5 Rules to grow your money from the book -The Richest Man in Babylon
We all have heard stories of Warren Buffet, Bill gates, Steve Jobs. All have something in common. First is they all worked really hard and secondly they followed the 5 simple rules for growing there money. You too can have a successful and happier life by inculcating these simple rules in everyday life.
There are so many things that we require to stay happy. The most important thing that make us happy includes money right? So here are 5 rules which are predominant when you wish to keep your money growing and growing. The book "Richest Man in Babylon" by George Clason, has described in detail, of how to keep your money growing.
Save 10% of your salary for yourself - So, untill and unless you save something for yourself first, your money won't last. You have to pay yourself the foremost, or else the money will vanish in no time giving others and in getting your requirements fullfilled. So the author mentions specifically that whatever you earn/have, save yourself 10% of that amount and then think of the remaining dues and necessities.
Use your 10% wisely by re-investing wisely- Now the money should grow even when you are not using it. So how to do that? The author has given a hint on investing this amount into wisely thought investments such that they give in good return. Also you should know where you are investing else your money is gone through the drain and will never come back. The person you are trusting for your investment should be an expert in that particular field so that you are assured of getting back your money in required time.
Keep 20% to clear your debts - Remaining 90% of your income should be still further divided into 20% and 70%. This 20% should be kept for the monthly/yearly dues that you have.
70% you use for all your necessities- You must adjust your necessities and requirements in the remaining 70% of your total income. If you try to exceed this limit set your yourself, you will end up spending much more and you will never get out of the vicious circle of debt. The author has always mentioned about clearly the dues in the given amount of time to help further increase your income to many folds.
Money stays only with people who use it wisely - If you are using your money without following the first 4 rules, you are bound to go penniless and in debt in no time. So think before you use your money for investing or even for your necessities. Don't splurge your money today because you have it, instead use it wisely in investments that give good returns and make your money grow day by day.
Conclusion : Money will slip away if you use the same un wisely. Means don’t you ever cheat!!Your money should earn for you. Never invest money in projects that you don’t understand. Always clear your debts in time and on no account, forget to pay yourself first. Seeing your purse full and your back account fuller will definitely make you happy. So practice the 5 rules and bring your happiness back to your life.
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