My activities for the last 12 days:
I have not posted anything for almost 2 weeks. I had been busy with Christmas and New Year celebrations. I have spent a lot of time on my phone watching youtube but I have also finished listening to the book Richest Man in Babylon.
In Canada, we are lucky to have free access to many libraries. I can borrow physical books or listen to audiobooks through the app Libby.
Jim Rohn said, “Everything you need for your better future and success has already been written. And guess what? It’s all available. All you have to do is go to the library. But guess what? Only three percent of the people in America have a library card. Wow,they must be expensive! No, they’re free. Probably in every neighborhood only 3% owns a library card!”
Fast forward to our time, according to the Public Library statistics of Canada, on average, 33% of Canadians had a public library card between 2017 and 2021. However, only 19% of Canadians borrowed a book from a library in 2021.
In the last few days, while I have watched a lot of youtube and Instagram, I have also finished listening to the book Richest Man in Babylon. This was recommended by Jim Rohn in a lot of his videos.
The book recommends splitting an income this way:
- 10% – set aside for the future
- 70% – for expenses on everyday essentials
- 20% – to pay down debt
The book is worth the read. It is in story form and the characters are still relatable up to this day.
Jim Rohn has a modified recommendation on how to breakdown one’s income:
- 70%- for expenses on daily essentials
- 10%- tithe for the church
- 10%- passive capital (ie invested in the stock market which will grow over the years)
- 10%- active income (money you try to grow yourself)
Both recommendations are good, I think. For my current situation, I will adapt Jim Rohn’s strategy. For the first 2 months of 2025, I will need to modify the strategy slightly because I want to pay my current debt faster.
30%- daily essentials
50%- debt
10%- tithe
10%- passive capital
For the first 2 months of 2025, I need to cut down on my expenses for my daily essentials and let go of my active capital so that I can use this extra money to pay down my debt. I will need to make this sacrifice so that by March 2025, I can start following Jim Rohn’s strategy. So, at the end of 10 months, I should have at least this money breakdown:
Tithe: 500 x 10 = 5,000
Passive capital: 500 x 10= 5,000
Active capital: 500 x 10 = 5,000 (which I should have grown by December 2025)
God willing, I claim this will be fulfilled!
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