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A Much Abused Word  

We are surrounded by encouragement to save money but this is a false claim.

It is only to save on one item so that we can spend it on something else. We end up spending the same amount of money so no real saving is made.

Real saving is not popular because it is associated with going without something that we want to have or use now. That is true but it is not doing without that spend forever! Real saving brings about significant benefits in the future.

May I remind you that the antidote to poverty from Robert Kiyosaki, author of Rich Dad Poor Dad, is to exchange the idea of ‘You working for Money’ to having ‘Money Work for You’

But to do that you need to have a little money to start with!

The best advice I ever heard on that subject comes from a book written 100 years ago called ‘The Richest Man in Babylon’.
It was not written in Babylonian times but uses an ancient Middle Eastern scenario to illustrate its eternal advice on money management.

Here is a link to find out more about the book and buy it.
There is also an audio version available on the same link.

The key to this lesson is another important change in thinking which can be summed up as ‘Pay Yourself First’.

To understand how clever and useful this is you need the chapter in the book with the title ‘The Richest Man in Babylon’.

If you take the time to understand it and apply it, it will change your financial life!

This week I interviewed Cassie Lewis who is qualified and regulated to provide investment advice by our Financial Services Authority. We discuss the remarkable facility that the British government gives its citizens to help them build up their wealth and financial independence.

It is called an Individual Savings Account or ISA for short.

If you live in another country, it is probable that a similar scheme exists in that country too because it saves the government money to keep you alive in your old age. Enquire from a local financial expert or a bank you trust.
We will have the audio track/podcast of the interview and some video extracts up in the Butterfly Club by next weekend.

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