Richest Man in Babylon - Chapter 9 - The Clay Tablets from Babylon

Here's a plan to pay off your debts

and still have gold to jingle in your pocket?

Writing things down has magic power.
Make a commitment to yourself by writing down

your debt elimination plan.

The plan we learn about in this chapter has three purposes:

1. It will provide for your future prosperity,

which means 10% of all you earn is yours to keep.

Your responsibility is to spend less than you earn

so that you can start growing your wealth.

2. Take care of your family's needs.

You can't be a self respecting man if you evade your manly responsibilities. Make sure your family is well taken care of.

Use 70% of your income to provide for your family.

3. Use 20% to pay off your debts.

Avoid further debt. Live based on your income.

Do not take on more debt to pay for previous debt.

Live according to your income.

It will trap you if you're  not careful.
Remember the saying, 'The borrower is slave to the lender'.

That is not a good feeling. It will enslave you and make you miserable.

Expect hardships along the way. But endure. Persist.

All things will work out for you eventually,

as long as you consistently "pay for all you buy(cash),

and then pay some on what you owe."

Never let your living expenses exceed 70% of your income. 

Use the debt repayment plan offered to you in Chapter 8

to take back control of your financial destiny.

P.S. Robert Kiyosaki talks a lot about using debt to build wealth.

That strategy is beyond the scope of this book.

Remember, the monetary instruments in Babylon

were different from the financial instruments we use today.

Not all debt is bad debt, but you're better off without debt

if you're just starting out and are not a financial expert.

Speak to your financial advisor to create the best

financial strategy for you.