The greatest riches lie in books and one such example is The Richest Man in Babylon by George Sameul.
Clason’s message was relevant after the stock market fall in 1929 and the start of the Great Depression, and he wanted to reach a wider audience and in 1930, released The Richest Man in Babylon, a collection of his best stories, through his Clason Publishing Company.
Arkad, the main character and narrator, began his career as a humble scribe in Babylon’s hall of records, where he saw scribes, working more and were paid more. He worked hard, improved his speed and was rewarded extra.
Receiving advice from a money lender, Arkad started saving 10% of his earnings. He was surprised to find that he didn’t miss having it accessible to spend. He made a budget and followed it. He spent the interest on his savings at first, but he eventually learned to put his money to work by generating additional interest on his interest. He sought opportunities to invest. He became a smarter investor succeeding, his error in investing in the phony gems.
|Name||The Richest Man in Babylon|
|Author||George Sameul Clason|
The Richest Man in Babylon by George Sameul Pdf Download
The people of Babylon seek guidance from Arkad after lamenting their problems with money. He’s Babylon’s richest man, and he’s got seven essential pointers.
• Begin fattening your purse (start earning)
The most important advice from Arkad is to set 10% of your salary aside for you!
The remaining 90% can be used to cover bills and expenditures. However, that 10% is reserved for savings and investment.
This isn’t cash that one can spend on whatever you want, such as a new phone or new clothing. Instead, one should save money for the future until the right time comes.
• Keep an eye on your budget. (Be frugal with your money.)
It’s tempting to indulge and buy expensive items when you have more cash… in Babylon’s case, new robes or diamonds.
Refrain! Ensure you’re living within your means
“Unless we argue to the contrary,” Arkad continues, “what we term ‘essential costs’ will constantly expand to match our profits.”, implying we’ll continue to spend more on things we believe are required but are merely desires.
• Make thine money expand like Babylon’s Richest Man (invest)
After saving, it’s investment time.
Arkad says “making your riches work for you.” His attitude is that you should make your gold have children so that they may work for you as well.
In other words, take use of the power of compound interest to increase your wealth.
In today’s society, this may mean lending money or earning interest on a savings account.
• Diversify/ensure your possessions to prevent loss.
You know those get-rich-quick scams that go around on social media saying you can make a fortune out of nothing? They appear to be too wonderful to be true…
Arkad cautions us that making large sums of money overnight is impossible. Time, effort, and expertise are required.
When you’re ready to invest, begin small.
Arkad prioritizes security far more than quick money.
• Make of thy dwelling a profitable investment
“Every man should possess the roof that sheltered him and his,” Arkad explains. This is because it might lower your living expenses and free up more funds for your wants.
Rather than squandering your money on rent, you’ll be investing it. As you’ll see, this pays off handsomely.
• Ensure a steady income
Arkad advises that you plan ahead for retirement to preserve your assets and family.
Having a substantial savings account or retirement pension is advantageous.
You can also rent out the home (or properties, perhaps!) you purchased it earlier.
• Increase the ability to earn.
“The more wisdom we know, the more we may earn,” Arkad says, adding that the person trying to acquire more than his profession, shall be amply rewarded. Arkad advises continuation of development of skills for expanding one’s wisdom investment and earning.
Arkad gave his son Nomasir the “Five Laws of Gold,”The Richest Man in Babylon, Pdf Download as well as a bag of gold and instructions to return in 10 years to report on his achievements.
The Laws of Gold, or the Laws of Increasing Your Wealth, are as follows:
1) You obtain gold by routinely saving (at least a tenth of your wages) to accumulate riches for a secure future.
2) Gold, with the income you get on it, rises when you invest it correctly.
3) If you follow some financial specialists’ expert advice your gold will last and increase.
4) If you take faulty counsel or depend on your own judgment without much expertise, you will lose your gold.
5) You’ll lose your gold if you fall for get-rich-quick scams or dangerous investments.
The Richest Man in Babylon Full book Pdf Download
The classic book’s overall theme is judicious financial management, guidance on income increment and its sensible usage, The Richest Man in Babylon Pdf Download, keeping tomorrow’s success in mind responsibly and is relevant even today.