THE RICHEST MAN IN BABYLON .
The Richest Man In Babylon is a story all about the Wealthiest City of the world named Babylon in the Ancient Era. In this book, The author George S. Clason describes the 7 laws towards wealth the 5 golden laws, and the basic mistakes people do while camping for wealth.
From the importance of savings to the essentials on how to become wealthy, this collection of famous Babylonian parables imparts timeless financial wisdom. It offers insights on how to become wealthy, how to attract good luck, and discusses the five laws of gold
A perfect guide to understanding finances and a powerhouse of time-tested principles to gain and retain personal wealth, The Richest Man in Babylon have been inspiring readers for generations. It continues to remain a classic bestseller.
The SEVEN Important Rules Of Wealth.
1. Start Thy Purse To Fattening – (Start Saving)
Put your 10% from the total earnings aside for savings and spend the remaining 90% on the expenses, do this every month, and gradually by the end of the year your purse gets fattened.
Don’t spend that 10% on buying luxurious. Rather it’s the money for future security. It seems small at first but gradually you will notice a good amount.
2. Control Thy Expenditure – (Expenses < Income)
While controlling your expenses will make it easier to save 10% of the Income. Restrict yourself to spend less on unnecessary expenses. Try to figure out between wants and needs wants like insurance and housing and needs are the day to day expenses
When a person gets the promotion Instead of savings more he raises his expenses. This will lead to more debts.
3. Make Thy Gold Multiply– (Invest)
Saving money and controlling expenses is not sufficient for the wealth after these two curses the third one is to invest the saving in which you will get a good return and gradually your saving will increase.
Remember that by investing in only those fields which are known to you otherwise, you will face debts or try to consult the person who has knowledge in the fields. Don’t try to procrastinate the opportunities always be prepared to grasp the opportunities.
4. Guard Thy Treasures From Loss– (Insure)
Try to start investing in a small amount of money, Taking risk is good but when it leads to taking the whole amount it will become losses. Study the investing dilemmas and try to invest in different security in a small amount this will make less chance of losses.
Avoid giving the loans to the people who will turn you down in the future whether it’s your friend or any family member. Invest in those who will give you better deals.
Surround yourself with the people who deal with money on the daily basis and are wealthy and have great knowledge.
5. Make Of Thy Dwelling, A Profitable Investment –(Acquire Assets)
Avoid spending most of your income on Renting. while taking a loan and spending it on the EMIs at the end you will be the owner of the property.
6. Insure A Future Income – (Secure Retirement)
Think from a future perspective. You can not be young forever so try to make future plans as well. Try to save money for the retirement period and any other casualty that will occur in the future.
Secure your family by insurance and always try to have another income source like renting your properties and giving loans with interest this will be a constant flow of income in a retirement age also.
7. Increase Thy Ability To Earn – (Invest in Yourself)
Invest in yourself the most valuable asset is your own mind. If you want to maximize your wealth try to keep yourself updated. For example, if you are good at technologies try to learn new things about the technologies, keep yourself updated in your particular field, watch tutorials this will gradually increase your value.
Always grab the opportunity and try it. Even it fails it doesn’t matter you are preparing yourself for some big opportunities.
The Five Laws Of Gold.
- “Gold cometh gladly and in increasing quantity to any man who will put by not less than one-tenth of his earning to create an estate for his future and that of his family.”
Gold will only come to you when to start saving 10% of your income.
- “Gold laboreth diligently and contentedly for the wise owner who finds for its profitable employment, multiplying even as the flocks of the field.”
Gold attracts the wiser owner who multiplies his investment in profitably.
- “Gold clingeth to the protection of the caution owner who invests it under the advice of men wise in its handling.”
Invest the gold by taking the expert’s advice i.e., the third party to protect it from the losses.
- “Gold slippeth away from the man who invests it in businesses or purposes with which he is not familiar or which are not approved by those skilled in its keep.”
Gold slips from the people who are unfamiliar with the investments strategies. So, keep yourself knowledgeable before investing in it.
- “Gold flees the man who would force it to impossible earning or who followed the alluring advice of tricksters and schemers or who trusts it to his own experience and romantic desire in investment.”
Gold flees away from the quick schemes or scams. Be cautious from the tricksters and learn from the bad experiences.
About the Author
The Richest Man in Babylon is a 1926 book by George S. Clason that Dispenses Financial Advice through a collection of parables set 4,000 years ago in ancient Babylon. The book remains in print almost a century after the parables were originally published, and is regarded as a classic of Personal Financial Advice.