Personal Finance Lessons From The Richest Man In Babylon

Personal finance lessons are all around us in our everyday lives. Every day we handle money without thinking about the consequences of making poor decisions.

However, we may not grasp our own financial mistakes. We can learn better financial habits from The Richest Man in Babylon by George S. Clason, an all-time favorite

This book can help anyone avoid  financial blunders, create wealth and build a financially secure future.  I recommend this easy-to-absorb book to my business students and my  children.

1. Pay Yourself First By Saving 10% of Your Annual Earnings

“Pay yourself first” may have been coined by Clason. It means you should put away 10% of every paycheck into savings.

2. Spend Within Your Means

To set aside money for saving and  investing, you may need to cut some costs. To control your expenses,  assess your budget for your basic living needs.

3. Make Your Investments Work For You Long Term To Accumulate Wealth

Saving for retirement is investing with deferred tax benefits. The earlier you save, the more you will benefit from compound growth.

Swipe up to learn more