This concept is still crazy to me yet makes so much sense. The principles from "the richest man in Babylon” still reign true today. Please allow me to be straightforward before I begin.
I read this book years ago, but I am just now applying the principles. It takes a conscious effort to undo bad habits.
I believe that every entrepreneur especially should apply this principle. If you are of the Christian faith, then you understand giving 10% of your income to God. If we are honest and unaware of that, most people will begin to pay their bills.
I believe in giving back to God for allowing us to create wealth. I personally give to my church because I know where the finances are going and what they do for kingdom work. We also give in other ways that do the same. I didn’t always do this, but God began to make my heart tender.
I was on a trip to Ohio, and I started reading this book. I was like, "Wow, I should be paying myself, huh?" It made perfect sense and I knew that I should try to apply it right then. I honestly tried it and used the money almost weeks after I applied the principle. I begin to realize that this is a healthy habit that I was not used to.
I recently started paying myself again. It is not an easy principle because it is foreign, but it is necessary. This money can be used for so many things, including eventually investing in stocks and bonds, and buying real estate, just to name a few.
This kind of brings us to a new perspective. Now, we give 80% of our money to pay our bills and other debts that we may have. This means that we need to look at our lifestyle closely to make sure that we are not living over our means. I can tell you right now that this is a hard reality to bear. We are all used to spending money how we want to and usually without thinking.#GodBlessTheEntrepreneur