Hello there! How are you today? It’s a beautiful Tuesday here in Zaria-Nigeria. It’s been a while, hope you’re good. So, this afternoon, I’ll be sharing few lessons I got (sometime in 2017) from the reading of The Richest Man in Babylon Today by Fred Siegel. Before this time, I had read “The Richest Man in Babylon” written by George S. Clason, which articulates great & ancient financial advices for accruing wealth by creating the habit of saving up, spending / investing wisely and taking up good counsel.
Back on track
Fred Siegel’s The Richest Man in Babylon Today is rather an adaptation of Clason’s “The Richest Man in Babylon” to the contemporary society. First, it navigates the potentials of saving a certain percentage of income over a period of time, then, goes on to explore the current financial systems available in the most comprehensive manner. I implore you to read it, if you can.
It’s a part of the cure to wish to be curedSeneca
The quote above whispers a million and one thing to me. It simply amplifies the power of self-will in the process of becoming. And just a little above this statement is the one that states:
Act on your desire to succeed – To act is key
I have tried to highlight four lessons from the book in ways you will find unpretentious.
Lesson 1 – Pay yourself first
Saving part of your income is a way of paying yourself, which is the first thing to do before spending. You are meant to spend what is left from savings and not the other way. So, it doesn’t mean saving little and spending all of your money carelessly because its yours. No! it means saving up enough money for the rainy days.
Lesson 2 – 7 laws of money
This highlights the need to develop the mindset of putting one’s money to work…
- Save 10% to create a stake
- Budget to control your spending
- Make your money work for you. Focus on compounding effect (when the returns on your money earns more money).
- Protect yourself against loss
- Make your home a profitable investment
- Plan for your retirement
- Increase your earning potential
- Train yourself
- Attend training courses
Lesson 3 – 7 keys to financial success
Although ‘Knowledge’ brings money, above all, – seek wisdom. It is the application of the knowledge gained in the appropriate situation. Look at the following points:
- Money comes to those who first save 10% of their income
- Learn before you earn (learn investment)
- Be a positive thinker
- Invest in areas you are passionate about
- If its too good to be true, its possibly is. (When I saw this, what comes to mind is ponzi scheme or investment plans designed to scam others.)
- To make progress, we have to get started
- Build your own habits (Habits are formed through repeated patterns of
Lesson 4 – How to make your own luck
If Luck is preparation meeting opportunity, then it means luck comes to people of action. Procrastination kills luck and wealth. The best time was yesterday, and the next best time is today. Begin today and the entire universe will move in your favour.
What we have to learn to do, we learn by doingAristotle
Are there points you will like to discuss? Why not? Hit the comment below! Thanks, for reading.