I just completed the book The Richest Man in Babylon by George S. Clason for class, and it is awesome.
I love that this is an old book but could have been written today, and I enjoy the storytelling in this book. I am reminded of how effective and enjoyable stories can be. They are both fun to read and to tell. Once I grasped the focus on the book – money management – I immediately became uncomfortable. Though I have a budget and keep on top of my finances, money is a very awkward subject for me. Instead of researching and having a specific plan, I choose to be thrifty and leave the investments to others. I had a decent savings, but I’ve recently chipped away at it to complete a project. I’d really rather money didn’t exist. However, I know it is practical.
So, when I started understanding the messages from the book, I didn’t want to hear it. I had to force myself to keep reading. When I allowed myself to move past the tension, I owned that the advice was pretty decent. I decided it was time to get back on the money management wagon, to review my budget again, and to have a plan for it. It is of no use to hope that money will magically come to you. It is best to study money management, as it is best to study anything you wish to excel in. And it is best to consult those who know.
This month I intend to start practicing the 1/10 income toward savings, the 2/10 income toward debt, and the 7/10 toward daily living. I have experienced that one can live within their means, even as income changes. I would also like to start looking at what’s going on with my investments. I’d like to make an appointment with myself to get that done, and I really want to find noble investments, supporting a good company while making money.
After reading this book, I am done with hoping and wishing about money from a distance. I am ready to take charge of my financial life.