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7 Lessons From The Richest Man in Babylon

The Richest Man in Babylon by George S Clason discusses the secrets of wealth used by the ancient civilizations of the world.

The book deals with different areas of finances including how to plan financially for your life, how to deal with your wealth, and finally how this impacts your life.

Here are 7 lessons from The Richest Man in Babylon

1. Start the purse to fattening

Learn to see the value of your work, and place a priority on paying yourself first. You can see that there are many trades and labors at which men may earn coins.

Each of the ways of earning is a stream of gold from which the worker doth divert by his labors a portion to his purse.

For every ten coins, thou placest within thy purse take out for use but nine. Thy purse will start to fatten at once, and its increasing weight will feel good in thy hand and bring satisfaction to thy soul.

Pay yourself first.

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2. Control thy expenditure

Don't spend more than you make. Either spend less or earn more. Be clear on the difference between a desire and an expense (especially for those of us in business).

Control the habit of spending more as we earn more. Just because our income might increase, doesn't mean our spending should.

3. Make money work for you

After building up their savings and cutting expenses, by investing in interest-generating assets, you’ll grow your wealth by compounding not only your initial investment but also all the interest the principal has generated previously.