One of my favourite book recommendations is the The Richest Man in Babylon, a classic, timeless book. Written in 1926, it has been reprinted many times since then. It is still as relevant today as it was when it was first published, believe it or not.
George S. Clason, the author of this book, is a man who was born into poverty but rose to become one of the richest men in America. He achieved this by following simple principles that he outlines in his best-selling book.
The principles are easy to understand and even easier to implement, even for those with limited financial knowledge or experience.
The story is about a man who lives in Babylon and his journey to becoming rich. The main character starts off working for another man, who teaches him the principles of investing and saving money. He then becomes wealthy thanks to these lessons and shares his knowledge with others so that they can also become wealthy.
The main character’s journey teaches us about how to make money through investments such as stocks, bonds, real estate, business ventures, etc. He also shows us how we can save money by eating at home instead of going out all the time or taking public transportation instead of driving around town all day long without getting anywhere fast (or even at all).
The rich man than went on to include what else he had learned from his mentor… the seven cures for a lean purse (empty purse).
They are:
1.) Start thy purse to fattening: The first cure to a lean purse is to save 10% of whatever you earn. This will lead to more money in the long run.
2.) Control thy expenditures: Carefully consider what is necessary and what isn’t. Don’t throw your coin to what which isn’t required. Unless it’s an investment in your basic necessities, your health, your business, or your future, don’t dish out your hard-earned cash.
3.) Make thy gold multiply: Look for ways to get your gold to work for you, investments.
4.) Guard thy treasure from loss: This ties in with number 2, to be careful with where we spend our money. We shouldn’t be rash with spending or intrigued by get rich quick schemes. Be careful with your money!
5.) Own thy own home, make of thy dwelling a profitable investment: Invest in obtaining thine own land. You can’t fully enjoy life unless you have something you can call your own.
6.) Ensure a future income: “Save for a rainy day” comes to mind with this. We don’t know what the future holds. Therefore we must save accordingly for a day that comes upon us unexpectedly.
7.) Increase thy ability to earn: “The more of wisdom we know, the more we may earn.” Increase your knowledge to better yourself. “The man who seeks to learn more of his craft shall be richly rewarded.” The more you learn the more you earn.
Babylonian money management can be applied today by you.
The principles that Clason outlines in this book are simple and can be applied today by anyone. The first step is to save 10% of your income, then pay yourself first.
Investing in yourself and making a budget are also important steps to take before you start investing in property or any other asset class.
If you follow these steps, you’ll be on the path to financial freedom!
The Richest Man in Babylon by George S. Clason is an excellent book for anyone looking to get started in property investment, whether you’re a first-time investor or a seasoned pro.
The book is written as a series of parables from ancient Babylon, and these stories are used to teach the reader the secrets of wealth creation. It’s full of practical advice that can be applied to any type of real estate business.
If you’re looking for a comprehensive guide on how to get started investing in property, this is the perfect book for you!
Reach out to me directly at leonie@wealthology.com.au to help you reach your full potential, achieve success, and learn how to use your money like a Babylonian.
