The Richest Man In Babylon - George S. Clason

[JokerCrazyBeatz]

Wassup forum peepz? Its JokerCrazy here again back with another AMAZING book review.

Today we'll be discussing The Richest Man In Babylon by George S. Clason

If you're a entrepreneur and you havent read this book you're 100% missing out. The value this book provides is priceless and actionable.

At first i detoured from reading this book because i knew it was a story book and in my mind "how much value can i get from a story book" which i obviously should have KNOWN better.

This book gives REAL tactics on :

Wealth building

Investing

Maintaining wealth past retirement

Hard Work

This book has personally helped me b/c im at a point in my business career where im seeing sales regularly and im trying to learn how to scale. And for a bit ive been wondering why my money leaves as fast as it comes in . (I dont splurge on silly things).

In this book i learned what i was doing wrong with my money and what i can do to fix it.

It is a must read . If you havent checked it out yet then you should TODAY!

 

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[ZCP]

This was the first book I had my boys read. Pay yourself first. Have your money work for you.

Wish I had gotten those lessons at their age!

 

[JokerCrazyBeatz]

This was the first book I had my boys read. Pay yourself first. Have your money work for you.

Wish I had gotten those lessons at their age!

Really tho man the amount of useful knowledge the book holds is almost priceless

 

[John Clancy]

Back when I was still trying to blog, I wrote a summary of this book. Here it is below, with a few edits to make it more appropriate to this audience.

***************************************

Today, we're taking a look at a classic financial work: "The Richest Man in Babylon" by George S. Clason. Originally released as a series of pamphlets, they were bound together and released as a book in 1926.

Although this is admittedly a long time ago, the underlying principles (taught via various parables set in ancient Babylon) remain useful to this day.

The book offers a number of key insights, the first of which is...

The difference between the rich and the poor is not always down to who works the most. There is plenty of men who break their backs laboring and have nothing to show for it, whereas others work half as hard and amass a great fortune.

The book then goes on to give us seven basic financial principles. They are listed below in concise, simple English.

Seven cures for a lean purse

1. Save at least 10% of your income before doing anything else - more if you can. This 10% is yours and yours alone: no man has a claim to it.
2. Control your expenses: budget so that you can cover your necessities, and also worthwhile desires, without spending more than 90% of your income. Don't confuse desires with necessities. If left unchecked, your desires will consume all the money that you have.
3. Once you've started to build your reserve, put it to work for you. Invest it somewhere where it makes returns, then reinvest the returns to make compounding gains.
4. Only make safe, principle guaranteed investments. If you're not familiar with a particular area that you're considering investing in, consult someone who is.
5. Own your own house – don’t rent forever. It saves money in the long run. If you rent your whole life, you'll have nothing to show for it... but if you pay off a mortgage, you'll own a house at the end of it.
6. Save for the future… provide in advance for your own growing age and your family.
7. Increase your earning ability – upskill, study and increase wisdom. Doing these things will increase the amount your earn, which in turn increases the amount you can save/invest, which increased your returns, etc.

Following this, we go on to read about the role of luck in achieving wealth. The key insights from this section are...

Seize opportunity when it presents itself, it doesn’t hang around.

Make your payment immediately if you think it’s a bargain. Don't wait for something better, as you could end up with nothing.

The majority hesitate, falter, and fall behind. People who take decisive, rapid action will move ahead.

Luck follows action taking.

Another list of useful rules was presented in the form of "Five laws of Gold" (money).

The Five Laws of Gold

1. Gold comes gladly and in increasing quantities to the man who puts away no less than one-tenth of his income.
2. Gold labours diligently for the owner who finds it profitable employment (i.e. good investments).
3. Gold stays with people who invest it wisely.
4. Gold escapes those who invest it in things they are not familiar with or are not approved by people familiar with it.
5. Gold escapes those who fall for scams.

The book rounds off with a few more parables, from which we can take these two points:

Where there is a will, there is a way. No matter how bad your situation is, you can get out of it - if you're willing.

Work is the key to making money (to a point). If you're unwilling to work hard, your chances of success are greatly diminished.

Conclusion
The Richest Man in Babylon offers timeless, valuable financial knowledge. Although situations and circumstances change, the underlying principles ofen remain the same.
That's what's offered here: the basic principles of how to manage money. Seem like common sense? That's because it is - this stuff forms the foundation of Slowlane doctrine.

Just because it's Slowlane, doesn't mean it's not useful. Think about it: most people realize that they should save, that they should spend less than they earn, that they should invest... but how many people actually do it?

Most people today who are in poor financial positions are there due to their own misinformed behavior. Because they've never been given appropriate financial instruction, they end up on the Sidewalk.

While this book isn't perfect, it would go a long way in helping people acquire the basic framework necessary to avoid bad financial situations.

It's a quick read, so if you feel like reading it yourself, go for it! Otherwise, I hope this summary helped you.

*******************

I hope this helped someone.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[JokerCrazyBeatz]

Back when I was still trying to blog, I wrote a summary of this book. Here it is below, with a few edits to make it more appropriate to this audience.

***************************************

Today, we're taking a look at a classic financial work: "The Richest Man in Babylon" by George S. Clason. Originally released as a series of pamphlets, they were bound together and released as a book in 1926.

Although this is admittedly a long time ago, the underlying principles (taught via various parables set in ancient Babylon) remain useful to this day.

The book offers a number of key insights, the first of which is...

The difference between the rich and the poor is not always down to who works the most. There is plenty of men who break their backs laboring and have nothing to show for it, whereas others work half as hard and amass a great fortune.

The book then goes on to give us seven basic financial principles. They are listed below in concise, simple English.

Seven cures for a lean purse

1. Save at least 10% of your income before doing anything else - more if you can. This 10% is yours and yours alone: no man has a claim to it.
2. Control your expenses: budget so that you can cover your necessities, and also worthwhile desires, without spending more than 90% of your income. Don't confuse desires with necessities. If left unchecked, your desires will consume all the money that you have.
3. Once you've started to build your reserve, put it to work for you. Invest it somewhere where it makes returns, then reinvest the returns to make compounding gains.
4. Only make safe, principle guaranteed investments. If you're not familiar with a particular area that you're considering investing in, consult someone who is.
5. Own your own house – don’t rent forever. It saves money in the long run. If you rent your whole life, you'll have nothing to show for it... but if you pay off a mortgage, you'll own a house at the end of it.
6. Save for the future… provide in advance for your own growing age and your family.
7. Increase your earning ability – upskill, study and increase wisdom. Doing these things will increase the amount your earn, which in turn increases the amount you can save/invest, which increased your returns, etc.

Following this, we go on to read about the role of luck in achieving wealth. The key insights from this section are...

Seize opportunity when it presents itself, it doesn’t hang around.

Make your payment immediately if you think it’s a bargain. Don't wait for something better, as you could end up with nothing.

The majority hesitate, falter, and fall behind. People who take decisive, rapid action will move ahead.

Luck follows action taking.

Another list of useful rules was presented in the form of "Five laws of Gold" (money).

The Five Laws of Gold

1. Gold comes gladly and in increasing quantities to the man who puts away no less than one-tenth of his income.
2. Gold labours diligently for the owner who finds it profitable employment (i.e. good investments).
3. Gold stays with people who invest it wisely.
4. Gold escapes those who invest it in things they are not familiar with or are not approved by people familiar with it.
5. Gold escapes those who fall for scams.

The book rounds off with a few more parables, from which we can take these two points:

Where there is a will, there is a way. No matter how bad your situation is, you can get out of it - if you're willing.

Work is the key to making money (to a point). If you're unwilling to work hard, your chances of success are greatly diminished.

Conclusion
The Richest Man in Babylon offers timeless, valuable financial knowledge. Although situations and circumstances change, the underlying principles ofen remain the same.
That's what's offered here: the basic principles of how to manage money. Seem like common sense? That's because it is - this stuff forms the foundation of Slowlane doctrine.

Just because it's Slowlane, doesn't mean it's not useful. Think about it: most people realize that they should save, that they should spend less than they earn, that they should invest... but how many people actually do it?

Most people today who are in poor financial positions are there due to their own misinformed behavior. Because they've never been given appropriate financial instruction, they end up on the Sidewalk.

While this book isn't perfect, it would go a long way in helping people acquire the basic framework necessary to avoid bad financial situations.

It's a quick read, so if you feel like reading it yourself, go for it! Otherwise, I hope this summary helped you.

*******************

I hope this helped someone.

this summary is perfect

 

[ravenspear]

I read this recently and one of the most powerful truths to me was where it said that many poor people just think rich people get lucky opportunities, but the truth is that those who have managed their money effectively are just in a position to take advantage of opportunities for greater wealth that come along.

 

[SIDI]

I've just read this. Can't believe that I did not pick this up earlier.
Really simple lessons that make a lot of sense, and I think would make a big difference!

Really enjoy the examples given. Would thoroughly recommend.

 

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