George Samuel Clason who wrote this book The Richest Man in Babylon was very money smart. He invested all the time, and how he is telling us how to get rich. He wants to teach us, he is giving us the key.
He titled the book The Richest Man in Babylon. This is a very catching title, it makes you stop and wonder, he was very smart in choosing a title that automatically makes you think of way back in “the olden times.” He did this because he wanted to show you that the rules for money is the same throughout history.
So the question was “What would I have to give up in order to save 10% of my income?” Well, I already save 10% of my income, that is until Christmas time comes. Then I spend a good part of my bank account on giving my friends and family Christmas presents. Not all of it, but a fair amount.
For my income I babysit and clean. It’s not fantastic pay but better than some. I probably make a couple hundred a year, it varies some. But lets say I make $500 a year. If I only saved 10% of that, that would be crazy because I don’t have many bills. What I do when I get a check, I put the whole check in the bank unless I owe someone money.
But, sadly, all the saving goes to pot around Christmas. Now, should I stop giving as big of Christmas presents? That doesn’t sound fun, but I’ll most likely have to do that.
The book says” Pay yourself first.” Now for some people you can afford to pay yourself first, but with many people they can’t afford to do this. Some people have too many, or too big of bills to do this. But save what you can, in the end you do need an income but sometimes it gets tight and you can’t do that.
Bottom line is, don’t be foolish with your money. Don’t spend what you don’t have. If you are living paycheck to paycheck don’t buy a new car, don’t go out to eat every night, don’t buy new clothes if that’s where your finances are. There is almost always a way you can save money, and you should save what can, because you can never tell what life may throw at you. You shouldn’t spend your money right up to the moment you need it. And when you save enough, invest it.