Egypt was once the richest country in the world. Some say that civilization started there. According to Biblical record in the book of Genesis chapter forty one, there was a great famine at a certain time. Yet Egypt had plenty of food. The wisdom that sustained Egypt during that famine period , and made it very wealthy was proposed by a Hebrew slave who later became the Egyptian Prime Minister. His name was Joseph.
I believe that Joseph was one of the greatest Economists the world has ever produced. His economic theory has been overlooked by many, yet it turned Egypt into the wealthiest nation of their time, and earned him the position of Egypt’s Prime Minister. This theory is still applicable today for anyone that would care to apply it. I call it Joseph’s – 20% – Savings – Theory. This theory states that anyone who can save 20% of all his income within a period of 7 years, can build wealth for himself. You can find this theory in the Bible in the book of Genesis chapter forty one verses thirty four through thirty six. If you would like to become wealthy in your life, then try this theory. It worked for Egypt, it can work for you.
You may ask ” Why should I save 20% of my income when I have other needs to meet?” The truth is that you can never have enough money to satisfy all your desires. Money disappears very fast from the hands of anyone who does not know how to save it. You will always have something to do with the money in your hands. Whether it is three thousand dollars or three million dollars. You will never have money that you don’t know what to to do with it. Even if you don’t know what to do with it, you might as well think of going on a holiday to the moon. So, whatever is your income, if you save 20% of it, you will still be the same. You can still make do with the remaining 80%.
What then do you do with all these savings. Very simple. You put it to work. Don’t leave it idle in your bank. Money is a good worker, if you can invest it wisely. It will work for you, and bring in more and more profits that can help meet your needs. Then you can relax and be free from some of your struggles and worries.Let me explain this to you: If you are earning $1,000 today. And you develop a 7 year plan to save 20% of your income every month. The first month, you will have $200. That looks very insignificant. But you will understand better if you know that in 10 months, you will have $2000 – an extra two month salary. That means yo can work for 12 months in a year, and get paid for 14 months. Now this two extra month salary is all yours to invest. Don’t spend it. You may be tempted to spend it. Make sure you invest it. If you do your research very well, this $2000 would become your employee, working for you. Who doesn’t feel good becoming an employer of labour. Like an ant that has found a cube of sugar, it will go and attract its friends to also come and work for you. Before your 7 year plan will elapse, you will relax and monitor your employees working for you. If you start early enough, by your 45th birthday, you may be planning to retire and spend more time doing what you love most.
This is the wisdom that turned ancient Egypt into one of the world’s wealthiest nation. You now have it at your disposal.