In the vocational mentorships we do with young people
#venezolanos my wife and I recommend reading the book "The Richest Man in Babylon," a simple, short, enjoyable book that tells stories set thousands of years ago.
Young people are surprised to discover that the problems are practically the same ones their parents are dealing with: low income, debt, wages, saving, bad investments, people who earn a lot and end up with nothing, people who wait for a stroke of luck.
The uncomfortable lesson is the same as always: Make decisions. Work. Learn.
Wealth doesn’t sprout overnight. And even if you end up earning a lot, the key is to know how to manage what you have, so you don’t lose it all. But there’s a rule that’s frequently repeated in the book: Save at least 10% of everything you earn. First, you must pay yourself.
In ancient times, wealth was stored in gold, silver, and spices. Today we have even better tools to save for the long term. Because with inflation, stagnant real wages, and currencies that lose purchasing power, saving money alone is simply less and less useful.
The 21st-century version of that rule is simple: earn, spend less than you bring in, save at least 10%, and turn it into the best money you have available.
Thousands of years ago it was gold.
Today, it’s Bitcoin.
The tools change, but the rules for building wealth remain the same.