How to Get Rich – 7 Secrets from the Richest Man in Babylon
Here is a summary of the fundamental ‘how to get rich’ tips from Chapter 3 in the book called “7 Cures for a Lean Purse”.
Step 1: Start Thy Purse to Fattening
Spend only 9 out of each 10 coins earned. Save one-tenth of what you earn for yourself for worthwhile use in the future. This is the crucial first step on your journey to becoming rich.
Step 2: Control Thy Expenditures
Budget for your expenses. Make sure you have enough coins to pay for your necessities. Only pay for your enjoyments and gratify your worthwhile desires if you can do so without spending more than nine-tenths of your earnings. Make sure that you can continue to save one-tenth of what you bring in.
Step 3: Make Thy Gold Multiply
Put each coin to labor so that it may reproduce its kind. As you start to build up your savings, invest that money so that it makes more money for you. Don’t leave your savings sitting dormant in a bank account (unless it’s a very high interest rate savings account). Worse still, don’t leave it under your mattress depreciating in value!
Step 4: Guard Thy Treasures from Loss
Guard your treasures from loss by investing only in things where the principal is safe and where you can get at least a fair return. Seek the advice of those experienced in the profitable handling of gold and be wary of following friends and relatives into so-called investment opportunities.
Step 5: Make of Thy Dwelling a Profitable Investment
One should own their own home rather than renting and handing over money to a landlord so long as the repayments to the bank more or less match the rental you would have given the landlord. In addition, owning your own home is good for your sense of pride and raising a family.
Step 6: Insure a Future Income
Man should, when he is young and able to earn, make preparation for a suitable income when he is older and possibly retired so that he can provide for his own needs whilst growing older and that of his family upon his passing.
Step 7: Increase Thy Ability to Earn
You can increase your ability to earn by taking more interest in your work, having more concentration upon a task and more persistence in your effort. Quickly your efforts will be rewarded. The wiser we become, the more we may earn. Seek to learn more of your craft and you shall be richly rewarded. The affairs of keen-minded men improve because they seek greater skill so that they may better serve those upon whose patronage they depend.
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