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It’s a rarity to see a book written almost 6000 years ago, having so much practical advice.
The concepts of The Richest Man In Babylon were valid 6000 years ago, they are valid now, and will remain valid in the coming future.
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The concepts of The Richest Man In Babylon were valid 6000 years ago, they are valid now, and will remain valid in the coming future.
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In short, the book gives common sense financial advice, which is told through tales and fables from the ancient times of Babylon.
George S. Clason was a soldier, businessman, and writer. The Richest Man In Babylon is his most popular piece of work, consisting of numerous parables, metaphors, and stories set in ancient Babylon. It’s an absolute finance classic.
Originally published in 1926, the advice in this book is still as sound as it was almost a century ago.
The book tells a story of how a commoner builds wealth over time.
Let’s look at the 7 rules of gold (money) & their interpretation.
The book tells a story of how a commoner builds wealth over time.
Let’s look at the 7 rules of gold (money) & their interpretation.
1) Start thy purse to fattening.
Start saving some part (at least 10% of your income) of money for yourself. Let this money work for you.
"It is great wealth to a soul to live frugally with a contented mind."
– Lucretius
Start saving some part (at least 10% of your income) of money for yourself. Let this money work for you.
"It is great wealth to a soul to live frugally with a contented mind."
– Lucretius
2) Control thy expenditures.
Don't spend more than you need.
"If you buy things you don't need, you will soon need to sell things you need."
– Warren Buffett
Don't spend more than you need.
"If you buy things you don't need, you will soon need to sell things you need."
– Warren Buffett
3) Make thy gold multiply
Invest wisely. Let compounding do its magic.
“Money makes money. And the money that money makes, makes money”
– Benjamin Franklin and Compound Interest
Invest wisely. Let compounding do its magic.
“Money makes money. And the money that money makes, makes money”
– Benjamin Franklin and Compound Interest
4) Guard thy treasures from loss.
Avoid investments that sound too good to be true. Stay away from 'get rich quick' schemes.
"Rule No. 1: Never lose money.
Rule No. 2: Never forget rule No. 1."
– Warren Buffett
Avoid investments that sound too good to be true. Stay away from 'get rich quick' schemes.
"Rule No. 1: Never lose money.
Rule No. 2: Never forget rule No. 1."
– Warren Buffett
5) Make of thy dwelling a profitable investment.
Own your home.
"Being a smart shopper is the first step to getting rich."
– Mark Cuban
Own your home.
"Being a smart shopper is the first step to getting rich."
– Mark Cuban
6) Ensure a future income.
Protect your family with life insurance.
“I don’t call it "Life Insurance," I call it "Love Insurance." We buy it because we want to leave a legacy for those we love.”
– Farshad Asl
Protect your family with life insurance.
“I don’t call it "Life Insurance," I call it "Love Insurance." We buy it because we want to leave a legacy for those we love.”
– Farshad Asl
7) Improve thy ability to earn.
Be a learning machine.
“Spend each day trying to be a little wiser than you were when you woke up. Day by day, and at the end of the day-if you live long enough-like most people, you will get out of life what you deserve.”
– Charlie Munger
Be a learning machine.
“Spend each day trying to be a little wiser than you were when you woke up. Day by day, and at the end of the day-if you live long enough-like most people, you will get out of life what you deserve.”
– Charlie Munger
The Richest Man In Babylon is a great book on money management.
Simple and easy to apply even in today’s terms.
Read this timeless classic at just ₹29: https://amzn.to/2DPtO02
Do retweet this thread if you found it useful.
Simple and easy to apply even in today’s terms.
Read this timeless classic at just ₹29: https://amzn.to/2DPtO02
Do retweet this thread if you found it useful.
