The Arkad of Babylon Blogger

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Revolution Money Exchange is a service similar to Paypal and is FDIC insured. I’ve already signed up and got my $25.

Plus, if you sign up, they’ll give you $10 for each person you refer. If you do sign up, I’d appreciate if you used my link below so that I can get the referral bonus. Thanks! Try out Revolution Money Exchange! It’s like Pay Pal, but has no fees!

And while you’re at it, spread some good karma and check out Prosper. Banks make a mint off of their loans to the working class; isn’t it time we took back some of that power and cut banks out of the equation?

In the Richest Man in Babylon, the first cure for a lean purse is to “start thy purse to fattening.”

In other words, you need a savings plan. The rule of thumb is 10% and to pay yourself first.

There are many ways to make your savings automatic; A favorite of mine is auto-deductions. Auto-savings happen in many ways, for example:

• Setting up your savings account to take a percentage of your wage or a specific dollar amount from you paycheck each month and deposit it directly into your savings
• 401k, 403b, IRA…all great tools for saving a percentage of your wage each month
• The envelope method — in this scenario, YOU are in charge of your “auto-deductions”.  Although it is my least favorite, it works for those leery of financial institutions. Take a portion of your cash and set it aside in a sealed envelope (preferably stash this envelope in a fire-safe or other fire-proof object). Although it’s not earning any interest, it’s still setting aside funds for your future.

Frankly, not all of us can follow the 10% rule due to lack of funds. However, this should not prevent you from starting to save a portion of your income. Whether it’s 10%, $10, or 10 cents, set it aside and save it. As the amount grows, little by little, you will be amazed at how easily you have adapted to automatically setting aside a portion of your wages.

You may be wondering why I’ve titled this personal finance blog “The Arkad of Babylon Blogger”. If you have been wondering about this, then I am pleased to introduce you to a fantastic book of parables that break down the very essence of what it is to acquire wealth, manage wealth, and make your money grow.

This amazing text is The Richest Man in Babylon by George S. Clason. It is a must read for anyone that wants to learn the most basic laws of money. It is only 144 pages long and can be finished in one sitting.

I’ll break down the basic ideas below, but to really understand the concepts I highly recommend reading the entire book.

• Start saving; make it an automatic practice
• Control your expenses
• Make your money work for you; invest and reap the rewards
• Keep what you have safe; don’t make impulsive investments without understanding the risks
• Purchase a home or land if it is within your means
• Ensure a future income
• Increase your earning power

These are no fail instructions for building wealth. In my next post I will begin my series of blogs that will explore each one of these steps in detail and give you suggestions for putting each step to work.

Hello everyone! Welcome to The Arkad of Babylon Blogger!

This is an experiment in fixing financial woes, sharing experiences, discovering ways to create wealth, and building a community that supports one another as we better our finances.

Here are few things I hope to share with you over the next few weeks:

• If your net worth is negative or zero, you are not alone. I’m going to show you some ways to begin to fix that!
• There are actually really simple and fun ways to save and reduce debt.
• Want creative gifts to give that don’t suck? The answers are here!
• Resources, resources, resources. It’s what you know that will help you grow.
• Me!!! Trust me, you will get to see and learn from my ongoing successful, and not-so-successful, endeavors.

I will see you again soon when we regroup for our many financial growth and debt reduction adventures!