What Is Wealth As Per The Richest Man Of Babylon?

Wealth is not in the coins a man carries

Before you read this article, take a minute and think about what is wealth for you.

Is it having million dollars in your bank account or having acres of land?

Definition of wealth is different for different people. Many people relate wealth to the amount of money they have in their accounts.

Definition of wealth as per the richest man in Babylon

But, that is not what wealth truly is as per the richest man of the wealthiest country in history. Here is what true wealth means to him in his own words.

“I tell you, my students, a man’s wealth is not in the coins he carries in his purse; it is the income he buildeth, the golden stream that continually floweth into his purse and keepeth it always bulging. That is what every man desireth. That is what thou, each one of thee desireth; an income that continueth to come whether thou work or travel.”

This statement changed how I used to look at accumulating wealth for myself.

Once I had one million dollars in my bank account, I thought I could consider myself wealthy.

I was focusing on how to create that amount of money. And like most of you, I wanted to accumulate that sum as soon as possible.

Problem with focusing on accumulating money

The problem with this approach is, you are focusing on getting your hands on that amount of money by any means possible.

You may seek opportunities with high risk and high reward. You will try to find the next stock or crypto that will make you rich overnight without breaking a sweat.

This expectation is no different from going to a casino and hoping to land a jackpot.

It is the same reason why people buy lottery tickets. Unfortunately, this type of thinking will do more harm than benefit in the long run.

You will risk yourself, your hard-earned money, your peace of mind, and your family’s well-being to achieve this goal.

Science behind setting right goals

The science behind it is simple. The human brain works a certain way.

Based on one’s goal, their mind will start looking for ways to reach it. Therefore, it is essential to not only have a goal but a correct one.

For example, if your goal is to reach a desired sum of money, you are very likely to fall into the trap of putting yourself in high-risk situations.

Change your goal from accumulating money to creating multiple income streams

On the other hand, if you change your goal to creating multiple streams of income that generate wealth when you are sleeping or traveling, immediately, your brain will look for entirely different ways to reach it.

You will now try to find investments that generate consistent cash flow.

It may be investing in the companies that reward their shareholders by sharing part of their earnings—or putting your money in investments that will return a fair rent. For example, buying real estate and renting the property.

You may even start thinking about setting up a business that will generate a consistent stream of income.

This is the magic of changing your goal from accumulating a certain amount to creating multiple income streams.

And the funny part is, in the process of creating multiple streams of income, you will eventually end up accumulating the sum you desired.

Conclusion

This is the wisdom of the richest man of Babylon that changed the way I look at creating wealth, and I hope it may inspire your way of thinking too.

So, now I am focusing on creating multiple streams of income. And on top of that to satisfy my craving to get rich quick, I have decided to allocate a fixed percentage of my portfolio in high-risk investments. And I make sure never to exceed that percentage.

I hope you enjoyed reading this article. If you did, then help Master Investment grow by sharing it with your friends. If you are looking for ways to support me. Well, buy me a cup of coffee from here. :-)

Suppose you are interested in knowing which stocks I am buying and selling and want to access my complete portfolio. Then consider joining the master investors community by clicking here.

Disclaimer: The content is for entertainment purposes only. Please do not consider it as financial or tax, or investment advice.