I was recently given a wonderful little book about finance that was written in 1926. It is an easy read and I recommend it to any and everyone.

The Richest Man In Babylon has much to offer but the most important lessons can be condensed to:

Seven Cures for a Lean Purse

1. Save one-tenth of your income.

2. Budget your expenses so that you have money to pay for necessities, enjoyments, and desires without spending more than nine-tenths of your income.

3. Put your savings to work so that they multiply. Invest.

4. Invest wisely. Invest only when the principal is safe, where it may be reclaimed if desired, and where you will make a fair rental. Seek council from wise men who are experienced in the handling of money.

5. Own your home and improve it so that it can be a profitable investment.

6. Insure a future income. Provide in advance for the needs of your family and yourself in old age.

7. Increase your ability to earn. Pay your debts as soon as possible. Do not purchase what you cannot afford. Take care of your family. Make a will. Have compassion for those who are injured and who are smitten with misfortune and aid them within reasonable limits. Do deeds of thoughtfulness to those who are dear to you. Cultivate your own powers, study to become wiser, to be more skillful, to so act as to respect yourself.

Self-respect, compassion, wisdom…these are tools that could benefit anyone.