Personal stories during Covid-19 lockdown; What I learnt from a book “The Richest Man in Babylon”

When Nepal Government first called Nationwide lockdown due to Covid-19 Pandemic on March 24, 2020, It was a kind of break from the feverish working. At first everything was as normal as holiday. After a week, the lockdown seemed not to end quick. Being a banker by profession, we always have work plan ahead of us and this time it was not like the old story. Eventually, I started going through some acts & directives of NRB and got finished at some point. Then I realized, how about using this spare time for knowing the stock market nearly. Though I am a passive investor in stock market. I started reading books online on Investment and Finance. The first book I read was The Richest Man in Babylon written by George S. Clason. And here I would savor sharing the tips I learned from the book.

First, whatever you earn, First pay yourself first i.e. you pay to landlord, pay for food, pay for clothes etc. and whatever is left is yours. In this way you hardly have a penny leftover. So first keep a portion of (at least 10%) of your monthly income and only then pay for other essentials.

Second, whatever you save, do not spend it in expenses  rather invest it somewhere from which you can get good returns. But be careful, do not go behind get quick rich schemes where you can loose your seed money as well. So always be sure of your principal safety at all time.

Third, always seem advice from the people who are competent to give it and who has sound knowledge of that field. For e.g. when dealing in real estate never seem advice from those who have never traded any real estate themselves. Else you will have to risk all your savings.

Fourth, when you start receiving returns from your investment, never consume all those returns rather reinvest them so that your initial seed money gets fat in size and every penny saved and reinvested will work as a slave for you. Take it as this, the more slave you have the more slave they will produce and you may have a battalion of slaves who work for you day & night. By doing this, you virtually, prove the saying, Money Makes Money.

These are the main lessons that I have learned from the book and I hope it may also help you in your Investment Journey. Stay Home, Stay Safe.

Tikaram Patel, a banker by profession

Dear readers,

We at Sharesansar believe that each of us have stories to share from our Covid lockdown experience. We also believe that someone’s not-so-interesting personal story can become a reason for many to feel in comfort because most of us are going through strange times these days.

So, Sharesansar has decided to provide a space for your thoughts and is accepting short write-ups from our valued audience for our new Readers’ Corner section. You can email us your write-up with positive message to sharesansar@gmail.com and we will definitely promote positivity as much as possible from our platform.

#StayHome #StaySafe #StayPositive #FightCovid19