By Francis Taylor, Executive Editor
Babylon was one of the most famous cities of antiquity. It was the capital of southern Mesopotamia (Babylonia) from the early 2nd millennium to the early 1st millennium and was at the height of its splendor. Its political importance, together with its favorable location, made it henceforth the main commercial and administrative center of Babylonia, while its wealth and prestige made it a target for foreign conquerors.
Author George S. Clason, wrote about the richest man in this thriving country and the advice he has for everyone is worth studying. In summary, he said, save at least 10 percent of everything you earn and do not confuse your necessary expenses with your desires. Work hard to improve your skills and ensure a future income because wealth is the result of a reliable income stream. And finally, you cannot arrive at the fullest measure of success until you crush the spirit of procrastination within you.
Following is a more detailed list of some of the principles of the richest man in Babylon. Understand the seven simple rules of money: 1) Save money. 2) Don’t spend more than you need. 3) Invest wisely. 4) Avoid investments that sound too good to be true. 5) Own your home. 6) Protect yourself with life insurance. 7) Strive to become wiser and more knowledgeable.
The laws of money are like the laws of gravity: assured and unchanging. Money is plentiful for those who understand the simple laws of making money. You must constantly have an income that keeps your purse full. It costs nothing to ask wise advice from a good friend.
You will only begin building wealth when you start to realize that a part of all the money you earn is yours to keep. That is, pay yourself first. You always pay others for goods and services. Pay yourself as much as you can. Save money. You should save at least 1/10th of what you earn..
Do not take advice on finance from a brick layer. Go to people who are experts in a particular subject if you want expert advice. Build a mountain of gold first, then you can enjoy as many banquets as you wish without worry. Don’t spend your money as soon as you earn it.
Surround yourself with people who are familiar with money, who work with it each day, and who make lots of it. Enjoy life while you are here. Do not overstrain to save.
Do not put your money in investments which do not pay a dividend or when the return seems too good to be true. Do not confuse your necessary expenses with your desires. Acknowledge that your wealth is not in the coins in your purse. It is in your income. Make sure your income will continue without work. Buy life insurance.
Increase your ability to earn. Improve your skills. As you perfect your craft, your ability to earn more increases. You can’t arrive at the fullest measure of success until you stop procrastinating.
The wise lender always has a guarantee of repayment should the investment go poorly. Above all, desire safety for your money. Better a little caution than great regret. Do not live beyond your means. Where the determination is, a way can be found.
If you are in debt, live on 70% of what you make. Save 10% for yourself. Use the remaining 20% to repay your debts. Stick with the plan. Money accrues surprisingly quickly, and debts are gone fast with discipline and consistency. Work attracts friends who admire your industriousness. Work attracts money and opportunity. Hard work is the best friend you will ever have.