THE RICHEST MAN IN BABYLON BOOK SUMMARY

The Summary of “The Richest Man in Babylon” book author George S. Clason. It is a self-help book for financial advice. The ancient Babylonians are the first to discover a Universal Law of Prosperity in his classic book “The Richest Man in Babylon” by George S. Clason.

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The Richest Man in Babylon Book Summary


So let start the summary in chapter form,

Chapter 1: Pay yourself first-save at least 10% of all you earn -

This is an important principle from the book.

This principle states that 10% of all you earn is yours to keep aside from all your expenses.

My goal with this principle is to build an emergency fund sufficient to cover all your expenses for at least half a year and after that to use some of the money for investments and your further future use.

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Chapter 2: Control your expenses -

Live upon less than you earn the next step after you’ve put aside 10% of your earnings is to split the rest to cover your necessities like food, rent, and bills.

Budget your money and try to reduce or completely eliminate some of your expenses.

Make a clear distinction between wants and necessities.

Chapter 3: Invest in yourself -

Increase your potential to earn this is my absolute favorite.

You know the saying “The More you Learn, The More you Earn”.

Chapter 4: Make money work for you -

Learn to invest wisely you can’t become rich without investing.

To build your wealth you must have multiple streams of passive income.

Focus on investing only in things you are familiar with you.

Always do your research before investments and go for investment with a safe return.

Your principle should always be safe, possible to reclaim, and earn your interest.

You must learn about the compound interest and use the time compound interest and use the time as your ally (friend).

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Chapter 5: Protect your wealth and ensure future income -

Advice from the book is to buy lands and houses.

Their value is permanent and you can later rent or sell these if need. Buying life insurance is a smart move and you can use this to save 10% as well.

Here is a quick summary of what we explained above:

  • Pay yourself first-save at least 10% of all you earn.
  • Control your expenses-live upon less than you earn
  • Invest in your self-increase your potential to earn
  • Make money work for you-learn to invest wisely
  • Protest your wealth and ensure future income

Read the full article at Business Insane — “READ THE SUCCESS”

THE FIRST COPPER YOU SAVE IS THE SEED FROM WHICH YOUR TREE OF WEALTH SHALL GROW. — George S. Clason

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