Quote of the Day

If you want me to follow you, leave a comment

Tuesday, July 5, 2016

The Richest Man in Babylon - Keypoints

The motto of the book is to teach people how to become rich and to create huge wealth .
Book talks about money management and the principle which governs the money which are universal across time and space :)
    • 'I found the road to wealth when I decided that a part of all I earned was mine to keep
    • You pay to everyone but yourself. 
    • If you did keep for yourself one-tenth of all you earn, how much would you have in ten year?  (As much as I earn in one year.)
    • You speak but half the truth, Every gold piece you save is a slave to work for you. Every copper it earns is its child that also can earn for you. If you would become wealthy, then what you save must earn, and its children must earn, that all may help to give to you the abundance you crave. 
    • The first copper you save is the seed from which your tree of wealth shall grow. The sooner you plant that seed the sooner shall the tree grow. And the more faithfully you nourish and water that tree with consistent savings, the sooner may you bask in contentment beneath its shade.' 
    • He who takes advice about his savings from one who is inexperienced in such matters, shall pay with his savings for proving the falsity of their opinions.' 
    • You do eat the children of your savings. Then how do you expect them to work for you? And how can they have children that will also work for you? First get thee an army of golden slaves and then many a rich banquet may you enjoy without regret.
    • you have learned your lessons well. You first learned to live upon less than you could earn. Next you learned to seek advice from those who were competent through their own experiences to give it. And, lastly, you have learned to make gold work for you.
    • You have taught yourself how to acquire money, how to keep it, and how to use it. Therefore, you are competent for a responsible position.

    Will Power according to Arkad

    Do you think will power gives a man the strength to lift a burden the camel cannot carry, or to draw a load the oxen cannot budge? Will power is but the unflinching purpose to carry a task you set for yourself to fulfillment. If I set for myself a task, be it ever so trifling, I shall see it through. How else shall I have confidence in myself to do important things? Should I say to myself, 'For a hundred days as I walk across the bridge into the city, I will pick from the road a pebble and cast it into the stream,' I would do it. If on the seventh day I passed by without remembering, I would not say to myself, Tomorrow I will cast two pebbles which will do as well.' Instead, I would retrace my steps and cast the pebble. Nor on the twentieth day would I say to myself, 'Arkad, this is useless. What does it avail you to cast a pebble every day? Throw in a handful and be done with it.' No, I would not say that nor do it. When I set a task for myself, I complete it. Therefore, I am careful not to start difficult and impractical tasks, because I love leisure. 

    THE SIMPLE RULES OF Money ACQUISITION (Seven Cure for a lean Purse )
    1. Start to save money, at least one tenth of money earned should be saved
    2. Control the expenditures
    3. Make your money multiply
    4. Protect your money from loss
    5. Make of thy dwelling a profitable investment
    6. Insure a future income
    7. Increase thy ability to earn

    1. Start to save money, at least one tenth of money earned should be saved
    2. 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 your money multiply 
    4. 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. Own thy own home 
    6. Provide in advance for the needs of thy growing age and the protection of thy family." 
    7. Thus the seventh and last remedy for a lean purse is to 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 thy self to achieve thy carefully considered desires 

    Meet the Goddess of  Good luck
    • Good luck waits to come to that man who accepts opportunity 
    • Opportunity will not wait for slow fellow. She thinks if a man desires to be lucky he will step quick. Any man not step quick when opportunity comes, he is big procrastinator.
    • Procrastination - a habit of needless delaying where action was required, action prompt and decisive. 
    • Every man master his own spirit of procrastination before he can expect to share in the rich treasures of Babylon. 
    • Good luck can be enticed by accepting opportunity.
    • Men of action are favored by Goddess of Good Luck.

    • 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.
    • Gold laboreth diligently and contentedly for the wise owner who finds for it profitable 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
    • If you desire to help thy friend, do so in a way that will not bring thy friend's burdens upon thyself.
    • If thou wouldst help thy family or thy friends, find other ways than risking the loss of thy treasure. Forget not that gold slippeth away in unexpected ways from those unskilled in guarding it.
    • Better a little caution than a great regret.

    The Walls of Babylon

    • The walls of Babylon were an outstanding example of man's need and desire for protection.
    • In this day, behind the impregnable walls of insurance, savings accounts and dependable investments, we can guard ourselves against the unexpected tragedies that may enter any door and seat themselves before any fireside.  
    • We cannot afford to be without adequate protection.  

    The Camel Trader of Babylon
    Where the determination is, the way can be found



No comments:

Post a Comment