Managing our finances efficiently is a universal desire, and teaching our children about its significance is equally crucial. I reread one of my favorite books, “The Richest Man in Babylon,” to teach my child about finance. Some of the top ten lessons I relearned from the book are fundamentals that I learned at a young age and they have proven to be extremely effective. These could also benefit you. Here are the lessons:
- Learn to live upon less than you could earn. Always set aside at least 1/10 of your income for savings and at least 2/10 for loan repayment. Do not overstrain and try to save too much.
- You must seek advice from those who are competent through their experience and don’t trust the knowledge of a brickmaker about jewels.
- If I were to achieve what I desired, time and study would be required. So, improve your skills and education to increase your earning potential and career opportunities.
- Any accomplishment must be the desire and the desire must be strong and definite.
- Every gold piece you save is a slave to work for you. So, do not eat the children of your savings because if you do so, how do you expect them to work for you?
- Babylon became the wealthiest city of the ancient world because its citizens were the richest people of their time. They appreciated the value for money.
- To attract good luck to oneself, it is necessary to take advantage of opportunities.
- When I set a task for myself, I complete it. Therefore, I am careful not to start difficult and impractical tasks.
- Better a little caution than a great regret
- Babylon endured century after century because it was fully protected.
