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Sunday, 2 November 2008

The Richest Man in Babylon

Hi Everyone!

I hope you have enjoyed some of the simple financial lessons that have been given to us in ‘The Richest Man in Babylon’.

I did want to leave you with one more easy lesson if you are faced with debt and are unsure how to handle it. It is my hope that are you not but if you are, or somebody you know is, then this is some great advice to follow.

Many financial advisors will offer the same suggestion and it is very simple, although at first glance you may consider it impossible.

1. Pay Yourself First – No matter what kind of debt you are facing remember to save 10% of your wages for your future. This will give you a greater sense of achievement as you are paying your debtors back whilst still enjoying a growing ‘nest egg’ not to mention the security of knowing that you will be better prepared if a situation like this does arise again.

2. Pay Your Debtors After You Have Paid Yourself – Commit to paying your debtors 20% of your wages. You will need to devise a plan and present it to your debtors explaining that you wish to pay a certain amount of money every month. Many credit companies will be happy to devise a plan with you as they would prefer to get be paid eventually rather than not at all.

3. Learn to Live on 70% of Your Wages – If you are in debt this is a strong commitment to make but it can be done with proper planning. Remember it is only for the time that you are choosing to deal with your debt.

By following this simple plan you will pay your debtors whilst retaining a sense of dignity as you are also saving 10% for your future.

Again I hope you are not faced with this problem but if ever you are, this is an easy and simple solution although it does take commitment.

‘The Richest Man in Babylon’ is such a great little book for starting out or getting your finances into order. I hope you have enjoyed it as much as I have since I found it over 10 years ago. And for those who know me and have listened to me constantly repeating ‘Pay Yourself First’... ‘Pay Yourself First’... I hope you now have a clearer understanding as to why.

Thank you everyone for your great comments and emails and I am especially looking forward to sharing our next book, ‘A New Earth’ by Eckhart Tolle with you.

Happy Manifesting!



Lydia said...

Hi Julieanne,

Thanks so much for a wonderful summary.

We almost don't have to read the book(s) itself because you always do such a great job to update and summerise!

Looking forward to the next book.


Julieanne Paige said...

Hi Lydia

You're welcome :)

It is true that The Richest Man in Babylon was a very quick read. I just wanted something light in between books but Tolle will take longer I am sure. Think and Grow Rich took me 4 months to get through and I think Tolle will be about the same.

There is so much that can be discussed and am really looking forward to getting back into a deeper discussion.

Speak soon!



Hi Julianne,

I need to find this book. This would help me a lot. Thank you for all your knowledge and for sharing them with us. Looking forward for more. Also, thank you for your encouraging words on my blog.

On another subject. There is a blog game going on and I have been tagged. It is actually a fun game and it is a good way to get your blog site out there. If you would like to participate I have tagged you because your site is one of my favorites. Click on my link below to find out more.

Thank you,

Julieanne Paige said...

Hi Treasure!

You're welcome. I I really enjoy you're different perspectives on your blog.

Speak soon!


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