Monday, March 1, 2010

The Richest Man in Babylon

The main lesson from this chapter, in which one Babylonian explains to his friends how to get and maintain wealth, is to not spend, that is save, at least one-tenth of your income.

However, it's not that simple. The chapter also says, that you can't just sock that away. Use that income to make more income. Either through buying tools that will lead to more income or through investments.

The final lesson was to not trust others in matters in which they are not experts. For example, you wouldn't ask a sheep herder what to do with your money.

Take away: A part of all you earn is yours to keep.

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