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Monday, 29 September 2008

Pay Yourself First!

'The Richest Man in Babylon' by George S. Clason

This beautiful book begins with a conversation between 2 childhood friends, Bansir, a chariot builder, and Kobbi, a musician. They were discussing why it was that they had worked so hard, for so many years, and had become barely able to support their families.

After some deliberation they decide to seek the advice of their childhood friend, Arkad, who has become very wealthy and most importantly has been rumoured to be the richest man in Babylon.

Bansir and Kobbi seek out Arkad and ask if he would teach them how they might become wealthy. Arkad is more than happy to oblige his friends. They agree to meet... and the lessons begin.

His first statement to them is, the only reason they have failed to acquire wealth up until this point is because they have either failed to learn the laws that govern wealth, or they have learnt the laws but are not observing them.

This is the first great statement in this book, and is an opportunity to consider where you are at in regards to financial literacy. Our libraries are filled with autobiographies of people that have succeeded so even if you don’t have access to a wealthy friend, you have access to their knowledge.

Arkad came from a humble, large family and was not set to inherit, however he managed to amass a great fortune. What did he do differently? Why was it that these 3 childhood friends had had the same beginnings, but one was immensely wealthy while the other 2 remained without wealth?

Arkad begun by teaching them that when he decided he was going to be wealthy he knew that he had to first seek out the wisdom of someone who was already where he would like to be and sought the advice of Algamish, the money lender.

The first lesson that Algamish had to offer Arkad was the most important lesson in the accumulation of wealth, and is the most important to you.

‘A part of all you earn is yours to keep.’

‘A part of all you earn is yours to keep.’

Think about how you manage your money right now. Do you pay everybody else first and whatever is left, you keep? If this is the case then open an account where you can start to place 10% of all you earn and place it in this account before you pay, your hairdresser, your shoe supplier, your electric company, your supermarket, whoever it is that you pay money to – pay yourself first. For others of you who are either already doing this or have investments, you are obeying the first natural law of wealth. However you may like to ask if these investments are 10% of your income.

You may be wondering how you can do it if you are just surviving right now but this is a law that cannot be avoided and it is your choice to follow these laws or to remain where you are today. I can promise you, you will not miss this 10%. I heard someone once explain this 10% as ‘latte money’. You know that money that you spend every day that might be a dollar here or a dollar there, but at the end of the month it adds up to quite a few dollars. Consider if there is something that you consume that would be considered as ‘latte money’.

This is the first and the most important law, so decide today to –

‘Pay Yourself First’

The reasons why this is so important will be explained over the next few weeks and I look forward to sharing them with you.

Happy Manifesting!



LITeacher said...

This is something that I have always been told by my parents. I have always been reluctant to believe it. I know that this is something I should do. I'm going to start-next pay day!
Maureen :)

Julieanne Paige said...

Maybe they have read this book already :)

This simple rule makes such a difference. You will see the results very quickly and it will become something you do with every pay check.


CoolDeep said...

Great going Julieanne...
My best wishes are with you...


Lyman Reed said...

Hi Julianne,

The Richest Man in Babylon is a fabulous book! It's so good to see people discussing it.

The 10% idea is something that's pretty well known, but seldom followed. It can be tough when one is first starting out, but it is doable... even if you have to start at 1% and build your way up.

Thanks for putting this together.


Lydia said...

Hi Julieanne,

Yes, I agree with the others, thanks so much for putting this together. This is a well known rule as lyman has said, and true that very few of us follow (myself included). We always have excuses that there just is not enough money to do this, but there is if we start with paying ourselves first.

I am now reminded that I have read this book in the past, and must have it in my book collection. (our library did not have it) I will find it, refresh myself and join in when possible. Thanks for taking the time to keep us reading!


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