Over the last one month, i took out my time to read this book title ‘The Richest man in the babylon’ and i must tell you this book teach me alot about personal finance and saving that i have never been though in four wall of a classroom.
In this article, am going share with five Things i learn from the Book.
- Pay yourself: The concept of paying yourself has never been though to me either through school or the community, all I know was for every money I earn is mine to spend, then after reading the first chapter of the book I got to understand that I have been paying other and not myself, looking forward to every money I earn, I will pay myself before paying anyone
- Save: for every time I pay myself that money is mine to keep, which brings us to this point of saving. they money you save will allow you to kick start your financial freedom, in the long run, allow the saving work for you.
- Invest: Saving money will not make it grow, instead, invest those saving so they can work for you, this will go along way to ensure the saving produces children that will also work for you, gradually you are turning yourself from working for money to money working for you.
- Get Adequate Information about anything you want to invest in: consulting an expert in handling money to get their advice about certain investment opportunity, this will protect your saving from investing a venture that washes away your money. make sure for every investment you making the principal money is protected.
- Delay Gratification: Having save such money for a long period of time, you will tempted to spend it a material thing, hold it and delay it until your saving has started working for you.
There are a lot of key lessons from this, if you are interested in creating wealth, you should read this book, the principles explain this book are relevant in today’s world.