The Richest Man in Babylon is one of the most popular books that have helped a lot of individuals achieve financial independence. This great book contains many wise strategies which if rightly and consistently applied can lead to great wealth for any individual regardless of how little income you earn. By reading and applying the principles contained in this book you can begin your journey to securing your financial future. You will learn the reward of disciplined habits as shared in the popular book, Atomic Habits.
In this article we highlight the principles from the chapter, Seven Cures for a Lean Purse.
SEVEN CURES FOR A LEAN PURSE
1. The First Cure: Start thy purse to fattening.
For every ten coins thou placeth in thy purse take out for use but nine. Thy purse will start to fatten at once.
2. The Second Cure: Control thy Expenditures.
Budget thy expenses that thou mayest have coins to pay for thy necessities, to pay for thy enjoyments and to gratify thy worthwhile desires without spending more than nine-tenths of thy earnings.
3. The Third Cure: Make thy Gold Multiply.
Put each coin to laboring that it may reproduce its kind even as the flocks of the field and help bring to thee income, a stream of wealth that shall flow constantly into thy purse.
4. The Fourth Cure: Guard thy Treasures from Loss.
Guard thy treasure from loss by investing only where the principal is safe, where it may be reclaimed if desirable, and where thou will not fail to collect a fair rental.
5. The Fifth Cure: Make of thy Dwelling a Profitable Investment.
Own thy own home.
6. The Sixth Cure: Insure a Future Income.
Provide in advance for the needs of thy growing age and the protection of thy family.
7. The Seventh Cure: Increase thy Ability to Earn.
Cultivate thy own powers to study and become wiser, to become more skillful, to act so as to respect thyself. Thereby shalt thou acquire confidence in thyself to achieve thy carefully considered desires.
The important thing to note in studying this book is the importance of being consistent in following the principles outlined therein. It is much better to set small, achievable daily goals and stick to it faithfully than to set goals which you will not be able to achieve.
