Five Laws of Money from The Richest Man In Babylon

Books, Money, Personal Development

Five Laws of Money from The Richest Man In Babylon

420

When “The Richest Man In Babylon” was written, the highest medium of exchange was Gold. Surprisingly, the same laws that governed wealth creation during the Gold era are the same laws that govern wealth creation today.

Technological innovations have made the world a global village. With innovation, comes more opportunities for networking and wealth creation.

As you build your empire, you can borrow the basic rules from this book however this is not a quick fix scheme. You will require time, patience and above all discipline.

Stated below are the major monetary Laws as outlined in the book;

1. Money cometh gladly and in increasing quantity to any man who will put by not less than one-tenth of his earnings to create an estate for his future and that of his family.

For you to grow your wealth, you need to save at least 10% of your total earnings. Over time, the little you keep saving will grow to a reasonable amount. You can decide to save more depending on your ability but the basic rule here is the amount should never be less than 10% of your earnings.

2. Money laboureth diligently and contentedly for the wise owner who finds for it profitable employment, multiplying even as the flocks of the field.

The second law of wealth creation is to make the money that you have been saving work for you. You will need to find a suitable venture to invest your money. As the money multiplies your wealth will keep growing.

3. Money clingeth to the protection of the cautious owner who invests it under the advice of men wise in its handling.

You need to be cautious when investing your money. Carry out enough research, likely risks expected, how to counter them and the general advantage of the venture. You do not want to throw your hard earned money away. It has taken you chunks of time to save and therefore you need to ensure that your money is safe.

4. Gold slippeth away from the man who invests it in businesses or purposes with which he is not familiar or which are not approved by those skilled in its keep.

You definitely need a mentor in the specific field that you want to venture in. This might be a professional, a financial advisor or someone who has studied that specific field and knows the ropes well.  Just because someone succeeded in a certain field does not guarantee that you will succeed too. You need to venture in a field that you are well conversant with, where your expertise will help you thrive.

5. Gold flees the man who would force it to impossible earnings or who followeth the alluring advice of tricksters and schemers or who trusts it to his own inexperience and romantic desires in investment.

No man is an island when it comes to entrepreneurship. Do not rely on your own understanding. The get rich quick schemes will deprive you of your hard earned cash. They may look lucrative from the outside but the truth is that’s a raw deal. The tricksters will coerce you to invest. It’s not your wellbeing that interests them, it is your money they are after.

Wealth creation is a journey. It does not happen overnight. It requires discipline. You also have to invest your time and money.

Good luck as you weave your way to the top.

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