Babylonian Financial Fitness for 2018
Economy, Personal Finance

People’s New Year’s resolutions always include to a greater or lesser extent the wish for fatter and fuller purses and wallets. How many of us really get that larger bank balance or financial gratification we sought on 1st January every year?

What has caused us to perpetuate our financial distress? Is it impulse buying? Could it be unexpected family cost? The economy perhaps? Or just poor management of funds? Regardless of the reasons, it is always frustrating to have more ‘month’ than you have money. More so when you are unable to go on your dream holiday or pursue a much sought-after goal.

What is the solution to your financial woes?

Folklore has it that Babylon was the wealthiest city in the world and its citizens the richest in the world.

Richard Clason’s timeless classic, “The Richest Man in Babylon” threads together several tales illustrating the mastery with which the Babylonians achieved financial success. We can pick up a lot of valuable lessons from the ancients in solving our own financial problems today.

Below are 7 RULES OF MONEY we can learn from: –

  1. Start thy purse to fattening: Save money! Save at least 10 percent of everything you earn.
  2. Control thy expenditures: Spend less than you earn! Don’t spend more than you need; do not confuse your necessary expenses with your desires. A tip is to write down all your expenses. In so doing, you can get a clear picture of your current financial situation and plan properly.
  3. Make thy gold multiply: Invest your money wisely! Make sure it earns you dividends and returns that you can reinvest. That way your wealth increases.
  4. Guard thy treasures from loss: Avoid investments that sound too good to be true. According to Warren Buffet (an American business magnate and investment guru) says ~there are only two rules of investing, 1. Don’t lose money 2. Don’t transgress rule number 1.
  5. Make of thy dwelling a profitable investment: Own your home! Babylonians recommend that we own our homes so that we can have “peace of mind”. Furthermore, the money we would otherwise be paying for rent, or a mortgage, can be saved for investing.
  6. Ensure a future income: Have a retirement /pension plan! What would happen to us if we were to suddenly fall ill and unable to work? What would happen to our families if we were to meet an untimely death? Protect yourself and family with life insurance policy of some sort.
  7. Improve thy ability to earn: Continuous education! This way you can increase your ability to earn. Invest in personal professional skills development. Strive to become wiser and more knowledgeable. “The Man who seeks to learn more will be richly rewarded.”

Building wealth is not an overnight miracle. It takes overwhelming diligence and commitment to make small changes in our spending habits. The “7 rules of money” can only be a guide as to the few lifestyle choices and decisions that one can make.

Ultimately financial freedom means different things to different people. The Babylonians have laid out a sound blue print that is very applicable and practical that can help lead us to less financial stress.

May 2018 be the beginning of the end of our financial woes!

*The Richest Man in Babylon – The Success Secrets of the Ancients, by George S. Clason. Publisher – Signet / First published in 1926

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