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Lessons from The Richest Man In Babylon
Make Thy Gold Multiply here
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The Man Who Desired Gold
Main Idea While almost everyone concedes that money isn’t everything and that there are some things money cannot buy, it is also a fact that money is the medium by which earthly success is measured. From this perspective, wealth is a scorecard by which people measure themselves.
Money represents success only through its ability to provide freedom to do things. It is not an end in and of itself - only a means to an end. The possession of sufficient amounts of capital makes possible the enjoyment of the very best services and goods the world has to offer.
Many people have convinced themselves money has a way of avoiding them like the plague. This belief is usually based on their experience in which they are always cash short and scrambling to pay bills. In actuality, however, money is plentiful for anyone who understand the laws which govern its acquisition.
To secure significant amounts of money, it is probably better to spend less time lamenting the bad luck of the past and more time focusing on the laws of acquisition of capital.
Interestingly, throughout the ages, there have always been some people who have had more money than others. Was this just a stroke of luck on their part, or are there laws that make this possible? Anyone who accepts that luck plays a major role has as good a chance as anyone else to strike the jackpot during their lifetime. However, depending on luck rather than effort also means the same person is willing to accept that nothing can be done to change whatever destiny luck allocates.
A far better approach is to believe that money can be attracted and governed by set laws and principles, and to focus on learning and applying those laws to reap the rewards.
The Richest Man in Babylon
The key principle at the very foundation of any program designed to generate wealth is at least one-tenth of all that a person earns is theirs to keep.
Anyone with a desire to accumulate wealth and put it to good use requires two things:
Time
All men actually have this in abundance, but only a few put it to use making themselves wealthy. Instead of looking for constructive, useful ways to apply the resource of time, many people fill their lives with diverse activities which simply help them to pass the time.
Study
There are two kinds of learning that are useful to anyone seeking to generate wealth - learning about specific subjects and learning how to find out what is not commonly known about any topic. Both kinds of learning are useful and valuable. There are several basic principles which apply to the acquisition of wealth: 1. Live on less than you earn. Most people labour to pay their bills. They feel successful when they have been able to get to the end of the month and pay all their accounts and obligations. Yet, at best, this is just treading water from the perspective of building wealth. A real change in perspective comes when a person makes a commitment to pay themselves first each month, before anyone else. It can be as much or as little as thought wise, just so long as the amount saved is one-tenth or more. The vast majority of people are accustomed to spending everything they have available. Therefore, if a person pays themselves first and then lives on the remainder of their income, their lifestyle will adjust accordingly. Before long, the person will not even be aware they are living on less, and their capital reserves will gradually increase. There is a tremendous feeling of pride, self-control and progress which comes from the establishment of a regular savings program. In everyone’s lifetime, a lot of money passes through their hands over the years. If a person will keep just a small proportion of that money, they will eventually have a size able pool of capital available. 2. Seek advice from those who are competent to give it through their own experiences. Once capital starts to build up, a vast array of investment opportunities will present themselves. Some of these will be genuine, some sinister, but the bulk will be doomed to failure with only a marginal chance of succeeding. The key factor in looking at any proposal is to examine the background of the people making the proposal. Have they actual experience in that field of business, or are they simply giving you an opportunity to use your capital in pursuit of their idea?
Seven Cures for a Lean Purse
1. Start thy purse to fattening 2. Control thy expenditure 3. Make thy gold multiply 4. Guard thy treasures from loss 5. Make of thy dwelling a profitable investment 6. Insure a future income 7. Increase thy ability to earn
The Seven Ways of Filling Your Bag
1. Start filling your bag From every 10 coins you earn, spend only nine of them. You will see how your bag starts filling quickly. You will see that you can arrange anyway with this income and you will be earning money quickly.
2. Control your expenses What we call obligatory expenses grow in proportion of our income, if we don´t do something to avoid this. Don´t confuse your desire with your needs.
3. Make your gold fructify Make your gold work for you, then its sons and the sons of this sons. Investing your gold: Loans, opportunities. Gold multiplies fast.
4. Protect your gold from any lost If you have got gold, you will be tempted to invest in any attractive project. Assure your capital. Its not true romantics make a fast fortune. Ask the wise people about what they know.
5. Make your property a rental investment If you can eat grapes from your vineyard and have a nice house its inspires you to finish your duties.
6. Assure future incomes Foresee some incomes for your old age and your family. For this purpose you can buy lands and houses.
7. Increase your ability to acquire goods More knowledge we have, more money we earn.
The Five Laws of Gold
1.Gold comes easy and in greater quantites to the man who safes the tenth part of his income for his future and family.
2.Gold works with speed and diligence for the wise owner that finds for it a productive use.
3.Gold mantains itself under the protection of prudent persons who invests with the counsils of wise people.
4.Gold scapes from people who invest without a pourpose in places that are not familiar.
5.Gold runs away from people who force gold to imposible profits and follows the seductive counsils of impostors.
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