Lessons i learnt from the Richest man in Babylon. Part 1

In order for you to be rich, you must have your own money first. Your own money in the sense that the money is yours for the keeping and not going to anybody.

Let me explain it like this. say you:

• earn 10 pounds a week,

• you give two pounds to charity,

• spend one pound on transportation,

• spend two pounds on feeding,

• spend two pounds on entertainment,

• one pound for miscellaneous expenses and more often than not,

• a pound on medicine.

From the above analysis, the person has only one pound to himself after earning his salary. That money you have to yourself after paying everyone that needs to be paid is your own money.

Above is a chart showing what the expenses of that person looks like.

One of the laws of getting wealth requires you to have your own money. That is money that isn't going anywhere or better put money that you can lay claim to. It is with this money that you start building your financial ground. As you have seen from the above chart, it is possible for one to have a high salary and still live on less.

This is the first rule of wealth
Have your own money

I would continue with the rest in the next lesson. Please let me know what you think in the comment section below.