Amassing wealth isn’t difficult but it has two preconditions:1) You need to want money – It needs to become a priority; and2) You need to understand it – You need to understand how it works.Fortunately, the basics aren’t hard to master. Nor have they changed in the last few thousand years.The Richest Man In Babylon basically tries to answer three questions:1) How Can I Acquire Money?2) How Can I Not Lose My Money? and3) How Can I Make Money Multiply? Now Let's Talk about them in detail!

What The Book is About.

The secret to acquiring money is to work for it. <ol><li>Stop procrastinating. Get out there and earn a living.</li><li>keep working at honing your your craft so your earning power increase.</li><li>Make sure you set up a pension so you can keep acquiring money even when you get too old and doddery to work for it.</li></ol> I warned you, this ain’t rocket science.

How Can I Acquire Money?

There are two ways not to lose money:<ol><li>Don’t spend it; and</li><li>To not lose your money in bad investments...</li></ol>

How Can I Not Lose My Money?

To not spend your moneyFirst, always pay yourself first:If you’re not in debt:<ol><li>Set aside 10% of your income</li><li>Live on 90% that’s left</li></ol> If you are in debt:<ol><li>Set aside 10% of your income</li><li>Repay your creditors with 20%</li><li>Live on the 70% that’s left.</li></ol>

Don’t spend it!

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.

Never live beyond your means

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).

To not lose your money in bad investments

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…<ol><li>You should work hard. Hard work doesn’t just help you acquire money, it also attracts good people and good opportunities.</li><li>You should surround yourself with people who want, understand and make lots of money.</li><li>You should only seek financial advice from and invest your money with the very best experts in the field.</li><li>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.</li></ol>

How Can I Make Money Multiply?

<ol><li>The 7 Cures For A Lean Purse</li><li>The 5 Laws of Gold</li><li>My Favorite Quotes</li></ol>

Some other important things from book

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

The 7 Cures For A Lean Purse

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 ⬇️

The 5 Laws of Gold 

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.”

Our acts can be no wiser than our thoughts, Our thinking can be no wiser than our understanding. Better a little caution than a great regret. Preceding accomplishment must be desire. Thy desires must be strong and definite.Good luck can be enticed by accepting opportunity. ﻿It costs nothing to ask wise advice from a good friend.﻿ ﻿Men of action are favored by the Goddess of good luck.﻿

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NOTION

Written more than a century ago-The Richest Man In Babylon-is one of the greatest financial books of all time. In language as simple as that of the Bible, this book provides many timeless lessons about spending, saving, and investing to build wealth that are as applicable today as when it was first written. The book is set in ancient Babylon, and follows the story of Arkad, the richest man in all of Babylon, imparting his wisdom to a younger man, Bansir, who wishes to become wealthy. It lays out the basics of personal finance - spend less than you earn, save 10% of your income, and invest wisely - in an engaging parable format (stories told to teach a lesson). The book teaches that if you follows these basic lessons, work hard, and continue improving your skills, you can build future wealth through passive streams of income.

books

Books

The Richest Man in the Babylon. This book deals with the personal success of each of us. Success means results coming from our efforts and ability. A good preparation is the key to our success. So keep a part of what you earn with yourself. From the benefits of saving to the essentials of getting rich, this collection of educative Babylonian fables gives you timeless information on how to make money. It guides to getting rich, attracting good fortune and the five golden rules. As a guide to understanding hydro-wealth and a powerhouse has been inspiring readers for generations. You know that Babylon became the richest city of the ancient civilization because it had reserved part of its earnings for the future. Thats why citizens got everything they wanted. How can you always keep your wallet heavy, the author has taught very beautifully on this topic.

George Samuel Clason, also known as George S. Clason. George Samuel Clason was born in Louisiana, Missouri, and died in Napa, California.During his eighty two years he was a soldier, businessman and writer. He served in the United States Army during the Spanish-American War.Clason started two companies, the Clason Map Company of Denver Colorado and the Clason Publishing Company. The Clason Map Company was the first to publish a road atlas of the United States and Canada, and did not survive the Great Depression.George Clason is best known for writing a series of informational pamphlets about being thrifty and how to achieve financial success. He started writing the pamphlets in 1926, using parables that were set in ancient Babylon.

The Richest Man In Babylon

Ayush Gupta