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7 Easy Steps To Grow Money Like The Rich

“Save money and money will save you”- Old Proverb

The Richest Man In Babylon by George S. Clason

Sending your hard earned money to the grave without realizing it?

Every dollar you obtain is similar to a soldier meant to be used to recruit more soldiers for your financial army. Many times we buy things we don’t even need. As a result, we send our soldiers out to die with little or, in most cases, no return value.

By following George S. Clason’s amazing guide, I’ve learned to send my soldiers out to recruit more soldiers to build my financial army double it’s original size. His book, The Richest Man In Babylon, teaches simple ways to utilize money for growth by taking disciplined and calculated actions toward a bigger army. Here are 7 easy steps to manage your soldiers like a true general.

 7 Easy Steps To Grow Money Like The Rich

  1. Start To Gain Wealth

I started to implement this basic rule as soon as I saw it in the book. It goes: for every $10 you receive, take out $1 for savings and use the other $9 to live on. When you send 10% to a savings account, your wealth will gradually increase. And even more, something else increases as well: your heart. Your heart increases through money-treeconfidence and encouragement as you look at the amount of money you saved. So, not only are you growing your army but also your character. 

  1. Control Your Expenditures

This step revolves around spending the remaining 90% of your earnings on the basic necessities. I found myself many times spending on extra items like the newest pair of shoes to go to the club later that night. I soon realized that by doing this, it was difficult to keep up with the first tip.

Controlling expenditures forces self discipline. I write down everything I buy and the amount I spend. By doing this, not only do I spend less, but I find myself asking questions like, “Do I need this product tot survive?” I began to reason that the product will always be there, and in this generation they will most likely create on that’s 10x better. Therefore, buying it now will not help me build my money legion.

  1. Make Your Money Multiply

Once I learned to control my spending through step 2, it was time to use my money to reproduce in some way. Normally, when I collect money, I see 2 routes to take: spend on “things” or reinvest. The successful reinvest into a worth cause. I chose to reinvest in my business, buying supplies I need and upgrading it’s look and feel through tools.

Another advantage I took was studying and patiently seeking opportunities to grow. There is an awesome book that one of the world’s richest people, Warren Buffett, claims to be “by far the best book on investing ever written.” It’s called The Intelligent Investor by Benjamin Graham. It instructs further on how to pounce on these fantastic opportunities.

  1. Guard Your Wealth From Loss

Another famous Warren Buffet suggestion is “Rule #1: Never lose money. Rule #2: Never forget Rule #1.” Once wealth is built, it’s important you protect it. One way to follow this step is to network and consult with wise people letting their wisdom and understanding protect your money for you. Choose these people by analysing their character. There are many ways to protect your army. So, the book suggests to maintain a student mentality to constantly stay ahead of those attempting to shoot you from the top and overtake your army.

  1. Make Your Dwelling An Asset

Work to own your own home. Many people I know buy duplexes, especially as a first time home owner. While living on one side, they rent the other side to other people. And the collected rent pays for the majority or even all of the expenses.

  1. Insure A Future Income

The next step to wise investing is to make sure that your investments provide income for you without you physically working. One way to do this is through insurance. It’s a great way to protect you and your family in case something happens.

  1. Increase Your Ability To Earn

Pay debts off quickly. Don’t spend more than you can pay. Credit cards should be for emergencies only. Debts will slow down the ability to earn. It puts a cap over your otherwise overflowing cup.

Another suggestion from the book, is to study to become more skilled in money. The world is full of opportunities and ways to diversify you streams of income. The more ammo your army has, the more they can recruit others.

 “Too many people spend money they haven’t earned to buy things they don’t want, to impress people they don’t like”

Will Smith

 

money-house

Here are 7 bonus tips to keep in mind in order to continue to develop your army. These principles will make sure that the 7 steps work in your favour. They will aid your fight against the nations who are waiting for you to conquer them.

 

  1. To attract good luck, you must take advantage of opportunities. Once you see an opportunity, pounce on it like a lion on prey.
  1. Money is reserved for those who know its laws and abide by them. Prepare yourself through study. One way I do this is by watching videos on YouTube and listen to audio books on motivation and success while I eat.
  1. Wealth comes quickly and goes the same way. If you lost money in a business venture, don’t be discouraged. Once you learn how to gain money, you’ll be able to gain it again and be wiser with it.
  1. If you wish to help a friend, do so in a way that doesn’t put his burdens on you.

 

Story: A farmer had a donkey and an ox. The ox worked hard to plough the farmer’s field. The donkey, on the other hand, relaxed in the stables until the master called him every now and then. When the day ended, the ox came in the stall tired and said to the donkey, “I wish I was you because you just relax until the master calls you while I have this hard work in the hot sun all day.” The donkey, having compassion on the ox, said “Tomorrow, when the servant comes to get you act like you’re sick and he will not put you to work.”

So the next morning, the ox did as the donkey suggested and the servant told the master about the ox being sick. The master replied to the servant to let the ox recover in the stalls and use the donkey in the ox’s place. While the ox rested all day, the donkey worked in the field under the hot sun. He resented the ox with a deep hatred. When the day ended, the tired donkey beamed at the ox with anger, “I hope your rest was well. I heard the master tell the servant that if you’re sick again, he will send you to the butcher.” So, the donkey and the ox never spoke again.

Lesson: Don’t let one’s burden become yours.

  1. Trust a brick maker for brick advice, and a baker for his baked goods advice, but trust neither in consulting money. I remember similar advice: Never consult a lawyer or and accountant for business advice because they are trained to find problems, not solutions.
  1. If a man has in himself the soul of a slave, he will become one no matter the circumstances of his birth. If a man has the soul of a free man, he will become honoured and respected despite any misfortune. Where determination is, the way can be found.
  1. Work as hard as you can. Some men hate it. As a result, they make it their enemy. But, you must make yourself like it. Look forward to something for encouragement. Better it is as a friend. Don’t worry about it being hard. If you focus on building a good house, then who cares if the beams are heavy or how far the water is from the well for the plaster. The result is all that matters. And your reward will be great when the result is great.

 

Conclusion: To be successful, you must spend like you are successful. It requires self-discipline, a student mentality, patience, and a lot of planning. With this book as a guide, your financial army will continue to grow even without you working.

 

Seth is the founder of thesuccessowl.com This great site is designed to help people to develop the skills needed to acquire success. From mindset to strategies to self development and motivation, Seth can help you achieve your goals.

Seth Tubre

16 Comments

  1. This sounds like a really good read! I like the idea of money being like soldiers, sent out to recruit more soldiers. Does the book give specific ideas on how to do this?

    I enjoyed the review, thank you
    Vicky

    • Hey Vicky, I’m glad you enjoyed it. The book provides more ‘concepts’ to succeed rather than specific advice. You’ll see some specific advice through stories or like insuring a future income through providing insurance for your family. But the main thing it portrays is to develop the mindset to increase so that when you see or think of a specific opportunity to invest, it’ll be easily recognizable.

  2. Thank you for these logical, practical and inspiring tips. I really needed these right now as i am very interested in creating and maintaining wealth . It has motivated me to save and invest my money wisely. I will certainly follow them and recommend them to others. Thanks

  3. wow. I love your post so much and the fact that you also mention my favorite book The Richest Man In Babylon by George S. Clason. It helped me so much when I was starting in life. I will personally say one big way which I have also discover that it help to grow income is by having multiple streams of income.
    thanks so much for your post and I will definitely come back for mere:-)

    • Thanks Godlove! This book is one of my favorites as well, because it lays down a blueprint to increase in wealth. Multiple streams of income is definitely necessary. I talked to a man who told me to always have more than one income. Even my dad does it.

  4. These are great tips that you have here. I have always believed that discipline is key to creating wealth. As Seth mentioned, actions like religiously setting aside a pre-defined portion of your earnings , controlling what you spend your money for, and making a conscious effort to invest your money to multiply it, are essential to making your money grow.

    I like the phrase “Once you see an opportunity, pounce on it like a lion on prey”. I also believe this should be one’s guiding principle if one wants to achieve success, financial or otherwise.

    Awesome for you to have Seth Tubre as your guest writer!

  5. I like to read financial books but one (I) can get frustrated when you read. You read but results are invisible. But I know one day it will all materialise.

    • I agree Queen Obioma. Result don’t come quickly. It’s about execution and takes diligence to practice what we read. And in time, it’ll work out 🙂

  6. This is a very interesting and informative checklist on how to grow your money. Many of the steps are common sense, especially those relating to controlling your expenditures, but even so they also need to be reinforced in our minds as self discipline is a very important aspect in accumulating wealth. Great tips!

  7. Thanks James! I glad you enjoyed it. Yep, some of these are common sense tips. It’s important that we have a refresher to embed these tips in our minds and actions.

  8. Hi Seth, some great points here! I could definitely be better with money and this book sounds like one that could help me, thanks Sean

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