Wednesday, December 31, 2014

What is John D. Rockefeller's 10-10-80 Rule?

John D. Rockefeller is one of the richest men who ever lived.  In order to gain wealth, one may model those who have already obtained it. In this case, you may model a man who spent the last 40 years of his life in retirement.

Does it surprise you that 80% of millionaires today are self made millionaires?  This means that, unlike popular belief, it is the character of a man that often determines his financial future. It may interest you to view the personal convictions and resolutions that Rockefeller had, some of which may be found at www.unmaskingthemillionaires.com.

Before banks figured out that they could make more money off of Americans, by keeping them in debt, they used to give out the book, "The Richest Man in Babylon." According to www.americandebtproject.com, "The Richest Man in Babylon (1926) was originally written as a series of pamphlets that were handed out in banks and insurance companies and later put together and completed as a book."  This book, gave an account of Arkad, the richest man from the ancient city of Babylon.  Arkad had many financial guidelines, engraved on various stone tablets, on of which stated that before considering anything else, one should pay yourself first.

Rockefeller lived by the 10-10-80 rule.  This principle states that 10% of income should be dedicated towards savings, 10% towards charity and the final 80% should be used to pay for living expenses.

This post was reposted from http://finlit.biz/retirement-2/what-is-john-d-rockefellers-10-10-80-rule/, originally written on May 14th, 2013.

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