The Path To Financial Independence
March 26th, 2020
The Richest Man In Babylon
This is a story about a chariot builder in ancient Babylon named Benazir.
Benazir works hard but year after year he remains poor while his friend, Arkad a scribe grows wealthy.
One day Benazir asks Arkat for the secret of his great wealth and our cat replies.
I found the road to wealth when I decided that apart of all, I earned was mine to keep and so will you.
But isn’t all that I earn mine to keep Arkat explains no.
For a man has to pay for his clothes food and other needs.
But if you save a portion of all, you earn and put the money to work for you, you can put yourself on the road to wealth.
So Benazir follows his friend’s advice saving a portion of his income and investing his savings and eventually becomes one of the richest men in Babylon.
The personal savings rate reached a low point of 2% in July 2005 as Americans came to terms with a great recession.
They began stocking away more savings until the rate reached 12% in December 2012 as the economy strengthened however the personal savings rate trended lower dropping to 5.8 percent the following February when times get tough.
Americans in recent years have tended to save more and spend less.
When times get better.
They spend more and save less.
In good times and bad consistently saving a percentage of your income is a sound financial practice followed the advice of the richest men in Babylon and pay yourself first call today.
And let’s talk about your savings rate