“The Richest Man in Babylon” written by George S. Clason is a quick-read thin timeless classic book that has been acclaimed as the greatest of all inspirational works on the subject of financial prudence, financial planning, and generating personal wealth. It was written back in the 1920s however the same theme runs through to today.
I have observed, the same “cures” that he referred to back then are still the same financial challenges that are still prevailing in these times. The success secrets of the Ancient Babylonian parables – An Assured Road to Happiness and Prosperity.
This is a book that holds the keys to all secrets for anyone who desires how to gain and earn money, keep money, and understand compound interest (the art of raking in money to earn more money). I recommend this book to anyone who wants to improve their financial chaos into financial well-being.
7 Simple Rules to cure a “lean purse” (how to earn money) – it is plentiful to those who understand it
- “Start thy purse to fattening”
Pay yourself first, this is the first law to begin to earn and attract more. Before you pay anyone else, pay yourself at least 10% and the rest you can share and contribute into the spending bucket, saving and investments bucket, debt bucket, and giving bucket.
2. “Control thy expenditure”
Create a budget to control all your household expenses and be mindful of needs vs wants and stick to it. A budget is a roadmap that shows you where exactly each penny or cent goes and there is no second-guessing. Consider a budget as an audit of your bank account where you give an account of how each cent or penny, was spent – where it went, then you will have control over your money. In that way, you will take the guessing out of the equation.
3. “Make thy gold multiply“
The 10% that you paid yourself is called “savings” and it is a great habit that must be inculcated in order to grow it into great investment opportunities for the future, as it is of no use to keep it in the bank as it earns you little or no interest at all, here we refer to compound interest where money rakes in money to make more money.
4. “Guard thy treasures against loss”
Before you even consider investing, first read, learn, study, know and fully understand what is going on and what you want to achieve. Learn before you earn. As they usually say “if it is too good to be true, then it probably it is”. Be extremely careful with shiny objects that promise outrageous rates of return within a short period of time. Worthwhile investment takes time to mature and grow.
Consult with the wise or experts or advisors who are experienced and are also investors themselves in those investments fields (spaces) that you are interested in. Do not ask a broke person’s advice on investing in Bitcoin, for example. Guard your investment with your heart.
5. “Make of thy dwelling a profitable investment“
Instead of paying rent to your landlord which is a bottomless pit for you and make your landlord smile all the way to the bank. In the end, you do not own that building or apartment rather it is wise and strongly recommended that you possess your own home where your family can have a roof over their head and live healthily, safe, and protected. While you are under the safe roof also search and find other ways to generate other streams of income.
6. “Insure a future income“
It is advisable to create many streams of income now rather than later to ensure that when you can no longer work or be able to provide income in the future then those earnings or income will come in handy to be able to carry you and your family in tough times or in times of need when you can no longer provide. Start Today do not delay while the Time is still on your side and you still can do so in your youthful days.
7. “Increase thy ability to earn“
A man must have a strong and definite desire, must be laser-focused on pursuing and perfecting his purpose in accomplishing that which he desires. The more time a man spent in studying, learning before he earns to seek and master his craft (skill) shall be richly rewarded for his efforts.
To show respect for himself, he must pay his debts on time within his power and not buy unnecessary items that he cannot afford; he must take care of his family first so that they may speak well of him; he must also prepare a will so that his properties can be divided amongst his family equitably, amicably and calmly and finally he must have compassion and reach out to those who are less fortunate and in need. He must perform deeds of kindness and neighborliness to those he lives amongst.
Quality questions*** you can Ask yourself Everyday!
Before you start this exercise, it is recommended that you clear your mind by meditating (perform breathing exercises for at least 15 minutes to quiet the battle of noise and fleeting thoughts in your head).
- What would I absolutely love to be, do and have within my Life?
The first time you look at this question you will be intimidated and would want to give up, but just cut yourself some slack and start to go inside and the ideas will start to flow.
All you have to do is list everything you love doing even though it does not make any sense at the time. Keep adding to the list and refine it as you go along
2. How do I get handsomely, beautifully, and incredibly paid to do what I love?
This will at the beginning “stop you dead in your tracks”, simply keep asking yourself every day, and then suddenly creative solutions will begin to flow. Keep write down all your thoughts even if they are crazy or outrageous
3. What are the 7 highest priority action steps I can do today to make this happen?
List all the 7 areas that are impacted in your life and then place them in order of your own priority.
- Spiritual (Inner Power)
- Mental (Wellness)
- Career (Personal Development)
- Finance (Money)
- Home & Family
- Social (Recreation, Relationships & Communication)
- Physical (Health)
4. What obstacles might I encounter and how can I solve them in advance?
You first have to list the hindrances or challenges that you might face in your endeavors and then also come up with alternative solutions to combat these obstacles.
5. How can I do it more efficiently and effectively?
Just think about what are your current shortcomings when it comes to the completion of a task or project, productivity or procrastination, or staying power/accountability when things get tough. Come up with an automated system that will make your life easier.
6. What worked today and what didn’t?
Keep a diary or a journal where you record all the feedback of what worked and what didn’t and why. You can even include additional actions and throw in more quality questions to continue asking, honing in, on improving yourself.
7. How did whatever happen to me – whether positive or negative served me?
An amazingly powerful question to help improve and move things even further is recognizing the benefits and lessons in everything you do in your life.
***Extracted from the book “You can have an Amazing Life in 60 days” by Dr. John F. Demartini
Challenge your mind to find answers to your money problems
This is to ensure that you remain encouraged focused and inspired to create your own personal financial solutions flavor to avoid getting caught up in these continuous crazy loops cycles.
- Abundance of opportunities are everywhere
Abundance has absolutely nothing to do with how much money you have. Abundance is about feeling rich and having rich feelings. Abundance is about feeling good about yourself all the time, wherever you are and what you have because you do not have to stay there.
When your mind is in a continuous state of gratitude and filled with an abundance of ideas, love, support, kindness, you are rich beyond words when your life is an abundance of good people doing wonderful and amazing things with you and for you and brings rewards you can bank on – that is priceless!
Reflect Today on how abundant your life already is and then give yourself permission to have more.
Something is wrong when children are kept in the dark about money. Often parents viewed money as an issue to struggle with, they did not talk to that about it. As children they were not allowed to question anything, so they never asked or even talked about financial matters. To some money was used as a weapon, punishment, or reward either against spouses or children.
How can most people especially from less privileged backgrounds expect to be financially responsible if they never receive positive education and vibes about money? This shaped and molded their views about money. Many of them feel ashamed, guilty, or uncomfortable about money-related discussions and quickly change the subject to avoid it.
They owe it to themselves, their children, their self-esteem, and their future to get the right idea and frame their lenses about money.
Facing your demons takes guts. What have you been avoiding regarding your finances? Write down one thing or an action to take that will have the most impact. Do it Today
3. Opportunities (Solutions you are ignoring right under your nose)
An opportunity refers to the best available and favorable opening or a chance to accomplish that which you desire that resonates with your spirit that can be achieved within a certain amount of time. Once you pursue and achieve that which you truly love it is the most personally empowering and fulfilling thing that you can do and experience for yourself and those whom you want to serve and are potential beneficiaries and it inspires and energizes others to take action.
Make sure that you have a purpose larger than your immediate needs and plan beyond yourself. The greater your cause, the greater your potential wealth can be since more people will want to support your plan, be part of it and invest in it. Make sure you have the great intention that is not based on money but on the abundance that can flow right through and to you.
What opportunities are you not seeing or choosing not to see? Take meaningful action on an opportunity that presents itself today.
4. Debt-free (Spending less than you earn and it is not how much you earn that matters it is how much of it you get to keep)
When you are experiencing financial chaos, your primary goal is to be debt-free. This requires discipline and structure. You may rebel or cringe against the notion of discipline because it feels like punishment and imprisonment. But you must recognize that it is YOU that are punishing yourself.
When you live beyond your means, when you spend without a budget and you continue living without a financial plan you are spending other people’s money and you are withholding from the flow. You are blocking your abundance from flowing into your space. You cannot lay claim to money that is not yours when you are in debt period. Let that sink in! If lack of discipline puts you in debt then discipline will get you out of debt.
List all your debts with linked interest rates. Decide Today which debt do you want to clear first?
5. Financial Freedom (Passive income that gives options)
What does financial freedom mean to you? It means different things to different people depending on where they are at various stages or ages in their lives when asked the question.
To some people it can mean to spend quality time with sick or dying family members never ever have to worry where the money will come from to cover the medical bills, for others it can mean spending your time anywhere, anytime with whomever you want whenever you want without thinking or worrying about money because it continues to flow while you are enjoying and having fun. Wouldn’t that be the ideal wishful life that you would imagine you want to live?
If you don’t fully appreciate and embrace the ideas of saving, spending, managing, and handling money wisely or accept what it can do and how it can serve people, then do not expect to have much wealth flowing into your life to experience financial freedom. Wealth itself is neutral until someone employs it and projects a valued intention onto it.
Brainstorm five or more possible ways that you could do to generate other streams of income so that you can have options to live your life on your own terms.
**Formula to lasting Results = Aggressively Patient + Urgency + Consistent Effort I would recommend you watch this short 5 minutes video https://www.youtube.com/watch?v=RD2UJZov53s**
In this short clip, Patrick Bet-David explained easily, calmly, and simply how to inculcate a new habit to manage expectations, so you do not easily give up. It takes into account the timelines required to “fall in love” with making changes and not resisting but creating the most impact on all areas of your life.
If you want to win this battle in the mind “A new habit takes effect within 21 days, then you extend it to 90 days, then stretch to 36 months, then push it 12 months, then expand it to 5 years, then grow it to 10 years, and finally lasting in 20 years and beyond” such will be how you change your habits to achieve your plans your goals in any area of your life.
** Credit to YouTube video by Valuentainment Channel
Thank you for taking the time to read this article, please comment below and share your rules that govern your money world, how it has served you and how have you handled money-related matters when the topic came up? Thank you once again for gracing us with your presence.
Be sure to check out Mastering your Financial Mindset workbook to start the journey to change your financial woes (lean purse) into financial wellbeing (fattening thy purse)!