One of the best pieces of advice I can offer investors (or aspiring investors) is if you aren’t yet doing BOTH of these, START NOW. Depending on where you are at in life, you might already be doing these things. Some people find these really easy.
Others find them hard. The good news is, even if you are way behind, you can catch up quickly and start heading in the right direction. So – what are these foundational elements to wealth creation? To explore this topic, let’s take some advice from George Samuel Clason’s finance classic.
was first published in 1926, and offers timeless lessons on wealth-building through parables set in ancient Babylon. It’s reported to have sold 20 million copies. The book’s core message revolves around practical and simple financial wisdom.
Through the story of Arkard, the ‘Richest Man in Babylon’, Clason emphasizes the importance of managing money, seeking sound advice, and using wealth to grow through disciplined habits. This book was recommended to me early in my wealth-creation journey, and if you’ve never read it, then it is a must-read for you, right now. It’s short but on-point.
If you have read it, you might remember the chapter, . (There are seven cures of a ‘Lean Purse’ in total. Again, read the book!) This short chapter extolls the virtues of avoiding luxuries that come disguised as necessities, because if we are not mindful of this, then there is always the temptation, as our income grows, to increase our expense.