1. Start your purse to fatten / Start fattening your financial accountsIf you want your financial accounts to thrive, start by setting aside 10% of your income. The 10% income is a way of paying yourself first, and should never be used for expenses but only for investment.
2. Control your expenses:
One of the major reasons why you may find it difficult to set aside the 10% is because of unnecessary expenses, which are a result of insatiable desires. According to the book, desires grow in men so quickly if there is a means to fulfill it.
3. Make your savings multiply
Perhaps a person's wealth doesn't lie in the money he has in his account, but in the income, his profit generates over time. Employ your income to work for you. Learn to invest wisely.
Many rush into luxurious deals hoping to pluck back huge profits, only except that when you risk your money, you risk losing wealth. Do not be misguided by your own selfish romantic desires to amass wealth rapidly. When investing, do not take any advice from an inexperienced person, but make safe investment decisions.
5. Own a home
Make your dwelling place a profitable investment, says Arkad. Owning your own home increases the amount of money to be set aside since you save on rent.
The Richest Man in Babylon ignites the thought that, to a man's heart it brings gladness to eat the figs from his own trees and the grapes of his own vines. To own his own place that he is proud to care for, he puts confidence in his heart and greater effort behind all his endeavors.
6. Insure your future income
Every man must think of the days to come when you will no longer be young. When time has made you unable to learn, the best way to take care of your family is by making preparations for your retirement.
7. The most important of all lessons. Increase your ability to earn
The last lesson in wealth creation by Arkad, the Richest Man in Babylon is to cultivate your own powers, to study and become wiser, and to become more skillful. Therefore, it is the burden of all men to acquire confidence so as to achieve the desired goals.
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