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The Richest Man In Babylon Summary with Free pdf
The Richest Man In Babylon Summary is derived from George S. Cason’s Bestseller book “The Richest Man in Babylon”. This includes reading quotations and taking rough notes. This summary also includes essential lessons and passages from the book. with the richest man in Babylon pdf book.
The Richest Man in Babylon, published in 1926, is a collection of short stories based on the “Babylonian parables” that teach timeless financial lessons.
At its peak, Babylon was the wealthiest city in the world, which Clason credits in part to its people’s affinity for money. The book combines the stories of Babylonian characters to demonstrate the importance of our relationship with money and the fundamental principles for getting, maintaining, and earning money. The following is an attempt to summarize some of the book’s important principles.
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Seven Cures for a Lean Purse
Begin fattening your purse (begin earning)
Arkad’s best advice? Set aside 10% of your earnings for yourself!
You can put the remaining 90% toward bills and other obligations. However, that 10% is specifically for you to save and invest in the future.
“For you” could be a little deceptive. This isn’t money you can spend on whatever you want, like a new phone or new clothing. Rather, you should save money for the future until the moment comes.George S. Cason’s
Keep your expenses under control (spend less than you earn).
To return to the topic of thrift, when you have excess money, it’s tempting to indulge and buy nice items… In the case of the Babylonians, new garments or gems
But don’t do it! Make a point of living within your means and only incurring the required costs.
“What we call ‘necessary expenses’ will always grow to equal our incomes unless we protest to the contrary.”George S. Cason’s
Make thy gold increase like the Richest Man in Babylon (invest)
Now that you’ve preserved some money, it’s time to put it to use. When you invest your money, it may multiply and provide you with a continuous source of income and personal riches!
“A man’s wealth is not in the coins he carries in his purse; it is in the income he builds, the golden stream that continually flows into his purse and keeps it always bulging.”George S. Cason’s
Keep your wealth safe from harm (insure)
When you’re ready to invest, remember to start small. You must first learn to safeguard smaller sums before you can handle larger ones.
Before leaving with money, do your homework. Don’t be taken in by get-rich-quick scams. Get familiar with the dangers. Consult those who have a track record of success. Protect the principle.
“Guard thy treasures from loss by investing only where thy principle is safe, where it may be reclaimed if desirable, and thou will not fail to collect a fair rental. Consult with wise men. Secure the advice of those experienced in the profitable handling of gold. Let their wisdom protect your treasure from unsafe investments.”George S. Cason’s
Make of your dwelling a profitable investment (Own thy own home)
We’ve all heard that buying is preferable to renting, and not only because you don’t have to worry about losing your security deposit!
This is because it can lower the cost of living and free up more money for your objectives.
Instead of wasting money on rent, you’ll be accumulating equity in an investment. And, as you’ll see in the following section, this may pay off big when it comes to future income planning.
“Every man should own the roof that sheltered him and his.”George S. Cason’s
Protect your future income (long-term investments and assets)
You won’t always be youthful, and you won’t always be able to work. Despite this, 55% of employed people intend to continue working once they retire. So, when the time comes to retire, be sure you have a strategy for income.
The author suggests planning ahead of time for retirement to save your assets and protect your family. Naturally, having a substantial savings account or retirement pension is advantageous.
“Provide in advance for the needs of your growing age and the protection of your family.”George S. Cason’s
Increase your earning potential by creating various revenue sources.
Do you want to make more money? Improve your thinking and your abilities! The more knowledge you have, the more money you can make.
For example, if you have no experience with real estate, it is not a smart idea to leap in and acquire investment properties. First, you’d need to research the market and understand all of the jargon. You should also seek advice from a seasoned investor who can steer you in the proper direction.
All of these actions can help you become a better investor and boost your earning potential. Start small, no matter what. As you learn and gain experience, you will be able to go bigger.
“Desires must be simple and clear.” They destroy their own purpose if there are too many, too complex, or too difficult for a guy to fulfill.”George S. Cason’s
Meet the goddess of good luck
“If a man is lucky, there is no way of foreseeing the possible extent of his good fortune. Pitch him into the Euphrates and if he likes it or not, he will swim out with a pearl in his hand.”
The desire to be fortunate is shared by everyone. It was as powerful in men’s breasts four thousand years ago in ancient Babylon as it is in men’s hearts now.
“MEN OF ACTION ARE FAVORED BY THE GODDESS OF GOOD LUCK.”George S. Cason’s
The Gold Lender of Babylon
“Gold is the merchandise of the lender of money. It is easy to lend. If it is lent unwisely, then it is difficult to get it back. The wise lender wishes not the risk of the undertaking but the guarantee of safe repayment.”
If you want to help someone you know, don’t do so in a way that transfers their difficulties to you. There are several methods to assist others. You are not required to pick approaches that limit your time, money, energy, or capacity to care for yourself.
“BETTER A LITTLE CAUTION THAN A GREAT REGRET”George S. Cason’s
The Walls of Babylon
- Above all, you must want your money to be protected. A little caution is preferable to a lot of regret.
- Take out insurance to protect yourself. You cannot afford to be defenseless.
- Don’t spend more than you can afford.
The Camel Trader of Babylon
- No man respects himself if he does not repay his debts.
- The soul of a free man looks at the world as a series of problems to be solved. Meanwhile, the soul of a slave whines, “What can I do?”
“WHERE THE DETERMINATION IS, THE WAY CAN BE FOUND.”George S. Cason’s
The Clay Tablets from Babylon
- If you are in debt, live on 70% of what you make. Save 10% for yourself. Use the remaining 20% to repay your debts.
- Stick with the plan. Money accrues surprisingly quickly, and debts are gone fast with discipline and consistency.
- Work attracts friends who admire your seriousness. Work attracts money and opportunity. “Hard work is the best friend I’ve ever had.”
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