According to the book” The Richest Man In Babylon “by ‘George Samuel Clason’, There are five rules of money, as in every game, the game of money has some rules set by the elite and these rules are:
1 Save 10% of the money you get paid or you make from a small business of yours:
In the present time people save more than 10%, but those may be people with high income that supports more than what they spend or people that have big investments that bring them a lot of money, and for average people saving 10% is achievable and it’s only a matter of time and patience until reaching higher percentages of saving and income.
2 Lower your income and buy what you need not what you desire:
There’s an Arabic idiom that says ‘ is it every time you desire, you’re a buyer?’ the meaning is obvious, if you say no to every thought of desire that comes into your mind once you get that salary, lower and control your income, it will be only a matter of time until you realize that all the money you spend was based on desire not need, so skip those prestigious products you buy, it does not have to be Zara, Nike, or Starbucks, it only has to do the job, once you master this skill and turn it into a habit you will be doing more on savings, and the 10% may go up to 20 or 30%.
3 Invest in fields you know more or you have experience in, also you may work as a student with someone:
Here’s a question, a deep one, would you rather ask Messi about scoring slam dunks or Jordan? Of course, you’d ask the tall 23 about that than the short 10.
When it comes to the investment the best thing to do is investing in the fields people invest in because there’s a lot of information concerning those fields and you can get help from anywhere, also one of the most recommended things to do is to become partner with people who have already knowledge and success in such field for example, for instance, if you invest your money with someone who has a trademark and a collection of restaurants in order to get a percentage, thus we advise you to never ask for more than 30% in your first collaborations, focus on learning the science of money and investment more than money itself.
4 Sharpen your sword, your skill is what you use to sculpt your state of wealth so sharpen it over and over:
Be the best at what you do, take care of what brings you money and get to be one of the people who are the best 3% of the population that does that work, once you master that skill and it must be preferably something you love doing, you are going to be rich.
5 Set up passive income:
Making money while sleeping, that’s the definition of passive income, passive income are investments that bring cash flow while you are traveling or doing other work, for example teaching other people the skills you have in order to hire them as employees, so basically passive income is the investment of money in a field that does not require your presence or physical effort.
Bonus* Stay away from gambling, alcohol, drugs, and prostitutes in order to keep your money in the bank.