The richest man in Babylon

All the antiquities, when asked how they started collecting their wealth, will say they read a book! This book is one of the books that most wealthy people have read, which changed their thinking. The richest man in Babylon relies on two main factors for building personal wealth: saving and investing. Saving is when a person sets aside a part of their income to separate it from what can be spent in the present. The book suggests that the saving rate should be 10% of the total monthly income, but everyone is free to determine the percentage they see fit. It is important that the saving is before spending, meaning that a person should set aside a part of their income first and then spend the remaining, not spend what they want and save what is left. This is because a human being is capable of highly flexible life adaptation to changing circumstances, so once they limit themselves to ninety percent of their monthly income (90%), they will find their life begins to adapt to this amount quickly and easily. The second factor is investing the saved money instead of keeping it as is without increasing it. The idea of investing is that the saved money becomes an employee for its owner, producing more money, which in turn becomes an employee that achieves more gains when reinvested along with the original investment to achieve greater profits that can also be reinvested to accumulate gains, and so on. This chapter may be a summary of the entire book, which is about the three laws of building personal wealth: earn what you earn, keep what you earn, and invest what you earn to generate more money. The seven tips to overcome empty wallets are written in this interesting book.