Financial Freedom: What the wisdom of “The Richest Man in Babylon” by George S. Clason can teach us

Sometimes I like to go back to the classics, to really re-learn those time-tested principles that become the foundation of success in any area. For our health goals, that might be “The Encyclopedia of Bodybuilding” by Arnold Schwarzenegger, or “Starting Strength” by Mark Rippetoe. For personal finance, one of those classics is the Richest Man in Babylon by George S. Clason

Here is a list of principles and lessons I extracted from it:

• Wealth accumulates for those who know the laws of money and abide by them
• You have a moral duty towards the acquisition of wisdom; to be a life-long learner
• Pay yourself first; at least 10% of every paycheque should go to savings and eventually into investments
• Your spending will shrink and expand in proportion to the money you have in your bank account unless you pro-actively decide to pay yourself first. The 7-figure a year guy versus the $5-figure a year guy may vary well both end up with no savings at the end of the year because their spending will have shrunk or expanded in proportion to their income. I think we’ve all noticed this phenomenon of our bank account magically disappearing. After all, money can be looked at as just another form of energy, and that’s why we call it currency.
• There is an abundance of money, regardless of if your mind can conceive it or not. After all, how is it possible that we have built civilization off of non-renewable resources? The mind likes to assume that we will run out of resources in some way or another and that there is simply not enough money for everyone to be rich I couldn’t tell you how it’s possible but the fact is that money is abundant, not scarce.
• Luck is on your side in business, commerce, and trade, and not on your side in gambling. And as the saying goes, fortune favors the brave. Good Luck comes to those who wait for an opportunity to strike. In regards to investments, if you’ve done your due diligence and know your numbers, you must act fast to have lady luck on your side. If not, you may forever rest your peace. Many are educated and have many good positions and job titles, yet few are wealthy. Why is this? Perhaps it is because they did not act in the face of opportunity. If you’re interested in learning more about real estate and want luck on YOUR side, feel free to check out my Youtube Content at bit.ly/realadamyoutube, where we will get you from amateur to professional within hours.
• The best time to have started is when you were 18. The next best time is right now.
• You have a moral duty to create wealth for yourself, your spouse, your family, your tribe, your nation, and to those you are privileged enough to help

And countless others.

It can be fun returning to the classics.

What have you been reading lately?