How to build wealth while eliminating debt-A review of "The Richest Man in Babylon" by George S. Clason

 Most Americans are feeling the crunch of the hard economic times around us.  Jobs are falling left and right and the strains are showing.  However, very few people continually gain wealth and stay above the status quo.  These people are not geniuses, nor have any more help than the average Joe has.  However, they have simply learned the rules of the game of money.  "The Richest Man in Babylon" by George S. Clason, strives to teach those lessons to those that desperately need them.

"Our prosperity as a nation depends upon the personal financial prosperity of us as individuals." -George S. Clason "The Richest Man in Babylon 

The first lesson to learn is to get a source of income. A job, selling things you no longer use, career, something. You need to have money to make money. A job at McDonalds is better than nothing at all.

Be creative, be resourceful and most of all be productive.  You will get nowhere from handouts. 

 The next step is to impress upon yourself this idea.  "Part of all I earn is mine to keep", say this.  Say this everyday.  Then when payday comes about, apply this concept.  Arrange your expenditures to make this necessary.  Pay yourself at least 10% of what you make before you pay anyone else. Do not fret the creditors, they want their money and will work out an arrangement of some kind to get it. 

Do this for one year and see the chunk of change you have secured.  ONLY SPEND IN CASE OF EMERGENCY!!!

 Take the sum of money that you have saved and, while continuing to set aside set percentage from your income, speak with people who have expertise in financial matters.  Yes, it is a scary time to jump in the stock market, but there are other capital investment ideas.

• Speak with local businesses and invest with them.  Only stick to ones that you know will be profitable.
• Speak with someone at your bank and see which options are open to you. CDs, Treasury Bills, and other deposits are very good oppurtunities right now. 
• Last and not least, start up a small business with that sum.  There are a ton of affordable small businesses for hard-working, creative people.

 A fool and his money soon part ways.  This is very true.  While your wealth is building, you will hear all kinds of crazy investment ideas. Stay away from those you know nothing about, cannot get your investment back from, or offers that are "too good to be true".

Speak with wise men.  They have knowledge that is worth its weight in gold and can keep you from making their same mistakes. And, the only cost to you, is asking a question.

Too many people in this country pay rent.  Flat out, rent is a waste of a good portion of money for too many people.  The landlords make bank while the rentors give away their hopes and dreams.  Wealth is a tool, not a finality. 

How can one enjoy life fully without a full patch so one's children can play, so one's family is not cramped, so one can enjoy the true fruits of his labor? 

The dwelling is a major investment and should be treated as such.  At this point, you should have a sizable sum built from step 2, that a mortgage would be wiser and maybe cheaper than rent. Then one will own a valuable property and the only charge is taxes.

Nobody stays young forever.  That is why most jobs used to have AWESOME pension and retirement plans.  However, those are going to the wayside in this new economy.  That is why it is integral that you put some wealth into a permanent, steady investment.  

A 401(K), a wisely chosen dwelling are just two of the many steady investments.  In todays time there are just way too many permanent investments to not have a "retirement" plan. 

Educate yourself in things you find interesting.  Branch your source of income into these fields and watch your savings multiply.  You will find over time, that expenditures such as college become easier to make as you build wealth.    NEVER STOP LEARNING!!! 

 Building wealth and eliminating debt are not easy.  They are not quick.  They take years to do, but armed with the right knowledge, these things should come easier.  Anyone can take this information, apply it and become wealthly in due time.