common sense financial advice which you can apply today,
told through tales and parables from the times of ancient Babylon.
Book Summary: The Richest Man in Babylon by George Clason
(by James Clear of Atomic Habits)
(by James Clear of Atomic Habits)
summary @ Blinkist: Big ideas in small packages
The Richest Man in Babylon - Wikipedia
The Richest Man in Babylon is a 1926 book by George S. Clason that dispenses financial advice through a collection of parables set 4,097 years earlier, in ancient Babylon. The book remains in print almost a century after the parables were originally published, and is regarded as a classic of personal financial advice."Seven Cures For a Lean Purse"
- saving 10% of your annual income to start building up your wealth
- advises against luxury expenditures that ultimately become confused as necessities
- to invest and to compound the investment return from these savings
- against taking a risk of loss and investing get-rich-quick schemes
- buying versus renting your principal residence, and to use your residence to establish a business
- having a pension and future retirement income
- keep developing your own skills to increase your investing wisdom and also to increase your earnings power
"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.
- 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.
- The Gold Lender of Babylon. Better a little caution than a great regret.
- The Walls of Babylon. We cannot afford to be without adequate protection.
- The Camel Trader of Babylon. Where the determination is, a way can be found.
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