Book Summary: The Richest Man in Babylon

It is a 1926 book by George S. Clason. It is a classic about personal finance, which if utilized well, results in financial freedom. The author has shared actionable and effective wisdom to enrich readers’ financial acumen. We were working on financial freedom. So this book came to be the bible as per suggestions. We agree with the suggestion as we have learned a few principles to follow. Let’s discuss and put it to practice.

Learning

  • A part of all I earned is mine to keep. There is not fix amount but it shouldn’t be less than 10%. 
    • Let’s say you earn 50k per month, save at least 5k each month.
    • One can save whatever is possible for them. If it’s possible to save 30%, the more the better.
    • You can feel, it’s hard but it isn’t. Even me felt saving 10% is very hard as I can rarely fulfill my desire but once I make clear that I have to save at least 10%, it was a piece of cake.
    • All it’s take is mindset, to create your Empire.
  • Advice is one thing that is freely given away, but watch that you take only what is worth having.
    • Advice is something people easily give.
    • If you are going to invest in stock market, take advice from someone who already prosper in Stock Market Investment. Instead of some Uncle, who tried once and say “Stock market investment is same as Gambling.”
  • Put your saving to work. Don’t waste your hard earned money on luxury.
    • Treat your saving as your children, love them help them prosper.
    • If you have lac’s of saving and you end of buying luxuries property, which won’t give return to your investment and also put you in debt cycle.
    • In short, don’t spend on liabilities.
  • Opportunity comes to those who are prepared.
    • If we want something in your life, then you have prepare for it both mentally and technically.
    • If you want to be Entrepreneur and you don’t have mindset then believe me you won’t be.
  • Guard your saving from loss.
    • Security should be foremost.
    • If you want giving money to someone make sure if you secure even if he doesn’t pay.
    • As bank use to do take something as guarantee to grant loans. 
  • Insure a future income.
    • We are not sure when we will leave this earth or when our business suddenly goes bankrupt.
    • Have a security deposit. One should also have Term insurance.
  • Invest in yourself. Increase your ability to earn.
    • This is one of most important skill. If in you current profession someone earn more than you then ask him for guidance to be better at what you do.
    • Increase your forte, be specialized or generalized specialist.
    • If getting higher education would help in more income then go get it.
  • Opportunity waits for no man.
    • Today it is here; soon it is gone. Therefore, delay not!’ “No Procrastination”.
    • There were several moments in our life when we thought “I missed that wonderful opportunity.” If only have taken decision quickly, there would be different outcome. 
  • Believe in your instinct, most of time our first judgement is right. 
    • Intuition is something which comes from our subconscious mind.
    • Instead of doing calculation as our conscious part, its give result based on past experience. Which we cannot understand in the moment.
  • Take note of what work and what failed and never repeat. 
    • Make a list of thing what work for you.
    • Each road is not for everyone, everyone have their own destination and their own path.
    • Learn about yourself, be mindful in every task.
    • Take note of what not work, improve your skill and get expert advice for better result.
  • Always put your heart to work and you will become luckiest. 🙂 
    • Do your very best in all best, even if you don’t like.
    • One of my college professor used to say even if you end up in job which you like, still work like this is best profession in world. Guess what he was our favorite. Right now he is an IAS officer.
  • Where the determination is, the way can be found.
    • Sometime we felt, everything is going round and round, we are same circle again getting same lesson from life.
    • Life keep giving us same situation unless we learn from it and take a leap.
    • If we are determine enough, universe will always help us to get our dream. Even though road are full of potholes, we have to keep moving.
    • Even though our progress is slow, we have to be steady. Slow and steady win the race “Rabbit and Tortoise :)”
  • Money makes possible the enjoyment of the best the earth affords.
    • With money most worldly desire can be fulfilled.
    • We use to see money as cruel, but is it. In this thinking we are making her go away.
    • Give and it will return. Seek and you will find.
    • Those big bungalow, world tour, fulfillment of all family desire is possible via money.
  • Money is plentiful for those who understand the simple laws which govern its acquisition.  

Life Long Learner

Learning the art of life. In this journey, I have embrace technology and been an engineer from 7 year. Loves both software and Hardware i.e. both inner peace and body. Interest are spirituality, financial freedom and technology. In investment my forte is to get information about company.

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