Babylon and its ways to generate wealth!
Babylon, through all these centuries, has the reputation of being one of the most rich and wealthy cities in the past.
It wasn’t always this way… The riches Babylon built was the result of their habits and wisdom when it comes to generating and keeping wealth.
There are seven ways that have been rescued from Babylon wisdom and these are summarized in the “The Richest Man in Babylon”. These are the wise ways:
First step to create wealth. Start filling your bags…
What would happen if you were to fill a basket with ten eggs every single day and take nine out of the basket every single night? Obviously, the basket would be so full you would need to get a bigger one and that’s a fact.
Save 10% of every income you generate.
Second step to build wealth. Control your expenses.
Many men claim “How could I save 10% my income if a 100% of my income is not enough to cover necessities and expenses?”…
How many men lacked a fortune yesterday? There are many men in the world that right now are the same state of poverty, with no savings and no money to invest, yet no all of these men earn the same amount of money, some generate way more, some of them have families to take care of, some are single and live by themselves and have less expenses… But at the end of the day they are in the same state of poverty.
Every man and son needs to understand that these so called “obligatory expenses and necessities” tend to grow in proportion with the income generation growth if we don’t do anything to avoid it.
Pay a lot of attention to what are your real necessities and the things you just want or wish to have.
Third step to make generate wealth. Make your money work.
A full wallet satisfies the short-vision man but a wallet generating money satisfies a visionary man.
Once you see yourself with a bigger wallet, with more money, with the beginning of a fortune, instead of spending it all to make you feel empowered and get yourself back to the bankruptcy reality, it is your responsibility to multiply your earnings and capital in order to really start improving your lifestyle.
Forth step to generate wealth. Protect your treasure (capital) from any loss.
Give it a good though when it comes to your investments and learn to save capital. Once you have wealth and riches both you and the ones close to you will feel attracted to start making big investments and might result in big losses. Do not pressure and precipitate yourself into making big investment till you learn how to retain your money and once that’s done, learn to make the right investments.
Fifth step to make wealth. Make a rentable investment and feed your soul with it.
Once you have accumulated true wealth start investing in things of value that can create a healthier lifestyle for you with which you can make better choices, decisions and investments so you can keep on generating money and having peace at the same time. This could be your own house to reduce your daily or monthly expenses on renting a place. (Be careful with this one though. Homes are almost always considered a liability. Assets put money in your pocket liabilities take money out. Lots of people get big homes and they justify it by saying it’s an invest. There is nothing wrong with a big home, but wait till you have lots of money pouring in before you go this route)
Sixth step to generate wealth. Save part of your income and earnings for the future.
It is your responsibility to foresee both you and your family’s future necessities. It is wise to save money for the unknown future, so you can always have a minimum capital and wealth to help you make investments in the future and pay any sudden unexpected illness, trips or maybe a house for a family you are planning on forming.
The seventh step to generate wealth. Increase your skills.
The Richest Man in Babylon quotes… “Desire must precede realization. Thy wishes must be strong and well defined. Vague wishes are nothing but weak wishes; the wish of being rich itself has no value”.
You need to set goals and reasons why you want more money, reasons why you urge more money and that way make the habit to go forward and overcome yourself, only then you’ll be able to generate true wealth, if your wishes are nothing but vague and superficial they’ll give no sense of satisfaction and soon you’ll star loosing motivation and wasting your money finding yourself once more, after all the effort… in bankruptcy.