Personal Finance Lessons From The Richest Man In Babylon

Personal finance lessons are all around us in our everyday lives. Every day we handle money without thinking about the consequences of making poor decisions.

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.

Babylonians were resourceful, wise, enterprising with a judicial nature. They were clever financiers and traders who invented money as a means of exchange.

The Babylonians, enlightened about money and other things, but gender equality was not on their list. That said, don’t let the gender bias hold you back from this good read.

1. Pay Yourself First By Saving 10% of Your Annual Earnings Start thy purse by fattening It means you should put away 10% of every paycheck into savings.

2. Spend Within Your Means Control thy expenditures.” To set aside money for saving and investing, you may need to cut some costs.

3. Make Your Investments Work For You Long Term To Accumulate Wealth “Make thy gold multiply.” Saving and investing your money as early as possible.

4. Pitfalls of Investment Is Overconfidence Guard thy treasures from loss.” Investments are often fraught with dangers, especially for beginners.

5. Owning Your Primary Home Is A Good Investment Make of thy dwelling a profitable investment. Buying your own home versus renting is a widespread debate.

Arkad, as the richest man in Babylon, passes on his financial knowledge to generations of readers, which wisdom remains excellent advice to those wanting to create and grow wealth to this day.

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