You have probably heard numerous hearsays and facts concerning money and riches. Famous among them is that money is the root of all evil. This is true as its goddess glare and ensnaring taste has left many in the pitiful hands of corruption and slavish behaviors for gratification. In contrary, money has also sewn some into the hall of fame and honor. The latter statement means that that money can be enslaved. George Clason’s book “The Richest Man in Babylon” is one book that you should read if you want to know how to make money work for you, irrespective of your financial status and situation.
The book talks of two poverty stricken friends Bansir and Kobbi. Bansir used to be a chariot builder in Babylon, while Kobbi used to be an excellent lyre player. Like you and me, they used to work so hard and excel in their professions, yet their predecessors were richer than them. So they decided to one day ask Arkad (the richest man in Babylon) why they are not as wealthy as their predecessors, yet they work equally as hard as they do. Arkad’s response was that, they are in that position because they never sought to know how to earn wealth.
Money therefore has its own strict laws if you want to amerce wealth:
- First, you must start by faithfully saving at least a tenth of what you earn or get (For your future and family). The earlier you start, the more comfortably you can spend your money in the future.
- Secondly, find your money profitable employment, where it can multiply as you continue saving
- Also be cautious of investment hyenas by seeking money advice from wise men (financially successful men, and no others) who understand how money works.
- Don’t invest your money in business or purposes that you are not familiar with or that have not been approved by skilled individuals of the same industry.
- Lastly, don’t force your money to grow by accepting the alluring advice of tricksters and schemers who assure you that your money will grow faster than steadily. If you do, the result will reflect in your check book or savings account.
According to Arkad, this is how you and I can also comfortably budget our way to our financial goals and manage debt:
- 1/10 – save at least this amount from the salary you get, or from what you get if you are a student. This is what you will enjoy ones you are too weak to work, so the earlier you start the better for you.
- 2/10 – for this portion, allocate it to paying debts and divide among those who you value most. When you don’t have debt then, you can shift this amount to your savings.
- 7/10 – use this portion of your earnings to budget for food shelter clothing, entertainment among other necessities (including saving for building your dream house, business etc.
The good thing about using the Arkad’s formula is that it not only viable for students or employees, but that you can adjust the fractions of the budget, depending on your priorities. If you are a Christian, you can start by deducting ten percent from your salary before splitting your spending budget into the above fractions. You can try it and see. Good Day.