9 Financial Lessons For Creating Personal Wealth!
2/16/2022 – Do you want to help the families you work with to have a secure financial future? Then you will want to pass on these 9 financial lessons for creating personal wealth. These lessons when understood and applied will help you to sell a lot more life insurance and annuities!
9 Financial Lessons For Creating Wealth from… ‘The Richest Man in Babylon’
‘The Richest Man in Babylon’ by George S. Clason was first published in 1926 and is considered a classic on personal finance and creating wealth. As you read the book, I believe you will be blown away by the simplicity of the story, And then by the tried-and-true financial lessons, it presents for creating wealth.
The following are the 9 most important financial lessons I want to share with my friends, family, and clients.
- Financial Lesson – Pay Yourself First!
One of the greatest lessons in this book is ‘Pay Yourself First.’ Set aside at least 10% of what you earn! The difference between being a rich, financially stable person, versus being a poor, broke person, is knowing this first rule! Wealthy people pay themselves first and poor people do not. Before you start paying others or start spending the money you earn, you need to pay yourself first.
“A part of all you earn is yours to keep. It should be not less than a tenth no matter how little you earn. It can be as much more as you can afford.”
- Financial Lesson – Live below your means.
Most people have formed the habit of spending more, as they earn more. Train yourself to live on less than you earn. Control your expenditures. Make good use of the money you have left over after you have paid yourself first. Define what money is to you. And then define the difference between need vs. want.
“Budget your expenses so that you may have money to pay for your necessities, to pay for your enjoyments, and to gratify your worthwhile desires without spending more than nine-tenths of your earnings.”
- Financial Lesson – Make your money work for you.
Your wealth grows not just by what you save, it grows by investing and re-investing. The first principle of investing… is the security of your principal. You don’t gamble or take risks with your principal. Don’t be misled by your desire to create personal wealth overnight. Time is your biggest ally. Your investment will grow as your investments accumulate interest and the money you get from the interest earns interest (Magic of Compound Interest).
“…put each coin to work so that it may reproduce its kind even as the flocks of the field and help bring to you more income, a stream of wealth that will flow constantly into your purse.”
Note: You should think about investing only after you have built an ‘Emergency Fund.’ You will want to have enough savings to cover 6-8 months’ worth of expenses. Your Emergency Fund is a security blanket, especially during this time of economic downturns.
Financial Lessons – Protect Your Wealth
- Financial Lesson – Seek advice from experts.
You cannot seek the advice of a brickmaker if you want to invest in jewels. Want to create personal wealth? Then seek advice from those who have created personal wealth. Run away from schemers and tricksters who promise to double your wealth overnight.
“Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.” Warren Buffett
- Financial Lesson – Protect your biggest asset.
Your ability to earn an income is the biggest asset for your family. You should consider buying life insurance and disability insurance now in case something happens. This is a proactive approach and one we should take and not forget. The idea is to protect your family from the loss of your income now and in the future.
- Financial Lesson – Your home is your biggest expense.
Your home is your biggest EXPENSE and you must reduce that expense as much as possible. Many people buy the biggest home they can afford. Instead, you should buy a home that is comfortably affordable, in a location that you like, with enough space for you and your family.
I know that many people think of their homes as an investment, but the truth is it is not. It is an expense and a very high expense at that and one we must manage carefully.
Financial Lessons – Plan For The Future!
- Financial Lesson – Have a retirement plan.
You are going to be retired for 20, 30, or more years. Do you want to have the money you need to live comfortably in retirement? The younger you can start putting money away for your retirement, the more you can take advantage of the magic of compound interest.
“Remember that money is of a prolific generating nature. Money can beget money, and its offspring can beget more.” Benjamin Franklin
- Financial Lesson – Invest in yourself.
The best way we can increase our earnings is by investing in ourselves. We can do that by continually learning and striving to develop ourselves. When we become smarter and wiser… Our ability to earn more also increases.
“Those eager to grasp opportunities for their betterment, do attract the interest of the goddess of fortune. She is ever anxious to help those who please her. And who is she pleased with? She is pleased with those who do – rather than those who merely talk and engage in wishful thinking. Action will lead you forth to the successes you desire.”
- Financial Lesson – Track your wealth.
You need to face the whole truth of your current situation. The difference between wealthy people and those who are not, is wealthy people know their net worth. While the poor do not pay attention, nor care at all about tracking their assets and liabilities.
“You cannot manage what you do not measure.” Bill Hewitt (co-founder of Hewlett-Packard)
Download the ‘The Richest Man in Babylon’. Read it yourself and start following the financial lessons for you and your family to create wealth. And then give it to the people who mean the most to you. And then help them to understand and follow the financial lessons to create their wealth! You will help a lot more families, while you sell more life insurance and annuities!
When Will You Use These Financial Lessons To Create Personal Wealth… To Sell Life Insurance and Annuities Like The Legends?
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I have stopped doing expensive dinner seminars and now I am doing much cheaper workshops at the local Library. The last one I did, I literally had to turn people away because I had more people sign up than I could fit in the room. Not only that, but many of the people who were too scared to do anything last year called me back this year and told me they were ready. In the ten years I spent in this business before I started working with you, I can’t remember anyone ever calling me back and telling me they were ready to move forward. Now, it happens all the time.” Antonio Filippone, RFC, FMM – IL (16 years in the business)
When Will You Decide To Use These Financial Lessons To Create Personal Wealth… To Sell Life Insurance and Annuities Like The Legends?
When Will You Read Our Full-Length Book To Help People to Create Personal Wealth? So You Will Sell A Lot More Life Insurance And Annuities?
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When Will You Use These Financial Lessons To To Create Personal Wealth To Sell Life Insurance and Annuities Like The Legends?