10 Critical Lessons from "The Richest Man in Babylon"
1. Invest in Yourself
You have the power to earn more money by:
- Learning more skills
- Investing in your education
- Making yourself more employable
Always take classes, always improve yourself, and always keep moving forward.
Don't settle.
"Increase thy ability to earn."
2. Surround Yourself with Winners
If you want to win with money, you have to surround yourself with financial winners.
Your social environment influences your:
- Habits
- Mindset
- Thoughts
You are a product of your environment.
Select it wisely.
3. Make Thy Gold Multiply
Don't just work for your paycheck.
Use your paycheck to invest in assets with predictable, steady streams of income.
Money in your bank account won't make you money.
Take advantage of compound interest so you can get rich while you sleep.
4. Protect Your Future Income
Plan for your future today before your health may not allow you to work and earn income.
Protect your future income by:
- Saving money today
- Investing in insurance
- Investing in your retirement
When you fail to plan, you plan to fail.
5. Life Is Short - Enjoy It
Balance is key and you can't just focus on the future.
Your life is happening now.
Don't over-focus on:
- Saving
- Business
- Investing
- Your future
Maintain a balance between your future and your present.
6. Save At Least 10%
Every time you earn money, save 10% or more - even if you are paying off debt.
Saving money will help your:
- Future
- Family
- Wealth
- Legacy
Become disciplined enough to save no matter your income.
"Start thy purse to fattening."
7. Invest in Your Home
Buy and don't just rent.
Buy a home where your payments will turn into equity.
Don't pay a landlord for eternity.
Your home is an investment for your future.
"Make of thy dwelling a profitable investment."
8. Don't Spend More than You Make
"A part of all you earn is yours to keep."
As you earn more money, save more money.
You will be tempted to spend more money because you can, but don't allow your mind to trick you.
Control your expenses before they control you.
9. Invest in what's Proven, not what's Sexy
As you focus on building your income streams, avoid being tempted into hot, new investments.
"Sexy" investments could cost you:
- Time
- Stress
- Money
- Energy
Invest in familiar, boring but proven investments.
10. Choose Your Mentors Wisely
People love handing out their advice for free.
They will give advice on:
- Saving
- Business
- Investing
“Advice is one thing that is freely given away, but watch that you only take what is worth having.”
1. Invest in Yourself
You have the power to earn more money by:
- Learning more skills
- Investing in your education
- Making yourself more employable
Always take classes, always improve yourself, and always keep moving forward.
Don't settle.
"Increase thy ability to earn."
2. Surround Yourself with Winners
If you want to win with money, you have to surround yourself with financial winners.
Your social environment influences your:
- Habits
- Mindset
- Thoughts
You are a product of your environment.
Select it wisely.
3. Make Thy Gold Multiply
Don't just work for your paycheck.
Use your paycheck to invest in assets with predictable, steady streams of income.
Money in your bank account won't make you money.
Take advantage of compound interest so you can get rich while you sleep.
4. Protect Your Future Income
Plan for your future today before your health may not allow you to work and earn income.
Protect your future income by:
- Saving money today
- Investing in insurance
- Investing in your retirement
When you fail to plan, you plan to fail.
5. Life Is Short - Enjoy It
Balance is key and you can't just focus on the future.
Your life is happening now.
Don't over-focus on:
- Saving
- Business
- Investing
- Your future
Maintain a balance between your future and your present.
6. Save At Least 10%
Every time you earn money, save 10% or more - even if you are paying off debt.
Saving money will help your:
- Future
- Family
- Wealth
- Legacy
Become disciplined enough to save no matter your income.
"Start thy purse to fattening."
7. Invest in Your Home
Buy and don't just rent.
Buy a home where your payments will turn into equity.
Don't pay a landlord for eternity.
Your home is an investment for your future.
"Make of thy dwelling a profitable investment."
8. Don't Spend More than You Make
"A part of all you earn is yours to keep."
As you earn more money, save more money.
You will be tempted to spend more money because you can, but don't allow your mind to trick you.
Control your expenses before they control you.
9. Invest in what's Proven, not what's Sexy
As you focus on building your income streams, avoid being tempted into hot, new investments.
"Sexy" investments could cost you:
- Time
- Stress
- Money
- Energy
Invest in familiar, boring but proven investments.
10. Choose Your Mentors Wisely
People love handing out their advice for free.
They will give advice on:
- Saving
- Business
- Investing
“Advice is one thing that is freely given away, but watch that you only take what is worth having.”