THE RICHEST MAN IN BABYLON

THE RICHEST MAN IN BABYLON

About This Amazing Book
In 1926, George Clason published a series of 8 parables set in the ancient city of Babylon, which later became this classic financial literature, "The Richest Man in Babylon". This edition of the book is updated in modern English. In this summary, we'll give an overview of 8 timeless principles and tips on wealth gleaned from the stories. These are still applicable after almost a century, and can be used by anyone to build massive wealth and riches.

Includes Key Lessons on Wealth Accumulation

The Keys Are As Follows:
Pay Yourself First
No matter how much or how little you earn, set aside at least 10% of your earnings, before you spend on anything else.

Live within your means
If you pay yourself at least 10% of what you earn, it means you must control your expenses and spend 90% or less of your income.

Make your money work for you
The principles above help you to accumulate funds that you can invest. Every dollar invested is like a worker who works tireless for you. Invest your savings, and also the returns from those savings, to build an army of workers earning money for you.

Protect your Wealth
It's easy to lose your hard-earned money to poor investments, swindlers, or misfortune. Get advice only from people who have successfully saved and built their wealth. Ensure your capital is protected, the returns are reasonable, and you can reclaim both principle and interest safely. In the book / full summary, we cover (a) several rules you must observe to protect your wealth and assets, and (b) safeguards and factors to consider when evaluating if you should offer a loan or invest.

Make your home a profitable investment
Rather than pay their landlord a high rent every month, it's better to pay a monthly mortgage and own a home that you can be proud of at the end of several years.

Secure your future income
Plan in advance for unforeseen circumstances, e.g. death or the inability to work, by leveraging on compounding and insurance/investment options.

Invest in yourself
Increase your wealth by improving your earning ability. In the book / full summary, we touch on what it takes to increase your earning capacity, and how you can concurrently pay off your debts and build wealth, no matter how bad your current financial circumstances.

Get luck on your side
Luck = Preparation + Action. Opportunity waits for no man; the points above will help you to be prepared, so you can act decisively when opportunities surface.

Other Details in "The Richest Man in Babylon"
Wealth is like a tree, which grows slowly from a seed. The key is to plant the seed as early as possible, and then water/nourish it regularly.

Wealth is also an infinite resource, and can multiply to benefit everyone. For example, when you spend money to build an office building, the money you have invested is not lost. The building is valuable and can be rented, used, or sold for a profit. The same money spent on the building also benefits the building contractors, materials seller, and workers, to allow them to buy things or invest. The same dollar can touch an unlimited number of people.

Reference
https://readingraphics.com/book-summary-the-richest-man-in-babylon/

File information:
File size (Digital)
File size 473KB
Page count (8.5x11) (107)
Word count (41,362
Author biography (Yes)

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