Babylon and its 7 ways to generate wealth!
There is this book called the richest man in Babylon. The book talks about 7 main principles a man who became the richest man in Babylon used to get wealthy. Today I would like to share these 7 lessons with you:
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? The eggs would fill up the basket and eventually you would need another basket and then another.
Save 10% of all the money you generate.
Second step to build wealth. Control your expenses.
Many men and women claim “How could I save 10% my income if a 100% of my income is not enough to cover necessities and expenses?”…
There is someone right now who makes less than you and has more expenses then you do and is putting some money away for a rainy day. (Think about all the people in the world, do you now believe this is true?) If someone else can do this, YOU CAN.
Everyone 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 generate wealth. Make your money work.
A full wallet satisfies the short-vision man but a wallet generating money satisfies a visionary man.
Most people take every single bit of money they get and blow it on stupid shit. The newest cloths, the newest cars, the biggest home they can find. DELAY YOUR GRATIFICATION. Spend less than you make. Then take the difference and invest it in something that will make you money. This could be a business, a rental property, or better information. Practice this enough and your income will double, triple and quadruple what it is now, and then you can live the life you truly wish you to live.
Forth step to generate wealth. Protect your treasure (capital) from any loss.
Once you are wealthy and have lots of money coming in, all your friends and relatives will come to you with great 'investments,' great ideas but they just need one thing from you. YOUR MONEY. Know your purpose and stay with what you are doing. I know people who have gotten rich, then their uncle has this great idea and wants to start a restaurant, the person new nothing about the restaurant business but decided to give the uncle half a million dollars, and they lost all the money.
People message me on facebook all the time with their 'great ideas they need my money for.' I ignore them all.
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 or things like getting a chief or a maid.
(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. (You want at least 6 months savings you can live on if TODAY money stopped coming in. This gives you piece of mind and is just good to have (emergencies happen))
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”.
LISTEN; There is a lot of stuff out there today about the law of attraction and 'sitting and thinking about riches will come'
Positive expectancy is great, but what will actually make money come to you in larger quantities is improving your skills / creating new skills that will get you wealthy. When you improve your skills, people will pay you more for those skills / you can use those skills to start a business and grow that business quickly with little risk.
Continue to the famous 3 step formula you can use to get massively wealthy now