Introduction
The Richest Man in Babylon, authored by George Clason in 1926, offers financial advice. The book is one of the classics for personal financial advice through a parables collection set in ancient Babylon. I have learned two profound lessons about investing in myself and Saving as an investment function discussed in detail in the essay. I reflect on the concept of investing in myself from multiple perspectives derived from the book.
Lessons learned
Investing in myself
One of the main lessons I have learned from the book is to invest in myself differently. The seventh Cure in the book deals with increasing thy ability to earn by gaining more wisdom to make more.[1] Investing in myself is understanding my value and worth in terms of recognizing that I am the most important of all investments that I will ever make. Hence, I need to take care of my health and do what I love that will yield money. At the same time, I must perfect my knowledge and skills to positively reap from investing in myself. The man seeking to learn more of his craft is richly rewarded and must consult and exchange knowledge with others.[2]. Knowledge sharing is knowledge gaining which leads to creative and innovative ways of investing in myself and ventures that return investments.
Within the investing in myself lesson, I have learned that I must live within my means and pay my debts promptly. Also, my investments need to be legally noted, empathy for the less fortunate, and volunteering and aiding the community “within reasonable limits.”[3]. In addition, I need to respect myself and make wise decisions in investing in myself and my economic investments.
Saving is paramount
I have learned the lesson that saving is not only paramount but also an act of self-discipline and control. The book advocates for saving by putting aside some money, and “the purse will start to fatten at once” while increasing in weight.” Saving is a concept that, for many of us in an abstract with so many bills to pay, saving has become a once-in-a-blue moon act. Yet saving is one of the potential ways to build wealth and fortune. I have learned that saving is a personal decision and denotes self-discipline and control to live below my means if need be for me to be able to save. The concept of saving means that I must learn how to stop consuming my money in instant gratification and save it for my future, wealth, and investment legacy. For instance, I have known within the concept of saving that having many shoes is unnecessary, yet I can only wear one pair at any time.
Reflection
The concept of “increasing thy ability to earn”
There are different ways that I can invest in myself. The concept of “increase thy ability to earn.”[4] is not only about economic investment returns but also about my personal life as that impacts my professional life and the money decisions I make. one way I can apply the concept is by gaining more knowledge and skills. It is critical to note that while academic excellence is a way of acquiring relevant knowledge and skills, the idea of “increasing the ability to earn.”[5] means that I need to also learn from my experiences in life. For instance, group assignments are a mode of gaining knowledge and skills from different people on communication, negotiation, and how to work well in groups.
Also, the concept can be applied to taking care of my welling, from my mental health to physical and emotional well-being. Goal setting is one critical area in my life that I use to ensure I manage myself and my life well. However, at times the goals are harder to be attained as they are not only complicated, but I do not have the requisite knowledge or skills to reach them. I have learned that goals and objectives “must be simple and definite” and should not be “beyond a man’s training to accomplish.” Applying my goals and objectives in life must correspond to my current knowledge and skills, or I will never accomplish my purpose in life.
I can also apply the concept to engage in health patterns, habits, and behaviors in my life that promote resilience and persistence. Clason offers that he observed that other scribes were getting paid more than him. Hce, he decided he wanted to know the secret to earn more, yet he was also a scribe. Clason notes that their success was “more interest” in work, more concentration at tasks, and more persistence and effort.”[6] In essence, it was tough work day after day without giving up that led me to succeed in my investments. I may have all the knowledge and skills needed to follow, but if I do not gain interest in my work, concentrate on my tasks, and build up persistence day in and day out, I will not reap anything from my investment.
Also, I will apply the concept of continuous learning and gaining knowledge and skills throughout my life. Keen people in life seek more excellent skills and do not stand still, and are in the front rank of progression.[7] And progression in investing in myself will be attained by continuous learning in all areas of my life and using life experiences as lessons to further my understanding of myself, my decisions, and my choices.
Conclusion
I have learned that investing in myself and saving is vital in life, not only from an economic perspective. I aim to use the concept of investing in myself to gain more relevant knowledge and skills in all areas of life, including experiences and setting achievable goals and objectives that correlate to my understanding and abilities. Also, I will apply the concept to engage in health patterns, habits, and behaviors in my life that promote resilience and persistence and engage in continuous learning processes.
Bibliography
Clason, George Samuel. The Richest Man in Babylon. Gildan Audio, 1926.
[1] Clason, George Samuel. The Richest Man in Babylon. Gildan Audio, 1926.
[2] Ibid, 48
[3] Ibid,48
[4] Ibid,47
[5] Ibid,47
[6] Ibid, 48
[7] Ibid, 48
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