The Richest Man In Babylon by George S Clason
“The reason why we have never found measure of wealth. We never sought it.”
The most important factor in accumulating extraordinary wealth is the discipline of placing aside 10% of our income. The 7 rules below facilitate this discipline, makes this money work for us and places it in a safe place.
Honesty, is one of my many traits, (not so many), and being really honest, I hated The Richest Man In Babylon when I began listening to it. The book was published in 1926 and its author George S Clason purposefully tried to make the dialogue and narration sound ancient throughout the book. So here I was, a Finance graduate, listening to an old book, that wanted to sound ancient narrated in Audible by someone who was trying really hard to sound like a Medieval jester. A jester who gave up on jokes and started teaching finance to all of us, the bored peasants in the kingdom who wanted a break from Netflix.
However, as I kept digging through with my Honey Badger attitude I got slapped down, by its genius, but most importantly its simplicity. If you happen to be one of the few interested in my life decisions, I was certain that I wanted to studied finance, because I had no clue what I was going to do with my life. In retrospect a great decision, who knew I would turn out to be a sloth… The point is, that an argument could be made that this book summarizes the principles I learned in my four years in college and some. Placing aside 10% of your income is a certain path to riches, but putting the below 7 together makes of money something to be excited about. And all of this are simple to understand, but require tons of discipline.
1) Start thy purse to fattening (10% aside)
2) Control thy expenditures (Where do you spend?)
3) Make thy gold multiply (Compound Interest is a the 8th Wonder Of the World – Einstein)
4) Guard thy treasures from loss (If it is too good to be true it probably is)
5) Make of thy dwelling a profitable investment (Buy yo House!)
6) Ensure a future income (Insurance. Nobody needs it until they do.)
7) Improve thy ability to earn (Invest in yourself)
How It Made Me Better
It made me realize that I knew many financial fanciness, but was failing to apply the key concepts, which are the bare essence to wealth. I have no doubts that these 7 principles (and The Magic 3), will make me abundantly rich.
Next Wednesday come back at 7 for an amazing review of The One Thing.
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