Lessons Learned from the book Richest Man in Babylon

Lessons Learned from the book Richest Man in Babylon

richest man in babylon

The Five Laws of Gold

1.) 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. (Save 10% of your gross earnings.)

2.) Gold laboreth diligently and contentedly for the wise owner who finds for it profitable employment, multiplying even as the flocks of the field.

3.) Gold clingeth to the protection of the cautious owner who invests it under the advice of men wise in its handling

4.) 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. (Educate yourself or rely on those who are educated in the investment you’re interested in.)

5.) 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.

Seven Cures for a Lean Purse

1.) Start thy purse to fattening – every ten coins placed in their purse to take out for use but nine.

2.) Control thy expenditures – “Budget thy expenses that thou mayest have coins to pay for thy necessities, to pay for thy enjoyments and to gratify thy worthwhile desires without spending more than nine-tenths of thy earnings.”

3.) Make thy gold multiply – This simply explained that, once you’ve started saving at least one-tenth of what you earn, you must put that money to work earning interest.

4.) Guard thy treasures from loss – “Guard thy treasure from loss by investing only where thy principal is safe, where it may be reclaimed if desirable, and where thou will not fail to collect a fair rental. Consult with wise men. Secure the advice of those experienced in the profitable handling of gold. Let their wisdom protect thy treasure from unsafe investments.”

5.) Make of thy dwelling a profitable investment – If you pay rent to a landlord all your life, at the end of your life you’ll have nothing to show for it. If you can instead pay a mortgage on a house, at the end of your life you’ll have a house to show for it. “Own thy own home.” This is very important for those that aim high in reality.

6.) Insure a future income – “No man can afford not to insure a treasure for his old age and the protection of his family, no matter how prosperous his business and his investments may be.”

7.) Increase thy ability to earn – “Cultivate thy own powers, to study and become wiser, to become more skillful, to so act as to respect thyself. Thereby shalt thou acquire confidence in thyself to achieve thy carefully considered desires.”

 

Hi, I’m Ralf Roger Tagao, a CPA & Real Estate Broker. My passion is reading books about business, success, leadership and all other motivational books that help me develop myself more. I love to share my ideas, knowledge and learnings to other people that I think will benefit them.