This is a book summary of The Richest Man in Babylon by Clason. the book teaches straightforward lessons that aim to show that the secrets to wealth-building are unchanging.7 Lessons From The Richest Man in Babylon-nupurandworld
The Richest Man in Babylon by George S Clason discusses the secrets of wealth used by the ancient civilizations of the world.
The book deals with different areas of finances including how to plan financially for your life, how to deal with your wealth, and finally how this impacts your life.
Here are 7 lessons from The Richest Man in Babylon
1. Start the purse to fattening
Learn to see the value of your work, and place a priority on paying yourself first. You can see that there are many trades and labors at which men may earn coins.
Each of the ways of earning is a stream of gold from which the worker doth divert by his labors a portion to his purse.
For every ten coins, thou placest within thy purse take out for use but nine. Thy purse will start to fatten at once, and its increasing weight will feel good in thy hand and bring satisfaction to thy soul.
Pay yourself first.
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2. Control thy expenditure
Don't spend more than you make. Either spend less or earn more. Be clear on the difference between a desire and an expense (especially for those of us in business).
Control the habit of spending more as we earn more. Just because our income might increase, doesn't mean our spending should.
3. Make money work for you
After building up their savings and cutting expenses, by investing in interest-generating assets, you’ll grow your wealth by compounding not only your initial investment but also all the interest the principal has generated previously.
4.Guard the treasures against loss
Don’t put your money at risk to get rich quickly. Look for reputable money managers and investment vehicles to put your money.
Slow and steady investing will get you rich over the long term.
Security is important, and hence our proactive approach to security of savings through our Trust structure allows all assets to be held by our trustees on behalf of savers.
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5. Make of thy dwelling a profitable investment
Every man should own the roof that sheltered. Nor is it beyond the ability of any well-intentioned man to own his home.
To own his home and to have it a place he is proud to care for, confidence in his heart, and magnificent effort behind all his efforts
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6.Ensure a future income
It is a reality that all of us will become old, and eventually stop work. Plan for the day that you do stop working. Make sure your income will continue work without you having to work.
Consider those who are financially dependent on you. Create safety through investment diversity.
The sooner you start compounding your money, the more money you’ll have to live off of when you choose to retire.
Investing in your pension or a tax-free retirement account will provide you with cash for you and your family.
7. Increase thy ability to earn
The more wisdom we know, the more we may earn. Cultivate thy powers, to study and become wiser, to become more skillful, to so act as to respect themself.
In the age of the internet, you can learn valuable skills almost for free.
The Richest Man in Babylon is the first financial book that makes me feel and understand the value of money and how we all can make value out of it. Read this book and share your experiences.
