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The Seven Laws of Money - Advice From “The Richest Man…”
By JLP | January 3, 2008
The Seven Laws of Money as found in The Richest Man in Babylon for Today
Law #1 To start on the path to wealth, first put aside 10% of your income every month. - It might be difficult at first, but once you get used to it, you won’t miss that 10%.
Law #2 Control your expenses with a budget.
Law #3 Put your money to work for you.
Law #4 Seek safety in your investments, and the advice of the successful. - Don’t misunderstand this to mean that you shouldn’t put your money at risk. You’re going to have to accept some risk if you want your money to grow. Also, don’t assume that because someone is “successful” that they will have your best interest at heart.
Law #5 Own your own home. - Just be sure you get it at the right price. Do your homework first!
Law #6 Provide or you old age, your health and the protection of your family.
Law #7 Cultivate your own powers. Increasing your knowledge and skills increases your options and earning power. - I agree 100% with this law. The really cool part is that this is one of the easiest laws to practice. Read, read, read!
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