Does Money Burn Your Pockets?



Lessons From the Richest Man in Babylon

Pay Ourselves First (Start thy purse to fattening)

One of the greatest lessons the book has taught is this first lesson. Bansir and Kobbi souhgt the advice of their very wealthy friend Arkad and he tells them a story. Arkad was once a poor scribe who made a deal with a rich man to find out the secret to wealth in exchange for his work on a clay inscription.  The rich man gave him a very valuable advice “I found the road to wealth,” he said, “When I decided that a part of all I earned was mine to keep. And so will you.”   Although this is a very subtle message it is very powerful in accumulating wealth.   We cannot accumulate wealth if we do not save what we earned.  We can do that by paying ourselves first and foremost before we spend any of the money we have earned

Make our money work for us.  (Make thy gold multiply)

I believe this lesson is about investing our money and letting it work for us.   I personally believe that each and every one of us should think about investing only after we have built our savings and an Emergency Fund.  After we have accumulated 6-8 months’ worth of expenses in our Emergency Fund it is only then that we should consider about investing our money on other investment vehicles. Our Emergency Fund is a security blanket especially during this time of economic downturns.

Invest in ourselves. (Increase thy ability to earn)

The best way we can increase our earning is by investing in ourselves.   We can do that by continually learning and striving to develop ourselves.  We are now in a very exciting time: the Information Age where knowledge is literally within our fingertips thanks to the Internet.  



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