Introduction
The Richest Man in Babylon is a book of George Samuel Clason and published on 1926. George S. Clason was an American author. He is most often associated with his book The Richest Man in Babylon. The genre of this book, Non-fiction, Self-help. This book highlights about the recipe of a 4000 year old civilization to become rich. We have brought you a review and summary of ‘The Richest Man in Babylon’. So let’s turn on again. (The Richest Man in Babylon Summary)
Summary
The book starts with 2 friends. Bansir and Kobi. Bansir who was a charioteer. One day, he was leaving work and sleeping. Then Kobi comes to him and asks for a loan of 2 coins but Bansir does not have any money. The condition of both is the same. He tells Kobi that even though we work hard all day, we are poor. What to do so that we too can become rich. Then he remembers the Arkad. All three were studying together in childhood, but they are living their lives in poverty and Akrad has become the richest man of Babylon. Then Kobi and Bansir go to the Arkad to learn the secret of getting rich.
Arkad tells them how when he was poor and going through a difficult time, he found a person named Algamish who taught him how to become rich. He also told how he repeatedly committed mistakes and he learned from Algamish to become rich by correcting his mistakes. Arkad told the two friends who had learned the Arkad by Algamish. He stated 7 ancient Babylonian rules of becoming rich and 5 Laws of Gold.
7 Ancient Babylonian rules of becoming rich
The First Rule:- Start your purse for fattening.
Arkad recommends saving 10% of income so one can start building their own money: “Keep every ten coins you use for your purse, but only take out nine. Your purse will be thick at once it will start. And you will be relieved to see its weight increase.
The second rule:- Control your spending.
Arkad advises against luxury expenses that eventually get confused as a necessity: “Do not confuse necessary expenses with our desires”.
The Third rule:- Make your gold manifold.
Arkad advises to compound investment returns from these investments and invests: “The money you earn from it will make our destiny. Learn to work your treasure for yourself. Make it your slave. Make its children and its children’s children work for you “
The Fourth rule:- Protect your treasure from harm.
Arkad advises against reducing losses and investing in get-rich-quick schemes: “Is it prudent to plan large sums of money if your principal is lost? I say no. The risk penalty is the potential loss. Study carefully, first.
The Fifth rule:- Make your housing a profitable investment.
Arkad recommends renting residence, and using place of residence to set up a business:
The Sixth rule:- To ensure future income.
Arkad recommends having a pension and future retirement income.
The Seventh Rule:- Increase your ability to earn.
Arkad advises developing the skills to increase the investment knowledge and increase earning power: “The more we know that knowledge, the more we can earn”, and, “the person who will try to learn more of its craft. ” Was rewarded ”.
Some quotes we all need to know
“A man of action is favored by the goddess of good luck.”
George Samuel Clason
The Richest Man in Babylon
“Desires must be simple and definite. They defeat their own purpose should they be too many, too confusing, or beyond a man’s training to accomplish.”
George Samuel Clason
The Richest Man in Babylon
“Opportunity is a haughty goddess who wastes no time with those who are unprepared.”
George Samuel Clason
The Richest Man in Babylon
“You first learned to live upon less than you could earn. Next you learned to seek advice from those who were competent through their own experiences to give it. And, lastly, you have learned to make gold work for you.”
George Samuel Clason
The Richest Man in Babylon
Insight/review
This book is also called the bible of finance and this is also true. In the book you get a lot of learning and knowledge along with the story. The richness and strength of Babylon and the way to get those strengths are well described in this book.
The book remains in print almost a century after it was originally published, and is regarded as best personal financial advice book.
The language style of the book was simple. Talking about character development. All characters in this book who appeared to play their own roles correctly. Enjoyed reading it.
Rating
5/5
Conclusion
It is truly refreshing and worthy book to build oneself for financial discipline. This book helps to focus on savings of money, taking advice of masters of that proper field where you want to invest your money.
The Richest Man in Babylon Summary
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About the Author
George Samuel Clason was an American author. He is most often associated with his book The Richest Man in Babylon.
