THE RICHEST MAN IN BABYLON



THE RICHEST MAN IN BABYLON... the Success secrets of the Ancients – the most inspiring book on wealth ever written by George S. Clason



Overview:
Babylon became the wealthiest city of the ancient world because its citizens were the richest people of their time. They appreciated the value of money and practiced sound financial principles to acquiring money; keeping the money and making their money earn more moneys.

The book seeks to suggest cures for lean purses, advice right investments, control expenditures, make investments grow and guard against treasure losses through some of the famous Babylonian parables of that time.
The Seven Cures for Lean Purse - 7 Simple Rules of Money
The riches of the richest man in Babylon did not occur overnight. The lessons learnt through time management and discipline formed the bedrock of his riches. The following are his 7 simple rules of cures for lean purse:
Step1: Start Thy Purse to Fattening:



For each 10 coins you earn, spend only 9. You deserve a return in exchange of your time. A minimum of 10% of earning is recommended.
Step2: Control Thy Expenditure:




"What is regarded necessary expenses will always grow to equal our incomes unless we protest to the contrary". It is important to know the difference between needs and desires.

Budget your expense that you may have coins to pay for necessities, your enjoyment and gratify your worthwhile desires without spending more than nine-tenth of thy earnings.
Step3: Make Thy Gold Multiply



Put each coin to labour so that it may reproduce its kind. When Gold is carefully engaged, it produces its kind from generation to generation.
Step4: Guard Thy Treasure from Loss



The first sound principle of investment is security for the principal. Guard your one-tenth from loss by investing it only where the principal is safe, where it can be reclaimed when desired and where it yields fair rental.
Step5: Make of Thy Dwelling a Profitable Investment



Own you own home. No man’s family can fully enjoy life unless they have a plot of ground wherein children and wife relates with as theirs.
Step6: Insure a Future Income



Make provision in advance for your family and your growing age.
Step7: Increase Thy Ability to Earn



Desires must be simple and definite. They defeat their purpose when they are too many and confusing. Increase your power by studying to become wiser and skilful to earn respect for yourself.


Meet the Goddess of Good Luck
"Men of Action are favoured by the Goddess of Good Luck. Although everyone desires great luck, it is important to know that good luck comes when action is taken immediately an opportunity is presented. Opportunity occurs when preparedness meets with time.
How to Handle Debts:
According to the sages of Babylon, debtor still needs to save 10% of his earnings for himself. Another 20% of his income should go to pay down on his debt while he lives on the remaining 70%.
The Five Laws of Gold
1. The First Law of Gold: " Gold comes 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"

2. The Second Law of Gold: "Gold labours diligently for the wise owner who finds for it profitable employment, multiplying even as the flocks of the field".

3. The Third Law of Gold: "Gold clings to the protection of the cautious owner who invests it under the advice of men in its handling". Take professionals’ advice before investing.

4. The Fourth Law of Gold: "Gold slips away fro 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"

5. The Fifth Law of Gold: "Gold flees the man who would force it to impossible earnings or who follows the alluring advice of tricksters and schemers or who trusts it to his own inexperience and romantic desires".



The Gold Lender of Babylon (How to Lend)
The book provided some suggestion on best form of loan as follows:

- Safest loans are those whose securities are of more value than what they are requesting for.

- Other safe loans are those who have capacity to earn. They labour or serve and pay.

- It is not safe at all to lend to those who neither provides security nor have assured earning capacity. Never be dismayed by foolish sentiments of obligation to trust your treasure to any person.
The Camel Trader of Babylon
In this tail Dabasir, discovered himself when he realised the truth that had been used by wise men long before him "Where the Determination is, the Way can be found"
Conclusion:
There is too much money to be made, Richest Man in Babylon combines a simple premise with mysterious title to drag the reader through 150 pages of drudgery that could be summed up in a couple of sentences;

a. Save 10% of everything you make

b. Be smart

c. Invest the money

Much is made of the great wealth of Babylon and how easy it is to accumulate wealth if we only follow the simple principles highlighted above.