A real classic - no wonder it still makes it to the bestsellers' list for business books.
Sharing with you some of the principles but it would be better to read the book and see them through the eyes of rich Babylonians (some of whom used to be slaves):
1. Pay yourself first. Save at least 10% of your income.
2. Do not overstrain or try to save too much or be afraid to spend. Life is good and life is rich with things worthwhile and things to enjoy.
3 Keep within budget.
4. Do not confuse the necessary expenses with desires. Satisfy your necessities and desires without spending beyond 90% of your income.
5. Invest your savings and grow them.
6. Invest by owning a home.
7. Prepare for your retirement.
8. Lend wisely and with caution.
9. Consult people who are experts in the field.
10. Treat work like a friend. Work hard (even if sometimes it isn't appreciated). Work well-done makes one a better person.
And here are some words of wisdom from the richest man in Babylon:
"Wealth, like a tree, grows from a seed. The first copper you save is the seed from which your tree of wealth shall grow. The sooner you plant that seed, the sooner shall the tree grow. And the more faithfully you nourish and water the tree with consistent savings, the sooner may you bask in contentment beneath its shade."
Come to think of it, some of these are the same words of wisdom which my mom gave me (which my lolo also passed on to her). I still clearly remember her telling me when I was just starting to work to make sure that I put a portion of my salary to savings. She said that no matter how small it is, just consistently set aside every payday. And I think I started with P500 per payday! :)
