The Richest Man in Babylon Takeaways

Another book about money! I deserve to be wealthy after all this reading, or better yet if I can learn to master the principles. The Richest Man in Babylon, what an interesting read. As George Clason states; "Money is the medium by which earthly success is measured. Money makes possible the enjoyment of the best the earth affords.”?Read below my key takeaways from this classic read.

The Man Who Desired Gold

Interesting read not at all what I expected. Loving how the book is written as a story with wise nuggets hidden in it. Key takeaway is that a man’s wealth is not in the purse he carries. There needs to be a golden stream to refill it - and that’s income. Working and laboring then just sitting for sale is “hand to mouth “ a survival strategy and not a thriving sustainable strategy. And if you are not careful you can wear yourself thin over years just working hard till you start resenting what you do.?

The Richest Man in Babylon?

A part of all you earn is yours to keep. What a refreshing and insightful chapter. The first lesson is that we have made mistakes yes but we are not doomed. We can try again with our money management starting today.?

• know who to take advice from?
• Save a tenth of your earnings or more?
• To do this you need to be living below your earnings?
• When you have saved use your saving wisely?
• Your savings must make you money which makes you money?
• Be open and willing to learn?
• Opportunity dances with those already on the dance floor and brave enough to dance

Seven Cures for a Lean Purse?

1. Truth is always simple. For each ten coins you put in only take out and spend nine. As the one remaining grows and grows, it’s the one which will give income-bringing investments.?
2. Control your expenses. Budget necessary expenses knowing that the purpose of a budget is to fatten the purse. Don’t be boring. Your monthly budget should allow you to cater for necessities, enjoyments and desires.?
3. Your savings must multiply themselves, not just sit. Wealth is the hold stream of income that continues to come.?
4. When choosing where/how to grow your money, tread wisely with caution. Seek advice from those more experienced.
5. Best financial security advice: own your own home?
6. Insure for yourself a future income. Start saving for retirement - for the days when you can not work?
7. Increase your ability to earn! The more of wisdom we know, the more we may earn. Find out how to make more money with what you have/know. Be proactive in your earning, lest you get left behind!?

Meet the Goddess of Good Luck

“Men of action are favored by the Goddess of Good Luck”. Instead of wishing and waiting for luck, rather take the proactive approach of moving - taking advantage of opportunities. This means not procrastinating when making decisions, moving quickly to attack bargains and opportunities. Decide and move.?

The Five Laws of Gold?

“Without wisdom, gold is quickly lost by those who have it, but with wisdom, gold can be secured by those who have it not”?

1. Save your earnings
2. Make your earnings work
3. Know what to invest in, seek advice from the experienced?
4. Stay away from what you don’t know what could cause you losses
5. Be careful of get rich quick schemes and fraudsters?

“Wealth that comes quickly goeth the same way.”

The Gold Lender of Babylon?

“Better a little caution than a great regret”

When you start earning, you will start attracting beggars. Be careful of lending your hard earned money. Don’t rush to assist others at your own cost. When you lend:?

• ensure that you don’t give everything you own
• That you vet the borrower, do they have the ability or resources to return the money
• Will you benefit from lending - will you gain interest. Lend so that you earn more than you had before?
• Get collateral so large that it can counter the amount that was borrowed?
• Family aside, business is business ?
• Help must be wisely given

The Walls of Babylon

“We cannot afford to be without adequate protection”?

Very short and to the point. What’s my current protection plan against life’s tragedies? Savings, insurance, dependable investments: I need to ensure I have a plan of protecting my funds and assets.

The Camel Trader of Babylon?

“Where the determination is, the way can be found”. We don’t see the world as it is, we see it as we are. This chapter is a call for self introspection. What are my dominant beliefs about myself? Wealth vs poverty is a mentality. Look at Zimbabwe. While others see doom and gloom, others can see opportunities for growth. Do you have the soul of a slave or the soul of a free man. What are you seeing the world as??

The Clay Tablets from Babylon?

I love me a practical plan! Very straight to the point. Save your 10%. Live under your 70% and pay your debts with 20%. This needs a person:

• To be grounded?
• To be patient?
• To keep working and not give up?
• To trust the process of rising from a fall of debt with dignity?
• It does need to humility and good communication to approach your creditors?

The Luckiest Man in Babylon?

I love that the book talks of work. Work is valuable. Treat work like your friend, as hard as it may be. Focus on the results you get from work. “Work well done, does good to the man who does it.” It makes him a better man. Even the Bible says it in Colossians 3 vs 23-24: Whatever you do, work at it with all your heart, as working for the Lord, not for human masters, since you know that you will receive an inheritance from the Lord as a reward. It is the Lord Christ you are serving. Work diligently and wholeheartedly as Brené Brown says, upholding integrity. And though the future of your work is not guaranteed, you are sowing goodness in your life.?

An Historical Sketch of Babylon

Babylon is giving Dubai! A land of wealth and splendor. An example of man’s ability to create something from nothing. “All of its riches were man-made”. Such an encouraging chapter for us in Zimbabwe. Us who reside in a land of rich natural resources. It’s all the wisdom of the residents that created the rich system of Babylon and I’m so encouraged to not rely on my country as an excuse for creating wealth!?

Thank you George S. Clason for this relatable read. Such simple practical principles which can be easily applied by anyone desiring to grow their wealth. The time to act is now.