![]() ![]() However, fulfilling every desire is no longer a special treat.ĭon’t fall into the trap of spending your raise soon after you have received it. You shouldn’t deprive yourself of everything. While we are allowed the occasional latte and extravagant dinners, we need to keep our spending in check. Remember, these costs are for our needs rather than for our wants and desires.Īs our income grows, we often increase our so-called “essential costs,” leading to lifestyle inflation. These are predictable monthly fixed costs such as mortgage payments or rent, property taxes, utilities, car loans, typical grocery bills, credit card payments, and other monthly expenses. ![]() To control your expenses, assess your budget for your basic living needs. To set aside money for saving and investing, you may need to cut some costs. Spend Within Your Means “ Control thy expenditures. Putting away some money may be difficult at first, depending on your spending habits. Once establishing this fund, use some of your savings stashes to invest your money in retirement and taxable investment accounts. Unforeseen events are undesirable, so plan ahead. Allocate your savings to an emergency fund amounting to at least six months of coverage for basic essential expenses. It means you should put away 10% of every paycheck into savings. “Pay yourself first” may have been coined by Clason. Pay Yourself First By Saving 10% of Your Annual Earnings Just recast it into contemporary times when women are often better with money! 10 Personal Finance Lessons From The Richest Man in Babylon For Today:ġ. That said, don’t let the gender bias hold you back from this good read. The Babylonians, enlightened about money and other things, but gender equality was not on their list. Fortunately, we are now seeing women gain financial independence. Women could not apply for credit cards in their name until the Equal Credit Opportunity Act in 1974! Clason wrote when women had finally etched out a win with women finally getting the right to vote in 1920. That is appropriate as women didn’t manage money then. Women Did Not Make Money Decisions In BabylonĪll of the major characters are men. They were clever financiers and traders who invented money as a means of exchange. The book structures key money themes within “The Seven Cures” and “Five Laws of Gold.” Among the oldest civilizations, Babylonians were resourceful, wise, enterprising with a judicial nature. The author uses endearing parables as personal finance lessons to build wealth. Then it was published in 1926 before the Great Depression and has remained an inspirational classic. Clason gave it out initially as separate pamphlets to banks and insurance companies for their customers. ![]() Richest Man In Babylon lays out the central tenets of good money management through ancient Babylonian parables told by charming characters, notably Arkad, the richest man in Babylon himself. That means I may receive a small commission if you decide to click on it and buy something at no extra cost to you. Hey folks! Transparency Disclosure- Some of the links in this article are affiliate links. I recommend this easy-to-absorb book to my business students and my children. This book can help anyone avoid financial blunders, create wealth and build a financially secure future. We can learn better financial habits from The Richest Man in Babylon by George S. ![]() However, we may not grasp our own financial mistakes. Every day we handle money without thinking about the consequences of making poor decisions. Personal finance lessons are all around us in our everyday lives. Affiliate Links A Timeless Classic On The Basics of Money ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |