Financial Advice to young people.
There was an ancient city in the Mid East, called Babylon. There is a story found on clay tablets found in the desert. It is about THE RICHEST MAN IN BABYLON. ( There is a book about it) Some would think that he was born into riches, but that isn’t the case. He was a poor young guy, just barely getting by. He looked around and saw practically all people were better off than himself. So he decided he had to do something about it. He figured to start he would start saving money. He took 10 % of whatever he earned and saved it. He said no matter how meager your earnings are you can get by with 10 % less. In today’s money, if you are making $10 an hour, you can get by on $9. If you are making $6 an hour you can get by on $5.40 an hour. The initial response from people is that “I can’t do it”, but you most certainly can. BUT, it has to come off the top, unfortunately most people want to save, but they want to save what is left over, and there is never anything left over. So you have to pay yourself first. Best way is automatic withdrawl into a savings account and then you never see it. Anyway, our Babylon fellow soon had a healthy savings account and began loaning out money, he would take a camel or a cow as security. Eventually, he became the richest man in Bablyon !! So young people may not become the richest person in town, but if you start a savings plan where you save 10% OFF THE TOP, and continue it for your life time, you will accumulate considerable wealth. If you are very young, talk to your bank about it. If you are employed, get involved in a retirement plan. Many employers have a matching funds program, match it to the max allowed.
Maybe next week , an article about advice on buying things?