Sometimes you pick up a book and it literally is torture to put it down. The Richest Man in Babylon is an engaging read chocked full of financial wisdom. https://thediamondsmine.com/files/Ebooks/Clason-RichestManInBabylon.pdf
0:10
Good evening and welcome to my humble podcast abode. I am Cocoa Griot. Just a 50 something who delights in discussing life, love, and a vast array of other topics. Books have been my constant companion ever since I learned to read. As an adult, I have some favorite books and recently added one to my collection. I haven't always had the greatest grasp of how to handle finances. So, when a friend mentioned the book, The Richest Man in Babylon, by Samuel Clason to me, I was intrigued by the title. I picked it up and it was very difficult to put back down. In the show notes, I put a link to the PDF of the book, so you can check it out for free. Out of the wealth of knowledge in this book, three main aha moments happened for me. I am hoping you permit me to share what really stood out to me in this helpful book. I think it's important to encourage each other when we find a good read and point us in that direction right?
1:16
So, I know that the first aha, which is paying yourself first, it is sometimes hard to get that out y'all. I struggle with this probably more than any of the other principles laid out in this book. The idea that when you work, you get paid, and you turn around and give that to somebody else, that's been the mainstay of my life. So why is it important to pay yourself? The most prolific reason is so that you feel you are directly benefiting from the work you did. I know you turn on the light switch it works, which is great, or you go to the refrigerator and there's no echo when you open the door, and that's great. But y'all it's deeper than that. When we talk about paying yourself first, we mean, are you saving or are you investing so you have the opportunity to see your funds grow? When you're only paying your bills and other obligations, all you see is a depletion of funds. There is joy in being able to see the money you earn blossom through saving or investing.
2:23
My next aha moment is living below your means. I always grew up hearing live within your means, but the concept of living below your means was foreign to me. I totally get it though. If you're living below your means, you're most likely finding opportunities and ways to save money at every turn. This strategy also helps you create a budget and stick to it. This was my reaction when someone used to mention the word budget to me.
2:59
It seemed like you were confining yourself to something and it was almost like having an adult allowance, and now my viewpoint has totally changed. Creating this budget is actually the stepping stone to having financial freedom. If you exercise discipline for a little while, there's greater later. I'm now making budgeting a priority for sure. I used to complain about the fact that there was so much month left at the end of my money, but I understand why. Eliminating the word 'just' as it relates to money was a big help for me. Saying something is' just' $5, or' just' $10 minimizes the cumulative impact that can happen over time. If I spend that ''just $10 on 10 Things that are unnecessary. That's just $100 gone. Creating an awareness of how I spend money has helped me tremendously.
3:54
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4:36
There are many valuable lessons in The Richest Man in Babylon, but I'm just focusing on the gems that I connect with the most. The final one for me is investing in yourself. learning is a trend that will never go out of style. This message kind of came home to me recently, by way of a family member. They were in a line of work that was a professional job and it was respectable income, but they found a training program, there was an investment of a few $1,000 to learn a new skill. And so they took the training. Within a few months of finishing that program, they were able to get a job that pays them 10 grand more angrily, because they invested in themselves that did not involve spending money on a college degree. It just involves seeking out a training program that has value and a new skill set, which became a springboard to earning more income. I'm not knocking college at all, but I think it's important to research, educational avenues beyond the traditional college degree. Colleges are extremely expensive. I can't talk tonight, y'all. Taking the time to research opportunities and options can make a world of difference in your earning range. The basis of the book is about growing wealth. My desire is just to be comfortable. I believe the book is a tool to reach that goal.
6:01
Thank you for listening this evening. And as always, I wish you good health, good fortune, And good night, Cocoa Griot out.
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