7 Steps to Building Wealth.
Posted on | January 1, 2008 |
“No man may climb to the temple of wealth who cannot plant his feet firmly upon the first step.”
-Arkad, the Richest Man in Babylon.
These are the 7 steps to wealth building as told by Arkad, in George S. Clayson’s book: The Richest Man in Babylon.
Arkad, the richest man in Babylon, was asked by the king to give a series of lectures about building wealth and managing gold. For each of the next 7 days, Arkad focused on one of his “cures for a lean purse.” These cures translate into sensible pillars of good personal finance today. So, without further ado, listen well and “Plant in your own purse the seed of wealth.”
The 7 cures:
- Cure I: Start Thy Purse to Fattening. Translation: Pay yourself first!
- Cure II: Control Thy Expenditures. Translation: Use a budget and spend less than you earn.
- Cure III: Make Thy Gold Multiply. Translation: Put your money to work for you, instead of you working for your money.
- Cure IV: Guard Thy Treasures From Loss. Translation: Control your risk.
- Cure V: Make of Thy Dwelling a Profitable Investment. Translation: Own your home and pay towards building equity for yourself instead of your landlord.
- Cure VI: Ensure a Future Income. Translation: Save for your retirement (don’t burden your loved ones or the rest of society) and get life insurance.
- Cure VII: Increase Thy Ability to Earn. Translation: Constantly improve your skills - don’t fall behind the curve.
As I said, it’s nothing new, but then again neither is building wealth. People have been creating wealth for most of human history and these are solid foundations to build upon. They’re simple concepts, but require discipline and consistency. I think that’s the most difficult for most people, but it’s well worth the effort.
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