Breakaway Wealth: Episode 19 – One of the most powerful books that inspires us in what we do is The Richest Man in Babylon by George Samuel Clason. What are the lessons the book teaches us, and how can we apply them in our finances and lives?
On this episode, I’m joined by a very special co-host, my colleague, Steve Scollard and we share on why this book is such a game changer.
“Your money has a value and a cost, and treating it as though it doesn’t violates economic value added.” –Jim Oliver
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Three Things We Learned from this Episode
- The importance of discipline
We all have desires and things we want, but desire is the enemy of discipline. If you can delay your gratification, you’ll get more in the end and that will help your money grow and multiply.
- Pick your financial advisors wisely
Stick to what you know. Why would you let a salesperson tell you how to be wealthy and grow your wealth when you have already built your wealth through your business or a skill?
- Why a 401k isn’t going to ensure a future income
Ensure a future income, provide an advance for the needs of your growing age and protection of your family.” This doesn’t mean a 401k or the stock market, because that doesn’t ensure anything. In fact, the only guarantee you have is there’s no control.
Every great book ever written about money is about breaking away from the herd, and that’s for a good reason. Nothing good happens with our finances when we do what everyone else is doing. It’s all about owning your home, your banking function, and ultimately your future. You do this by putting money aside, letting that money grow and growing your own capacity to earn more.