Financial Investing Radio

FIR 42: The Richest Man in Babylon...

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Sinopsis

Part of my growing up included milking cows, hauling hay, and working the wheat fields. As a boy I recall watching my Dad milk cows by hand. The cats would gather around as he milked the cows. Occasionally he would direct the milk spray to the cats and they would lap up the milk, in sheer delight. He also had several buckets. One bucket was intended for family and other buckets would go into the large milk vat, that eventually would be sold. I watched this distribution of the milk regularly. At one point I read a book, called the The Richest Man in Babylon. It's a great book, I highly recommend it. In the book, authored by George Samuel Clason back in 1926, he teaches a principle about how the Richest Man gathered his wealth, and distributed his income. He gave 10% to God, then he paid himself 10% (through savings) and then he would live on the rest. Certainly we each have a level of resources to use and to distribute wisely. Just as important we should teach our children similar principles of thrift, giving,