Saturday, 19 April 2014

By The Rivers Of Babylon

It's always worth looking back to the wise men and women of old for a bit of inspiration. Today, I'm going to simply reflect on The Richest Man In Babylon, a book published in 1926. It's all about teaching simple lessons in finance through a collection of parables set in ancient Babylon. It's a classic book on financial advice.

Well, we're not in ancient Babylon any more. So I managed to track down a revised version of the book (or The Richest Man In Babylon For Today). It may lack some of the mystique and aura of its predecessor, but it applies some basic principles relevant for the current day. Worth remembering:
  1. Pay yourself first
  2. Develop a budget
  3. Pay off debts
  4. Start looking for ways to put your money to work
  5. Accept risk, but be careful
  6. Don’t procrastinate
  7. Invest in your home
  8. Invest in your retirement savings
  9. Invest in yourself
  10. Prepare your “Walls of Babylon” – i.e. have a will, life and health insurance etc.
Apply these principles and you'll be on your way.

No comments:

Post a Comment