Daily Meeting - Personal Finances Part 27 Rules from The Richest Man in BabylonA part of what you earn is yours to keepSave at least 10% of what you earnControl your expendituresCut your expenses and stop buying useless thingsMultiply your moneyMake the money you’ve saved work for youDiversify your risk, not your assets attached to the riskProtect your moneyDon’t lose moneyTry to make more money fasterInvest in an index, don’t try to beat itOwn your own homeMake decisions for the long termBe patient and let time do its magicEnsure a future incomeHave a savings for retirementDon’t let your government have a fullIncrease your earningsInvest in yourself and learn as much as possibleThe highest earner are the ones who work on themselves equally or more than they do on their jobWhen you do not take your money off the top, you look to everything you did and look at what you’re supposed to do and say you don’t have enough leftIf you do not pay yourself first, you will never have enough leftYou are in poverty and poverty never lastsLack of money is a heart issueMoney is a relationship with energyIf you have a lack of money, you have a lack of integrityIf you are not paying yourself first, you vibrationally put yourself on poverty’s roadIf you believe in God and don’t tithe, you don’t believe in GodIf you are not tithing to yourself, you are killing yourselfIf you give the Lord 10% and never give yourself 10%, you’re not showing that the Lord loves youThe Richest Man in Babylon — Ch. 2Theme: the more you learn, the more you earnIf you are not working diligently on making more money, increasing your skillset and your ability to earn, you are a sinnerOnce you start telling people to develop skills, no one shows upOnce you start telling people to learn, everyone shows upLesson 1Algamish provides Arkad with the first lesson: part of all you earn is yours to keep. This is that age-old saying that we’ve all heard often – Pay yourself first. It’s simple enough, but if you don’t take it to heart, make it a part of your every action, and put it into practice you won’t know the vast benefit of such a habit. As Arkad learned, paying oneself a tenth of everything he earns teaches a man to live just as well with the remaining 90% of his earnings. He didn’t even notice the difference.Lesson 2Later on, as Arkad has gotten into the habit of putting away that tenth… we learn the second lesson. Arkad built up a bit of money and decided to take the advice of his friend the brickmaker, to invest in some gemstones. Algamish points out the folly of taking advice from a brickmaker about gemstones, as Arkad painfully learns by losing all of his savings. Why should he take advice about gemstones from a brickmaker? Lesson two from Algamish: take advice only from those that are experienced in the matter of your questions.You’re acting like Arkad talking to the brickmaker about gemstones when you listen to the people on your timelineYou get real superstitious when you win with no education A penny doubled everyday for 30 days is $5,368,709. But a penny doubled every day for 15 days is only $163.84. Lesson: trust the process.Lesson 3The third lesson: take advantage of compounding of returns.Once Arkad had learned and applied the lesson of compounding returns (making the children of your money to produce children of the children), he had mastered the secret of increasing his wealth. Upon learning this, and knowing that his heirs had not learned these lessons, Algamish offers Arkad a job, managing some of his properties. In return, Algamish makes Arkad a partner in the profits, and the heir of a portion of his fortune. And the rest is history.Closing ThoughtsIt doesn’t take talent to make a lot money Skill acquisition and learning are two different thingsSupport this podcast at — https://redcircle.com/the-secret-to-success/exclusive-contentAdvertising Inquiries: https://redcircle.com/brandsPrivacy & Opt-Out: https://redcircle.com/privacy

Ask this episode

“What did the council decide on item 42?” — answered with the speaker and the moment.

Transcript

Related