The books on the topic of "How to get rich " are being written for a long long time ...
I came across "The Richest Man in Babylon" by George S. Clason
It was first published in year 1926...
The book explains "how to be rich ...in very simple way..."
Author says
as the rules go :
It ends aptly
"BETTER A LITTLE CAUTION THAN A GREAT REGRET "
Another book I came across :"The Automatic millionaire" by David Bach
Published in 2005
And
Rules remain the same!!
He says Getting rich formula is "How much u spend and not how much u earn " some what same as first rule of "George S. Clason"
As we earn more we tend to spend more....
If one is familiar with Compound Interest ....one can grow his/her money as u get interest on interest !
The formula for annual compound interest, including principal sum, is:
A = P (1 + r/n) (nt)
Where:
A = the future value of the investment/loan, including interest
P = the principal investment amount (the initial deposit or loan amount)
r = the annual interest rate (decimal)
n = the number of times that interest is compounded per year
t = the number of years the money is invested or borrowed for
How much time it will take u to double ur money ?
follow :
Rule of 72
Rule of 72 refers to the time value of money. It helps you know the time (in terms of years) required to double your money at a given interest rate. That's why it is popularly known as the 'doubling of money' principle.
The thumb rule is divide 72 by the interest rate
EXAMPLE
If you are assuming a 9 per cent return on your investment,
the number of years in which the money will double is
= 72/Interest rate= 72/9 = 8 years
As per David Bach
If u want to be Rich Pay your self @ 20% of your gross income !! Wealth begins by paying urself First...
PENNY SAVED IS PENNY EARNED
I came across "The Richest Man in Babylon" by George S. Clason
It was first published in year 1926...
The book explains "how to be rich ...in very simple way..."
Author says
- Our future lies like a road ahead of us ,on this road we can find ambitions and success.
- There is plenty of money, for the persons who understand, few simple rules about :"How to Acquire it"
as the rules go :
- Spend less than u earn!
- Keep your expenditure under control
- Multiply your money :Safe and mindful investments
- Save for your future:when u wont be as strong as u r today
- Learn to increase ur ability to earn more:Keep learning new things...
It ends aptly
"BETTER A LITTLE CAUTION THAN A GREAT REGRET "
Another book I came across :"The Automatic millionaire" by David Bach
Published in 2005
And
Rules remain the same!!
He says Getting rich formula is "How much u spend and not how much u earn " some what same as first rule of "George S. Clason"
As we earn more we tend to spend more....
If one is familiar with Compound Interest ....one can grow his/her money as u get interest on interest !
The formula for annual compound interest, including principal sum, is:
A = P (1 + r/n) (nt)
Where:
A = the future value of the investment/loan, including interest
P = the principal investment amount (the initial deposit or loan amount)
r = the annual interest rate (decimal)
n = the number of times that interest is compounded per year
t = the number of years the money is invested or borrowed for
How much time it will take u to double ur money ?
follow :
Rule of 72
Rule of 72 refers to the time value of money. It helps you know the time (in terms of years) required to double your money at a given interest rate. That's why it is popularly known as the 'doubling of money' principle.
The thumb rule is divide 72 by the interest rate
EXAMPLE
If you are assuming a 9 per cent return on your investment,
the number of years in which the money will double is
= 72/Interest rate= 72/9 = 8 years
As per David Bach
If u want to be Rich Pay your self @ 20% of your gross income !! Wealth begins by paying urself First...
PENNY SAVED IS PENNY EARNED
Bakery has its own charm...
