I read the richest man in Babylon by George S Clason; here are the key learnings and my notes from the book, which can be helpful.
Key Learning in Short: The Richest Man in Babylon
Pay yourself first.
Save at least 10 percent of whatever you earn every month.
Do not get confused with your expenses and desires.
Ensure future income from reliable sources.
Work hard to improve your skills continuously.
The Richest Man in Babylon by George S. Clason summary and review
These are my notes from The Richest Man in Babylon by George S. Clason, and it contains the passages I found interesting and useful.
The law of money is like any other scientific law, as gravity is assured and can not be changed.
You must be successful with money to fulfill your desires and dreams.
Money is in abundance who understand the simple rule of money and making more money.
It cost nothing to ask for advice from a good friend.
Take advice from the one who is already successful in their respective field. Do not take advice on finance from a bricklayer.
Please don’t spend money as soon as you earn it; plan and build your wealth first.
Do not invest in the instrument that looks too good to be true, and wealth generation takes time; your money will not be doubled overnight.
Buy life insurance for you and your family, and you are buying security, do not treat it as an investment.
Plan your future income, and everyone gets old enough that you can not work anymore.
The person who continually upgrades the skills of his/her craft earns more.
It wise to have guaranteed repayment while lending money, whosoever you lend money,
Do not spend the money which you have not earned; live below your means.
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.
Hard work is the best friend you will ever have.
The best parts of The Richest Man in Babylon
The 7 simple rules of money:
1) Start thy purse to fattening.
2) Control thy expenditures.
3) Make thy gold multiply.
4) Guard thy treasures against loss.
5) Make of thy dwelling a profitable investment.
6) Ensure a future income.
7) Improve thy ability to earn.
The 5 Laws of Gold:
1) Gold comes easily and increases quantity to the person who saves at least 1/10th of their earnings.
2) Gold labors diligently and multiplies for the person who finds it profitable employment.
3) Gold clings to the protection of the person who invests their gold with wise people.
4) Gold slips away from the person who invests gold into purposes through which they are not familiar.
5) Gold flees the person who tries to force it into impossible earnings.
The Richest Man in Babylon Review
This book is one of the oldest classics on personal finance. The learnings shared in the book are still relatable to date.
The book comprises simple language and a must-read for the person who has just started earning his/her regular income.
This book has many practically applicable concepts.
Like 7 laws to make your wallet fat, how to earn more gold?
How get out of the debt and still build wealth for yourself?
The best takeaway from the book is the statement, “Pay yourself first.”
If you follow this simple rule, you may have more wealth than ordinary people.
You also find a free pdf from the internet for The richest man in Babylon book, but I suggest you buy it and read the fair and original version.
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