back.
5. Live in a better place
A better place doesn't mean a better home. For example, it is a comfortable residence for you, such as "children can play safely in the garden" or "close to work". Never be misled by the world's values.
6. Prepare for the future
No one live forever and we don't know how long we can keep working.
It is important not only to directly increase and protect money as in Teachings 1 to 4 but also to exercise to maintain good health and to develop human relationships that help each other when something happens.
It is said that the last teaching is the most important. Take action and invest in yourself.
It is said that the last teaching is the most important. Take action and invest in yourself.
Career advancement and self-investment are necessary to increase income from main and side jobs.
Summary
The Richest Man in Babylon is a novel that has very detailed hints on how to become rich.
You can also learn basic knowledge about money and points to save money in the future.
If you are interested in the content of the book, take a look and read it.
https://www.amazon.com/Richest-Man-Babylon-George-Clason/dp/1505339111