The Richest Man in Babylon by George Clason
Summary of my thoughts:
This short book passes on ancient wisdom since the invention of money. Money surely is one of the greatest inventions ever, and only those who know the rules will be able to reap the rewards of it.
A man that pays workers gold to build a palace creates wealth. First his gold is distributed to the workers and secondly he has build something of value that surely will fetch a price equal to or more than the gold he paid his workers.
Truly enjoy the process of creating wealth for it is a wonderful thing.
It is untrue that only a small percentage of the world can be rich. Through wealth creation eventually we shall all lead rich lives. That is the power of wealth.
Realize the reason why we have never found any measure of wealth. We never sought it.
There was a very rich man named Arkad. Far and wide he was famed for his great wealth. Also was be famed for his liberality. He was generous in his charities. He was generous with his family. He was liberal in his own expenses. But nevertheless each year his wealth increased more rapidly than he spent it.
in the years since we were youths, it is because you either have failed to learn the laws that
govern the building of wealth, or else you do not observe them.
” His friends admitted that of the men they knew who had inherited wealth these words were true, and they besought him to explain to them how he had become possessed of so much prosperity, so he continued: “In my youth I looked about me and saw all the good things there were to bring happiness and contentment. And I realized that wealth increased the potency of all these. “Wealth is a power. With wealth many things are possible.
“One may ornament the home with the richest of furnishings. “One may sail the distant seas.
“One may feast on the delicacies of far lands.
“One may buy the ornaments of the gold worker and the stone polisher.
“One may even build mighty temples for the Gods.
“One may do all these things and many others in which there is delight for the senses and gratification for the soul.
“And, when I realized all this, I decided to myself that I would claim my share of the good things of life. I would not be one of those who stand afar off, enviously watching others enjoy. I would
not be content to clothe myself in the cheapest raiment that looked respectable. I would not be satisfied with the lot of a poor man. On the contrary, I would make myself a guest at this banquet of good things.”
“Being, as you know, the son of a humble merchant, one of a large family with no hope of an inheritance, and not being endowed, as you have so frankly said, with superior powers or wisdom, I decided that if I was to achieve what I desired, time and study would be required.
Time: we all have it
Study: did not our wise teacher teach us that learning was of two kinds: the one kind
being the things we learned and knew, and the other being the training that taught us how to find out what we did not know?
‘I found the road to wealth when I decided that a part of all I earned was mine to keep. And so will you.’
You speak but half the truth,’ he retorted. ‘Every gold piece you save is a slave to work for you. Every copper it earns is its child that also can earn for you. If you would become wealthy, then
what you save must earn, and its children must earn, that all may help to give to you the abundance you desire.
Pay yourself first.
The Seven Cures for an Empty Purse
1) For every 10 coins you receive, take out only 9. (Or 3, or 8)
2) Budget thy expenses
3) Put each coin into labour – a stream of wealth that shall flow constantly in thy purse
4) Guard thy treasure from loss.
5) Own thy own home
6) Provide in advance for thy growing age and protection of thy family
7) Cultivate thy own powers. Study and become wiser and become more skillful.
Preceding accomplishment must be desire.
1) Pay your debts
2) Take care of your family
3) Make a will
4) Have compassion on those that are injured
5) Do deeds of thoughtfulness and to those dear to him
Opportunity arises all the time. However the unprepared will not be able to seize these.
Crush the spirit of procrastination and hesitation.
Good luck can be enticed by accepting opportunities.
Men of action are favoured by the Goddess of Good Luck.
Gold is reserved for those who know it’s rules and obey them.
The Five Laws of Gold
- Gold cometh gladly and in increasing quantity to any man who will put by not less than one-tenth of his earnings to create an estate for his future and that of his family.
- Gold laboreth diligently and contentedly for the wise owner who finds for it profitable employment, multiplying even as the flocks of the field.
- Gold clingeth to the protection of the cautious owner who invests it under the advice of men wise in its handling.
- Gold slippeth away from the man who invests it in businesses or purposes with which he is not familiar or which are not approved by those skilled in its keep.
- Gold flees the man who would force it to impossible earnings or who followeth the alluring advice of tricksters and schemers or who trusts it to his own inexperience and romantic desires in investment.
Gold bringeth unto its possessor responsibility and a changed position with his fellow men. It bringeth fear lest he lose it or it be tricked away from him. It bringeth a feeling of power and ability to do good. Likewise, it bringeth opportunities whereby his very good intentions may bring him into difficulties.
The tale of the donkey and the Ox:
If you desire to help thy friend, do so without taking the burden of thy friend.
Better a little caution than a great regret.
Work is thy’s greatest pleasure.
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