Ancient, Timeless Lessons in Wealth

Here are five handpicked lessons in wealth from George S. Clason's The Richest Man in Babylon:

1.

Payday! You just got paid $2,000 for 40 hours of work. What's your first move?

When you earn money, you pay your landlord, you pay your electricity provider, and you pay your local Starbucks. You pay everyone but yourself.

"A part of all you earn is yours to keep...pay yourself first."

Lesson 1: Save money. Prioritize your financial well-being and set aside a portion of your income...for your future self! This is how you begin building your wealth.

2.

You just received a promotion and a significant raise. You now have the option of buying a brand new car. Do you take it?

When we earn more, we (tend to) buy more - this is called lifestyle inflation.

"What each of us calls our 'necessary expenses' will always grow to equal our incomes unless we protest to the contrary...Budget then thy necessary expenses. Touch not the one-tenth that is fattening thy purse. Let this be thy great desire that is being fulfilled."

Lesson 2: Live within your means. Be mindful of and control your expenses now (prioritize your needs over your wants, practice delayed gratification, and watch your spending habits), so you can be financially free and secure in the future.

3.

"A man's wealth is not in the coins he carries in his purse; it is the income he buildeth, the golden stream that continually floweth into his purse and keepeth it always bulging."

You've saved your money and controlled your expenses; now, it's time to let your money grow and multiply.

Lesson 3: Put your money to work. Use the power of compound interest, watch your money make more money.

4.

"Study carefully, before parting with thy treasure, each assurance that it may be safely reclaimed. Be not misled by thine own romantic desires to make wealth rapidly."

Get rick-quick schemes can be tempting, but remember that building wealth is a marathon, not a sprint.

Lesson 4: Invest wisely and protect your wealth. Put your money in safe, reliable investments, and be cautious of high-risk, high-reward opportunities.

5. Most importantly, keep learning.

"The more of wisdom we know, the more we may earn."

Lesson 5: Invest in yourself. Continuously learn and grow to become a better investor and increase your earnings potential.