LESSONS FROM THE RICHEST MAN IN BABYLON: RULE 3
In the last three weeks, we have treated two rules of wealth from the bestselling book from George Clason titled The Richest Man in Babylon. The idea is simple: the better your ability to create wealth, the better you can live the kind of life that will be valuable both to you and to others.
Rule one about wealth creation says “Start your purse to fatten / Start fattening your financial accounts”, while rule two says “Control your expenses”.
This week, let’s examine rule three which says: Make your savings multiply.
The greatest injustice you can do to money and to yourself is having it in the bank and leaving it unproductive. Making wealth means putting your money to work. The richest man in Babylon advises to “put each coin to laboring that it may reproduce a stream of wealth that shall flow constantly into your purse.”
The value of wealth is not in how much you have in your account but how much your money makes for you regularly. Since you most probably desire a continuous flow of income, whether you’re working or on vacation, you should employ your savings to work for you. Pick investments that you will earn for, and upon realization of profits, reinvest the profits so that every dime you earn makes for you money.
If anything, the increasing level of inflation has taught us that what the value of your money last year is not the same today. So money saved in your account, unyielding, will soon lose value and that does not make you a smart investor.
No doubt, it’s good to have liquid cash in your account for regular expenses and emergencies. But the bulk of your money should not be lying fallow in your account making value for your bank and not you. Let your money create more value for you by being invested in other portfolio.
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