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The Richest Man in Babylon

The Richest Man in Babylon

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In good times and bad, consistently saving a percentage of your income is a sound financial practice.

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Please refer to our transcription below if it is easier and/or more convenient for you:

This is a story about a chariot builder in ancient Babylon named Bansir.

Every day, Bansir works hard, but year after year, he remains poor, while his friend, Arkad, a scribe, grows wealthy. One day, Bansir asks Arkad for the secret of his great wealth:

Arkad replies, “I found the road to wealth when I decided that a part of all I earn was mine to keep and so will you.”

Bansir asks, “But isn’t all that I earned mine to keep?”

Arkad explains, “No, for a man has to pay for his clothes, food and other needs. But if you save a portion of all you earn and put the money to work for you, you can put yourself on the road to wealth.”

 

So Bansir follows his friend’s advice, saving a portion of his income and investing his savings, and eventually becomes one of the richest man in Babylon

The personal savings rate reached to low point of 2% in July 2005. As Americans came to terms with the recession, they began sucking away more savings until it top 8% in May 2009. As the economy strengthened, the personal savings rate trended lower. When times get tough, Americans in the recent years have tended to save more and spend less. When times get better, they spend more and save less.

In good times and bad, consistently saving a percentage of your income is a sound financial practice.

Followed the advice of the richest man in Babylon and pay yourself first.

Call today and let’s talk about your savings rate.

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