The Seven Cures listed below come from the book “The Richest Man in Babylon” by George S. Clason.
These seven lessons were taught to the Babylonians by Arkad, who was said to be the richest man in ancient Babylon. Historians believe that these lessons led to great wealth for the citizens of Babylon and are just as relevant and applicable today.
#1 Start thy purse to fattening.
“For each ten coins I put in, to spend but nine”
Set aside ten percent of your income for the purpose of investment.
#2 Control thy expenditures.
“Budget thy expenses that thou mayest have coins to pay for thy necessities, to pay for thy enjoyments and to gratify thy worthwhile desires without spending more than nine-tenths of thy earnings”
Maintain a lifestyle that allows you to take care of your needs and wants with 90% of your income. Limit your “wants” to those that are worthwhile and evaluate your “needs” as some of them may actually be “wants”.
#3 Make thy gold multiply.
“To put each coin to laboring that it may reproduce its kind even as the flocks of the field and help bring thee income, a stream of wealth that shall flow constantly into thy purse”
Put the 10% that you set aside to work. Setting aside savings is one thing, but to increase your wealth you will want to use the 10% to create additional streams of revenue.
#4 Guard thy treasures from loss.
“Guard thy treasure from loss by investing only where thy principal is safe, where it may be reclaimed if desirable, and where thou will not fail to collect a fair rental. Consult with wise men. Secure the advice of those experienced in the profitable handling of gold. Let their wisdom protect thy treasure from unsafe investments”
Make smart investments where you feel confident that at the very least you can make your money back. Before investing, seek advice from successful investors. Invest where you have knowledge or invest with people who are knowledgeable about what you are investing in.
#5 Make of thy dwelling a profitable investment.
“Own thy own home”
Borrow money to build or buy a house, pay it off as soon as you can and your living expenses will be lower and the property becomes an asset.
#6 Insure a future income.
“Provide in advance for the needs of thy growing age and the protection of thy family”
Set yourself and your family up for the future by creating revenue streams that can continue on when you are no longer able to work or provide.
#7 Increase thy ability to learn.
“To cultivate thy own powers, to study and become wiser, to become more skillful, to so act as to respect thyself.”
Continue to learn and grow your skills so that you can increase your personal value and earning potential. This will also increase your confidence to invest and grow your purse.
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