Sunday, October 09, 2005

Babylonian Parables for Financial Planning

The Richest Man in Babylon: The Success Secrets of the Ancients by George S. Clason offers creative success stories in the form of parables for sound financial planning. Below are the keypoints from the book which Clason deems the Seven Cures for a Lean Purse:

Cure #1: Start thy purse to fattening. Save 10% of your earnings.
Cure #2: Control thy expenditures. Create a budget to live within your means.
Cure #3: Make thy gold multiply. Invest your savings from Cure #1.
Cure #4: Guard thy treasures from loss. Invest only when your principle is safe.
Cure #5: Make of thy dwelling a profitable investment. Own your home.
Cure #6: Insure future income. Plan for retirement and have life insurance.
Cure #7: Increase thy ability to earn. Continue to educate and respect yourself.

"Go thou forth and practice these truths that thou mayest prosper and grow wealthy, as is thy right."

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