I was researching a post and it occurred to me that not everybody knows about the best-selling personal finance book, The Richest Man In Babylon …
… so, I found this rather ‘unusual’ summary of the book and its seven rules, which boil down to:
– Save 10% of your gross income and put it to work for you
– Reinvest the dividends (that’s how you kick in ‘compounding’ … it don’t happen automatically, bub)
– Budget your income (I’m not so sure how important this it other than to help you save the 10%)
– Own your own home
… if anybody can make head-or-tail of the other three ‘rules’ please put them in the comments 🙂
Wow, I need my secret decoder ring to figure that one out, lol.
I remember giving my brother a copy of the Richest Man in Babylon. Not sure he even read it. His loss… (of his gold slaves as it were)
Got one more (I think),
– Have residual income. May sure your investments continue to pay you.
@ Scott – Here’s a great one: http://www.deadlykungfuaction.com/ 😛
@ Neil – Aaah, great pickup, thanks. Anybody have any others? I think there’s 7 in all …
‘don’t let gold fly’ sounds like it might be Warren Buffets rule #1 ‘don’t loose money’
Sounds good to me, Dianna 🙂