9 Timeless Money Lessons from The Richest Man in Babylon

today we're talking about nine money lessons that I learned from the book richest man in Babylon this is part of a new series of videos on the channel where we'll be breaking down my favorite lessons from my favorite money books in this video we're breaking down the book into three parts so we're going to go

into spending money making money and protecting money let's start with spending money lesson number one start thy purse to fattening in the book Arad who is the central character in the whole book and the wealthiest man in Babylon says that a part of all you earn is yours to keep we tend to treat a

paycheck as if it belongs to everyone else so the moment it comes in you might hand over a bit to your landlord and some of it to the grocery store and some of it to the electric company and then maybe pay for a vacation or a night out or two and then at the end of the month

you realize it's just been paid out to everyone else and none of it's left over what Arad is saying is that some of that money belongs to you to keep and the way that I've applied this to make sure I do it in my own life is to always pay myself first so before I do anything

else with my paycheck as soon as some money comes in I put a portion of it towards my savings and then I spend the rest I have an automatic transfer every month from my main account to my separate savings account and it started off with just being 5% of my take home pay and then every year I slowly

increased it as I made more it went up to 10% 15% 20% but this simple shift in mindset just paying yourself first will be a complete changer for your finances lesson number two control thy expenditures in the book arcad warns that what each of us calls our necessary expenses will always grow to equal our