Make the right moves when it comes to managing your money. Many entrepreneurs keeps a copy of The Richest Man in Babylon by George S. Clason on their bookshelves. In this classic, Clason offers timeless financial advice through several parables. Here are some of the valuable lessons.
PAY YOURSELF FIRST
Start small. Save at least 10% of all your income earned. Even if you paying off debt, 10% is still recommended.
Make saving automatic. Automatically deposit that 10% savings into a retirement account, savings account or other investment vehicle.
If you get a raise, keep your expenses the same. Avoid “lifestyle inflation” - this is when you increase your expenses as you start to earn more money.
MAKE YOUR MONEY WORK FOR YOU
Earn more on investments. Compound interest will help - this is simply interest on interest and it adds up quickly.
Reinvest the dividends. Rather than cashing out, put the money elsewhere and watch it grow.
Create a passive income. Get paid with high dividend or real estate investments.
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