How To Walk Your Way Out Of Financial Struggle - The Complete Guide
Excerpts from the Richest Man In Babylon
The secret of getting rich is no longer a secret. George S. Classen wrote the book "The Richest Man in Babylon" in 1207 on personal finance. The book was written about the ancient city of Babylon. There is a family story. There was no spark of hope. But they are once the wealthiest family in Vililion.
The rich man's name was Arcad. The king of Babylon wanted to know the secret way of getting rich from the Arakas. His mantras are still very popular.
1. Pay Yourself First
The first process of getting rich starts with paying for yourself. That is, Arcad said he would have to keep 10 percent of his income for himself. At a time when the savings become too heavy, you will find yourself quite strong. All the rich or the poor want to do this.
The first process of getting rich starts with paying for yourself. That is, Arcad said he would have to keep 10 percent of his income for himself. At a time when the savings become too heavy, you will find yourself quite strong. All the rich or the poor want to do this.
2. Cut Down on Your Expenses
The next step is to reduce the expenses over income. Whatever the cost, it has to be less than income. If there is excess, then reduce it. The modern consumer system has increased human consumption. In this case, Arcad said that it would be necessary to find out the unnecessary costs in thinking and eliminate them.
The next step is to reduce the expenses over income. Whatever the cost, it has to be less than income. If there is excess, then reduce it. The modern consumer system has increased human consumption. In this case, Arcad said that it would be necessary to find out the unnecessary costs in thinking and eliminate them.
3. Invest from Your Savings
Invest from the savings you have made. And you can spend it on income or revenue generating things. That is, buy assets to pay the savings. Arcad considered it to be a great investment of the future.
4. Beware of Risk and Uncertainty
There will be some risk of investment. It has to be taken into account or consideration. According to others, the risk is considered a potential loss. However, the risk level must be minimized before investing.
5. Buy a House Instead of Renting
Having a roof over your head is an important thing. It's best if you can do it yourself permanently. But you have to understand how much you can afford. One must understand whether there is a hidden cost when purchasing a residence.
6. Make Provision for Your Age Days
The future has to be adjusted while operational. After retirement or loss of performance, there is a way to earn it should be prepared in advance. There are modern systems for these banks or financial institutions.
7. Seek Financial Knowledge
In order to increase revenue, knowledge must be increased. And there is no end to learning in this work. The more you learn, the better you can work. Arcad thinks the person who will learn a lot from his work will be the one who benefits the most.
By: Isiaka Abubakar T.
C.E.O. Chiwon Interbiz & Tech.
By: Isiaka Abubakar T.
C.E.O. Chiwon Interbiz & Tech.
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