book summary: the richest man in babylon by george s. clason (part 7)

book summary: the richest man in babylon by george s. clason (part 7)
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Save 10% of Your Income

No matter how little you currently have saved or how small your paychecks are, you must cultivate a discipline to regularly set aside at least 10% of your income and invest it, so it will grow and bring you prosperity for years to come.

It’s absolutely essential that you plan for the long term. If you’re still working at the age of 67, it should be because you want to, not because you have to.

Invest Wisely

Don’t trust a novice or an amateur with your hard-earned savings.

It’s best to only invest with people who know what they are doing and have a proven track record.

Your Income Is Your #1 Wealth-Building Tool

Rather than spending money just for the sake of convenience, entertainment, and gratification all the time, it’s wise to direct that money towards saving and investing instead.

Just avoid borrowing money to buy a luxury item.

If you desperately want a particular item or service, but can’t afford it at the moment, then save the money upfront to buy it later on.

Your income is your most important tool to build extraordinary wealth. However, if you have any kind of monthly debt payments, you lose your precious income as soon as it arrives in your bank account.

Wealth is the result of a reliable income stream.

You will never arrive at the fullest measure of success until you crush the spirit of procrastination within you.

You must work hard and work smart to increase the flow of opportunities and hence your wealth.

PS: If you enjoyed these key insights, I encourage you to check out my new eBook in the Snapshorts series: "The Richest Man in Babylon: Main Ideas & Key Takeaways".

Set in the ancient city of Babylon, this book is an inspiring collection of stories about merchants and tradesmen who struggle with financial obstacles and setbacks, and eventually overcome them to live happier, fuller lives. Through these anecdotes, Clason teaches the key tenets of financial success that will put anyone, no matter their life circumstances, on the road to riches.

In this Snapshort, you'll learn how to:

  • Employ ancient wisdom to tackle money problems of the modern world
  • Grow and preserve your personal wealth
  • Master the fundamental principles of money management and investing

Click here to learn more and get your copy.