The Richest Man in Babylon – Book Study – Part I

I am studying this book written originally in 1920’s about the Laws of Money. These laws are still true in the pursuit to acquire and keep money. I have personally benefited from the lessons of this book as years ago when one of my businesses failed I applied these laws to get out of debt and make a fresh start. This book I recommend to everyone who wants Financial freedom and wants to lead a good life. I am reading this again after years and so much more is there to grasp.

The Richest Man in Babylon by George S. Clason

BASIS

  • Money is the medium by which earthly success is measured
  • Money makes possible the enjoyment of the best the earth affords
  • Money is plentiful for those who understand the simple laws which govern its acquisition
  • Money is governed today by the same laws which controlled it when prosperous men thronged the streets of Babylon, six thousand years ago.

THE MAN WHO DESIRED GOLD

Two friends who live in the richest city of Babylon, who are poor get this realization

Realization: We live in the richest city in the world. From early dawn until darkness labor, soft-heartedly hoping someday the Gods would recognize worthy deeds & bestow great prosperity. This they have never done and this they will never do.

We do not wish to go on year after year living slavish lives, working working, working! Getting Nowhere.

A fat purse quickly empties if there is no golden stream to refill it.

It costs nothing to ask wise advice from good friend.

 

THE RICHEST MAN IN BABYLON

Their Friend who grew up with them is now the richest man in Babylon. They go to him for advice.

If you have not acquired more than a bare existence; it is because you have failed to learn the laws that govern the building of wealth, or else you do not observe them.

Decide that if you want to achieve what you desire, time and study would be required. Learning is of two kinds: the one kind being the things we learn and know, and the other being the training that taught us how to find out what we did not know.

Be unafraid and ask wise people for advice on becoming rich, those people who are rich and have made it.

“The thoughts of Youth are bring lights that shine forth like the meteors that oft make brilliant the sky, but the wisdom of age is like the fixed stars that shine so unchanged that the sailor may depend upon them to steer his course.”

MAIN LESSON – PAY YOURSELF FIRST

A part of all I earn is mine to keep. Keep for yourself at least one-tenth of all you earn. Generally you pay everyone but yourself.

Advice is one thing that is freely given away, but watch that you take only what is worth having.

Live upon less than you could earn and seek advice from those who are competent through their own experience to give it.

”Opportunity is a haughty goddess who wastes no time with those who are unprepared.”

If you set for yourself a task, be it ever so trifling, see it through.

“Wealth grows where ever men exert energy”

Wealth grows in magic ways. No man can prophesy the limit of it.

Invest you treasure with great caution that it is not lost. Usurious rates of return are deceitful sirens that sing to lure the unwary upon the rocks of loss and remorse.

Enjoy life while you are here. Do not overstrain or try to save too much. If one-tenth of all you earn is as much as you comfortably keep, be content with that portion. Live according to your income and be not afraid to spend.

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