These 6 Laws Of Wealth from the book The Richest Man in Babylon by George Samuel Clason are timeless.
The First Law of Wealth
“Keep a part of all you earn. Save at least 10% of your income.” ~ The Richest Man in Babylon
The Second Law of Wealth
“Put your savings to work for you. Invest it so that it will multiply.”~ The Richest Man in Babylon
I started using the Acorns mobile app the other day and am really happy with it. Acorns mobile app automatically invests my spare change, my recurring weekly amount and chooses mutual funds for me. This app make investing effortless.
This app is helping me diversify my investment portfolio in the stock market and I love it.
Unfortunately with Acorns you do not see huge returns like we see in the crypto market. Acorns gives you typical stock market 7% annual returns.
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From acorns mighty oaks do grow!
The Third Law of Wealth
“Avoid debt. The poor pay interest, while the rich earn interest.”~ The Richest Man in Babylon
On average Credit Cards cost you 15% annual interest. So if you have $1000 on your Credit Card you pay $150 extra, every year!
The Fourth Law of Wealth
“Don’t speculate in get-rich-quick schemes. Invest in solid businesses that you understand.”~ The Richest Man in Babylon
So true, I remember when I was eighteen some older people I knew told me to put my money in some website that was suppose to turn a profit through travel ads or some bullshit. The site never did anything and I was down $400 USD. I didn’t understand that the only business model these people had was to take money from uneducated business kids like I was.
The Fifth Law of Wealth
“Invest in yourself. Gain knowledge and skills to increase your earning power.”~ The Richest Man in Babylon
If you between the ages of eighteen and twenty-eight your primary goal in life should be to absorb knowledge. Knowledge helps you recognize opportunities easier! Purchase books that other successful people recommend and take online courses that you can finish in a day. Check out my top three favorite sites for learning code.
The Sixth Law of Wealth
“Safeguard your growing fortune with diversification and insurance.”~ The Richest Man in Babylon