The Six Laws of Wealth
If you haven't read "The Richest Man in Babylon" yet, I highly recommend you pick up a copy. It's a pretty short read that outlines the Six Laws of Wealth in a story format. If you absolutely hate reading and want to know what the laws are, they are as follows:
1. Keep a part of all you earn. Save at least 10% of your income.
2. Put your savings to work for you. Invest it so that it will multiply.
3. Avoid debt. The poor pay interest, the rich earn interest.
4. Don't speculate in get-rich-quick schemes. Invest in solid businesses that you understand.
5. Invest in yourself. Gain knowledge and skills to increase your earning power.
6. Safeguard your growing fortune with diversification and insurance.
Again, it's a great read and you should check it out (you can get an eBook copy for $.99 on Amazon) but I hope this helps. Have a successful day!
Comments (3)
I haven't read it, but 10% seems pretty low to me - especially in real estate investing. REI is a compounding game, even more so than most other types of investments, so sacrificing to get your money into investments as soon as is prudent is the only way to be successful.
Jeremiah B., over 10 years ago
Brandon Franklin thanks for the summary. These points are always timely and I could read them everyday and still learn something new from them.
Al Williamson, over 10 years ago
Love this book - it's always at the top of my list of recommendations!
Michael Seeker, over 10 years ago