Ever since I was a little girl, I’ve loved books.
Books have been one of my best mentors. I’ve gone on great adventures through them. They’ve broadened my mind and satisfied my curiosity. Books have been a big part of equipping me to live life rich.
One one of my favorite books on living life rich is called The Richest Man In Babylon. It goes through 6 strategies for acquiring more money.
Those strategies are:
1. Start thy purse to fattening
This basically just means save. Get rid of your junk and use the money you make by selling it to start saving. Put 10% of every dollar that flows through you back into savings and encourage your kids to do the same.
2. Make thy gold multiply
Get your money invested and moving for you. Make it your best employee. Your money can make more than inflation and taxes. It’s just a matter of you controlling it in a way that it will do so.
Make sure to get good advice in this area from those who have been successful in making their gold multiply and then apply that advice.
3. Control thy expenditures
4. Guard your treasures from loss
5. Increase thy ability to earn
6. Make of thy dwelling place a profitable investment
In my opinion, the house you currently live in is not an asset. It won’t produce income for you until you sell it. Therefore, the first step to making it a profitable investment is to not buy a home you can’t afford.
Once you do own a home, however, do something with it that will produce a profit for you. For example, start a side hustle or begin working from home. That way, you can make part of your house deductible and it will begin making money for you.
These strategies are simple but hard. So make the decision to invest in yourself and the people you love by listening and growing in this area today and every day.
If you want to learn more about these 6 strategies and how to expand your ability to earn, check out Episode 037: 6 Simple Strategies for Money Acquisition.