Ayush Gupta's Key Ideas from The Richest Man In Babylon
by George S Clason

There are two ways not to lose money:

1. Don’t spend it; and
2. To not lose your money in bad investments...

To not spend your money

First, always pay yourself first:

If you’re not in debt:

1. Set aside 10% of your income
2. Live on 90% that’s left

If you are in debt:

1. Set aside 10% of your income
2. Repay your creditors with 20%
3. Live on the 70% that’s left.

Make a list of all your outgoing expenses;

Think vary carefully about what’s strictly necessary and what’s just a luxury;

Cut back on things you can live without; and Be very wary of developing expensive habits.

There are a handful of common traps you should avoid:

• Don’t get into debt;

• Don’t help people in ways that mean you take on their financial burdens

• Don’t lend money to others without taking some guarantee of repayment

• Don’t forget to protect your income and assets with diversification and insurance

• Don’t invest in things you don’t fully understand

• Don’t get sucked into get rich quick schemes

• Don’t put your money in investments which don’t pay out dividends (i.e., cash).

If you can avoid spending all your money and losing it in bad investments, your savings should be growing nicely. In which case, it’s time to start thinking about…

There are four ways to make money multiply…

1. You should work hard. Hard work doesn’t just help you acquire money, it also attracts good people and good opportunities.
2. You should surround yourself with people who want, understand and make lots of money.
3. You should only seek financial advice from and invest your money with the very best experts in the field.
4. You should stick to the plan. Don’t stop acquiring money. Don’t spend money on needless expenses.Trust what you know, not what you see.

1. The 7 Cures For A Lean Purse
2. The 5 Laws of Gold
3. My Favorite Quotes

1. Start thy purse to fattening – Save 10% of your annual income.
2. Control thy expenditures – Don’t spend more than you need to.
3. Make thy gold multiply – Invest wisely
4. Guard thy treasures from loss – Be cautious. Understand your investments. Avoid things that sound too good or quick to be true.
5. Make of thy dwelling a profitable investment – Own your home.
6. Ensure a future income – Set up a pension.
7. Improve thy ability to earn – develop your ability to earn and invest wisely.

1) Save 10% of your income: “Gold cometh gladly and in increasing quantity to any man who will put by not less than one-tenth of his earnings to create an estate for his future and that of his family.

2) "Put money to work – “Gold laboreth diligently and contentedly for the wise owner who finds for it profitable employment, multiplying even as the flocks of the field.

Continue ⬇️

3) Be patient and take the long-term view – “Gold clingeth to the protection of the cautious owner who invests it under the advice of men wise in its handling.

4) ”Invest only in what you understand – “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.

5) ”Avoid get rich quick schemes – “Gold flees the man who would force it to impossible earnings or who followeth the alluring advice of tricksters and schemers or who trusts it to his own inexperience and romantic desires in investment.”

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