I recently finished reading George S. Clason’s The Richest Man in Babylon. I heard the recommendation of this book on a Podcast I had listened to. If you haven’t read the book then I suggest you buy it on Amazon. A Kindle edition can be purchased for $1.99 and used copies cost less than a dollar plus shipping and handling.
This book is a great example of how the importance of handling one’s finances has been around for thousandsof years. I won’t give away too many details, but I will list and discuss briefly my 3 main takeaways.
1) Debt follows you wherever you go: If you get yourself into debt, it is your responsibility to get yourself out. Own your debt and create an actionable plan to attack it head on.
2) Saving is important, but allowing your savings to grow is what truly matters: Saving 10, 20 or 50% of your income is important, but you need to have that money continually growing whether it’s with an index fund, a financial advisor or in rental property. Having your savings in accounts earning 1-2% will never make you financially independent.
3) Don’t let misfortune define you, let it build you: Some are born into poverty, others encounter tragic life events, no matter what difficulties you have faced or might be facing you have the potential to create the financial feedom you desire!
I hope these 3 takeaways I got from the book inspire you to go out and read it for yourself. Nobody cares more about your finances than you!
Budget Smart, Invest Wise