7 Steps to Start Building Long-Term Wealth (The Richest Man in Babylon)
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- Опубликовано: 13 июл 2024
- The Richest Man in Babylon is a personal finance book that teaches lessons of investment and financial indepenence through series of parables set in ancient Babylon. Within the book is a tale of the '7 cures for a lean purse' which is a simple (yet comprehensive) set of rules that anyone can use to put themselves on the road to financial freedom. In this video we look at these '7 cures' discussing topics such as paying yourself first, living frugally and investing.
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DISCLAIMER:
Neither New Money or Brandon van der Kolk are financial advisers. The information provided in this video is for general information only and should not be taken as professional advice. There are risks involved with stock market investing and consumers should not act upon the content or information found here without first seeking advice from an accountant, financial planner, lawyer or other professional. Consumers should always research companies individually and define a strategy before making decisions. Brandon van der Kolk and New Money are not liable for any loss incurred, arising from the use of, or reliance on, the information provided by this video.
1. Pay yourself first
2. Eliminate unnecessary spending
3. Put money to work -> Invest
4. Protect your wealth -> don't put money in investment you don't understand
5. Own your home
6. Ensure future income -> when you can't work (retirement, investment, business)
7. Prioritize increasing your ability to earn
Thank You!
That is 300% correct
thanks
Thnx darling for the shortlist
Thank you! ❤🎉❤
Great advice throughout with one big exception. I built and owned a business. Early on I had hopes of retiring one day with the business continuing to provide me with income. As the years went by I saw a number of my small business peers attempt this and each one had to come out of retirement to save their business. People who are simply employees generally lack the overwhelming sense of devotion to a business that an owner has.
Seeing this I changed my motto to "the company is the product." The motto meant that I knew one day I would sell and I did the things that would make the company attractive to some future buyer. I kept my accounting very clear (no tax games), separated the brand from my name and personality, maintained the facilities to a higher level than I personally felt necessary, and a thousand little things. Doing all this brought buyers to my door before I was ready to go. Eventually one group came with an offer large enough that I couldn't justify staying.
TLDR: Don't count on your child or key employee taking over your business when you are ready to step away. That almost never works out.
Your comment too is great advice. Thanks for taking the time to write and post it. It gives a whole new perspective.
@@Topknot60 Thanks!
At 61, the more that I listen, the more I realize I am too late. Don't make my mistake. Do this stuff now!
It's never too late. In 10 years you can make millions if you really make up your mind and find a good efficient way to earn big
gregkloe its not too late most people think in terms of saving a million, you don't need that, you can build a online business aim for 3-5k per month....it can be done in just a short few years!
This one of my favourite personal finance books of all time. Important lessons that sound simple yet many still don’t do them to get ahead!
Subscriptions and Habits are the way to cut expenses. I cut down half of my grocery-budget by eliminating snacks and unnessesary buyings. I focused on eating healthy and quality, and eating long term calories.
Second thing are impulsive buyings: they can ruin your entire saving-result. Imagine saving 100 dollars a month on eating and Starbucks-coffee, but impulse-buy an unnessesary gadget for 500 dollars (e.g. an expensive luxus item, without it beeing a reward for hard work). In that particular Moment where you fell for the online-advertisement - you were depleted after a heavy work day, having low blood sugar and beeing mentaly not resistable anymore - you just eliminated 5 Month of hard saving and energy you spent on it.
Its absolutely okay to have such weak points. We all have. And thats exactly why we need to know about ourselves when we are in that specific situation, be aware of it, and recognise when it occurs.
So, happy saving everybody, have a great day.
Thanks for reading my TedTalk
This book is one of my favorite. I've listened to the audiobook version about 4 times now
This book is truly gold. I wish I had read it much sooner in my life, I would be rich by now. The steps are so simple, and yet, without a doubt, they will transform any one's life for the better. I read it only 4 months ago and already have started paying myself first and investing, something I had never done before. Thank you so much for commenting on it and spreading the information. Cheers from Mexico!
Don’t spend more than you make and invest the rest. You will become wealthy over the long run with this simple strategy.
It really is as simple as that.
Invest FIRST and spend the rest. Make it automatic, that's the better way.
@Kamran Ishtiaq There are many factors that cause people to not follow this strategy. Their childhood, the environment they grew up in, their education, their individual circumstances, access to resources etc. Millions of people live extremely challenging lives and they will never have the luxury to save and invest. This is not because they are lazy or stupid, they are simply unlucky. If you reside in a country that allows you to save a bit of money each month and invest it, then you’re incredibly lucky and you should make the most of the opportunity.
Invest where??
I love that book. Read it first in my early teens and still do that from time to time, over 20 years later.
Love it thanks for sharing mate!
Love this book! Thanks for sharing
Probably the best book for personal finance in existence, and a short and enjoyable read. Nice video!
Wonderfully Explained
.
I really enjoyed this. Clear goals, Good examples, and well presented. A nice motivational video for the mid week.
I love this info,so thanks for that life changing advice👍👍👍
Great video, thank you Brandon
Thank you, Brandon 👍
It is easy to be the richest man in Babylon
Simply rename your house Babylon
And my girlfriend with her fancy "positive net worth" is not a man so it works!
I did this but I'm still only the 2nd richest man in the house. My wife's boyfriend takes first place :( I'm going to go drink a couple of soy decafs to cheer myself up.
This is a great book that is so relevant still and has a great message!
Great video! thanks!
Timeless advice!
Great video mate keep up the work :)
Great points! Thanks man!
Nice work mate
Great vid thx!
I look forward to working with this
I love your videos thank you
Wow...well explained...the example of eggs in the basket illustrates it more abt paying your self first...thnx
Thank you for sharing this information.
I’m a senior but read this wonderful book
in my twenty’s
and applied these recommendations in
my life.
Your take on this book is so useful for
all.
Your friend from 🇨🇦
You’re a millionaire?
Great book read the book last year and currently re listening to the audio book again the book I highly recommend to all my friends
I simply go buy groceries in the evenings when they are on discount so that has decreased my monthly grocery expenses by 30%. The book you talked about sounds interesting and perhaps I invest in myself and purchase that book.
I've never heard of this before, do all grocery stores do this?
It is a great book, I read it multiple time. Investing in your financial literacy is the place to start. Don't give up. Come and watch my channel also
I will personally rephrase the #5 step, considering #3 first. I prefer to own properties that bring me money on a monthly basis, and with just a portion of that money I can afford to live wherever I want to live on a fixed cost basis, no property tax, no maintenance costs, no hassle with mortgages or bad/noisy/conflictive neighbors. All opinions are right, and in this matter, I follow Kiyosaki´s rich dad.
good content bro
Great brilliant presentation 👍👍👍👍👍👍
Hii love your videos.. very informative.. i was wondering if you can tell us about how (the spread) in CFDs can affect our profits in detail.. and if lump sum investing is better than dollar cost averaging in a case of a big spread.. thanks!!!
1st off this video got me fired up! I got a piece of paper and wrote these steps down on paper, who knows maybe this is the start to my success story 🤷♂️ 2nd, do step 1 and step 3 work hand in hand? Or do people typically create a separate budget from step 1 to invest?
Seven sensible steps anyone can follow 👌🐶
Great advice!
Hope you will put them into practice. Come and watch my channel also
i read it whene i was 15 it is very good book for beginers
I hear that you use probably Bosch washing machine or similar. I was confused during vid and checked mine if there was some laundry in it 😂 great video though!
Nice
does hypercharts cover Australian stocks?
Thank you for the knowledge Brandon🙂🙂🙂 oh since saying own your own home can u do a broader expansion on how to get into owning own home just starting in the coprate or self made journey and I know the process will be different around the world be if u could generalise that would be great
Own you own home is important but it is not an investment or at least a real asset. I made a video about it. Come and watch my channel also
Nice tshirt bro
Honestly it all comes down to sacrifices, netflix and the rest of the subscriptions stuff they feed you. I gave up going out and doing anything at all became very frugal, for a good 2-3 years. Literally doing nothing. Now I have over 150k and growing strong. But just keep at it, It really isnt a race. Go at your own pace 🤙
I just started reading it 🙂
You will like it a lot!
@@realfinalsay im hoping 😃
The things about owning a house is bit hard, since we would utilizing some sort of long term loan for it, thus paying that off first will become a priority!
I have seen conflicting videos on whether or not buying your residence is an asset or a liability (or fake asset). I would love to see a video from you taking us through your thinking on this subject.
I really enjoy your work.
It would seem to be context dependent. The largest liabilities of home buying are the mortgage, maintenance, and property taxes. Asset generates income/ capital growth, while a liability is an expense/ loss of capital value. A homeowner can make regular income by renting out rooms. They can also increase their capital value by renovating and/or having the property located in an up-and-coming area that is seeing land values raise. If income/ increase in value can eclipse the costs, then it's a wealth generating asset. One house might be a liability and another an asset. Similarly, cars for most people's are usually a liability that earn no income and depreciates, but an Uber driver might see it as an asset for making income, or a car collector might buy a car because it's rare and will appreciate in value (they might also rent it for photo shoots).
Hi Mate, can you please advise if its a better to have a Aus Vanguard account which costs $100k at least to open or is it better to use ETF's?
Careful, a primary residence is not a financial asset but a liability. It is great to have one if you can afford i. Also, renting is not a waste if you invest the difference in a S&P500 for example.
While a primary residence with no renters is not an income generating asset, it could potentially grow in capital value either through renovation or increases in land value. Much like how many companies don't pay dividends, but focus on capital growth.
The clock has started on the biggest economic breakdown and the next couple months could determine who will become extremely wealthy or penniless. Its going to be quite challenging but I still believe best way to build wealth is to stay invested.
whenever something big goes wrong a lot of people panic and hold on to money that should be working for them.looking at history, the market recovered from corona virus ,2008 crisis,the doctor crash,even in Great Depression.the market bounces back and now it’s time to load up on ones fave picks
The market has been more up than people would have imagined during the pandemic because even in these times,I know a lot of people that have made themselves fortunes with smart decisions in the market,even with the flunctuations and unprecedented inconsistencies .on of the best times to buy the dip
"Courage taught me no matter how bad a crisis gets ... any sound investment will eventually pay off." - Carlos Slim Helu
@@neobransley6765 I have been working with Lori Lynn Gile for almost 4 years now, she is regulated so you can easily search her name oñline to get more info about her. With her help I have been able to grow my portfolio to over $2m
@@liammason3137 Please how can I get to her ? I don’t have much in my Portfolio right now but I have been saving up and I feel professional guidance would be ground breaking for me.
Crazy how I started watching your videos befor you had 50k subs
Can you do one for Think and Grow Rich? My dad made me read it when I started working and curious to hear your thoughts.
George S. Clason the real self motivator you ever need. The rest are mostly entertainment.
where you running your washing machine during this? at around 8 min
if everyone want utilize other people's labour there will be no other people, according to current human's productivity, every undergraduates only need work 10 years to have enough support there rest of life. so everyone work 10 years then do whatever they want.
I just bought my version in Portuguese
It is a great book. I read it multiple times. Come and watch my channel also
There are quite a few places in the world where owning your home is actually a worse investment than renting unfortunately.
Great video, but how owning your own home when prices are out of reach for the average person?
You may need to move to a more affordable location.
Sympathy to you. I am of an older generation when buying a house was much easier than it is today. It was only 4 times my gross salary. Im thinking that for you it might be 15 or even 20 times. I believe the Reserve Bank Of Australia is reprehensible in the way they have cut interest rates which has skyrocketed asset prices making housing out of reach of first home buyers. I sincerely hope the property market crashes soon. However, the principles Brandon describes are still true. Its just much harder to create wealth now.
Most people can't afford to buy their own home outright so it just means instead of being a slave to the landlord, they become a slave to the bank so in essence imo that point is counterintuitive
@@bill_the_butcher Interest rates fluctuate so you may end up paying more than you thought. I guess it depends on ones lifestyle and which part of the world they're from
I would say most people don't make good use of their time, money and good advice. Most people are struggling as the result of this. The wise who invested and took risk by making such a tough decision, are now leaving in luxury, and enjoying a steady money follow; From there wise investments, and not by saving through banks or pensions, but by saving through investments.
👍❤️
👌👌👌👌
I am 34 years old now , I think I am late, can I change myself now ??
Thank you! Last night I was getting googly eyed about cryptocurrency
where to invest now?
@Admin• New Money Whose phone number is this?
@Admin• New Money I dont need a broker. I need advise or money manager
i mean... you dont need to eat 2 or 3 times a day... just eat once
@White wolf also you could donate sperm for cash...
Also eating only rice and little bit meat can give you even more available cash...
Owning a home is overrated as financial decision.
It's not a good fit for everyone, but generally speaking, it's a good idea, especially if you've got kids. My grandmother's old house has provided cheap housing for relatives just out of college, a couple of aunts after their divorces. and a cousin who lost her home to fire.
Your lifestyle and which country you’re in makes a difference too. Owning a home can just not be a good idea in some cases.
I bought my home in 2018 for 126 now it’s worth 250. And I’m only paying a 2.75 rate. That’s free money cause my market returns from having such a low mortgage are like 15 percent at the moment.
30 yearssssss😱😱😱....I'll be 💀🧟♂️⚰ or old🧓😭😭😭...btw your washing🧺 will finished when this great video is done👍
Don't read the book read a break down of the book. The way it's written is just not relatable.
I found the audiobook was good!
Physio therapist 😅😅😅 i hope its a considance
well, the part of owning your own home is bullshit imo. You act like once you own a home it's like living for free which isn't true at all. You forget so many factors... Some of them are the cost of ownership, monthly mortgage payment, property taxes, insurance, Maintenance and Repairs, Selling Costs, notary costs, etc...
You’re right home ownership is overrated. The world needs renters. Thank you for making the rest of us wealthy.
@@clarksonklopp7078 You don‘t fully understand buddy. I’m all for renting out property to other people. But not live in your own home. It’s a huge difference when it comes to taxes and write-offs
Tesla’s selling tax credits and has a side business making cars.
8. Dont have kids :D
Please add Arabic translation🥺
Too much ads… dislike!
Remember without ads you'd have to pay for RUclips.
@@NewMoneyRUclips I am paying for RUclips, I have RUclips premium. I mean you are making ads inside the video: Stake, HyperCharts, Profitful. I am getting sick of these in-video ads, half of the video is You promoting Stake, Hypercharts and Profitful...
I disagree . In the book it makes out of you work really well for your master . He will release you from slavery.!!!! No you are a slave . The rest of the book is good advice
Bruh, your laundry machine is loud. It is so loud my investment 10x'd in cleanliness in a short time.
hahahah ...