A Part of All You Earn (Fruits of Labour) Is Yours to Keep

Labour Day. In Singapore, it is celebrated on the 1st of May each year (also known as May Day) as a mark of solidarity amongst workers. May Day is a day of special significance for organised workers, as it serves to remind others what their collective strength has achieved for workers. 

The collective strength to build the financial stability of an organisation and/or the well-being of the nation's economy, would in return bring about prosperity to every individuals. Hence it is also a day, in my opinion, that we should count on our fruits of labour and assess if we have been managing them wisely/prudently. And on this note, the book "The Richest Man in Babylon" written by George Samuel Classon, just concomitantly surfaces in my mind.  

This is a book on personal finances, interestingly written with Ancient Babylonian empire as the backdrop. It was thought that the city of Babylon was the richest city in the world in that particular era. It was believed that its treasures of gold and jewels were aplenty and beautiful. The city of Babylon was set on the bank of Euphrates River, in a flat arid valley, it had no forest nor mines. All of the resources that arose from this city was man-made. Its only natural resources were fertile soil and water in the river. It was widely believed that the Babylonian engineers invented the irrigation system that we know today.

The Babylonians were skilled in arts, their works such as sculptures, jewelry, painting and weaving were found today in the most famous museums around the world. And lastly, they were also clever financiers. It was told that they were the inventors of financial instruments such as money, promissory notes and property title deeds. I won't be surprised if you have proudly related the city of Babylon to none other than, Singapore - which similarly has no natural resources and yet, after decades of labour, it has become what it is today. 

The author, Mr. Classon, advocated the prosperity of a city/nation to its people. A city would not have become prosperous if its people are not wealthy. And I guess that by transforming into a successful city in this manner, it introduces longevity to a flourishing economy through such a metamorphosis - that is, a rich city hatches and nurtures wealthy people who contribute to the well-being of its economy.

It is a world acclaimed fact that Singapore is a successful city. So how could we grow wealthy as an individual? In the book, George Samuel Classon also offers his insights on '7 cures for a lean purse' (which we like to relate some of them to our Five Pillars of Wealth): 

i. Start thy purse to fattening (Wealth Accumulation - Savings plan, Endowment & etc.)

ii. Control thy expenditures (Wealth Maintenance - Budgeting)

iii. Make the gold multiply (Wealth Enhancement - Investment)

iv. Guard thy treasure from loss (Wealth Protection - Insurance)

v. Make thy dwelling a profitable investment (Wealth Distribution - Own Assets)

vi. Insure thy future income (Wealth Protection - Disability Income Insurance)

vii. Increase thy ability to earn (Invest in yourself)

Have you adopted any/all of the 7 cures? If not, why not let us all take the opportunity on this Labour Day to reflect, review & reassess on our personal finances health status. If that is too much for you to handle on your own, look for your trusted adviser to offer his/her evaluation & possibly, solution(s)!