The Richest Man in Babylon by George S. Clason was first published in 1926 & is considered a classic on personal finance & wealth creation. I have read this book approximately a decade ago yet in a hurry. This time however, I have read it again yet with purpose to learn from it & implement its learnings.
The following lessons below are lessons I would like to share with everyone:
- Wealth, like a tree, grows from a tiny seed. The first coin you save is the seed from which your tree of wealth will grow.
- Always seek advice from experts. You cannot seek advice of a brick-maker if you want to invest in jewels. Want to create wealth? Seek advice from those who created wealth.
- Train yourself to live upon less than you could earn.
- Pay yourself first. Set aside at least 10% of what you earn & THAT IS YOURS. Invest it wisely & re-invest the dividends/profit so that it keeps on growing.
- Great desire for wealth is the only per-requisite to build wealth.
- “Necessary Expenses” will always grow to equal your income unless you protest by saving first.
- Your wealth multiplies not by just saving rather by investing & re-investing. Let each coin you save work for you while you are sleeping.
- The first principle of investment is the security of your principal. Don’t be misled by your romantic desires to make wealth overnight. Run away from schemers & tricksters who promise to double your wealth overnight.
- Own thy own home.
- Provide in advance for the needs of your growing age & protection of your family.
- Increase your ability & skills. That is the best investment.
- How to be lucky? Stay prepared. When opportunity comes, grab it.
- Always invest in trades of your competence. Don’t be lured in by sellers of dreams. Before investing, ask a question. Do I know approximately this industry?
- A man who does not create wealth is not loyal to his family & state.
- Pay your debts at the earliest for long term prosperity.
One of the things I did after reading was to start a home business,this way I could leverage my time & income. Click here to obtain some tips & free training approximately starting a home business for yourself.
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