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VALUABLE BOOKS  Business books

The Richest Man in Babylon

"The Richest Man in Babylon" George Samuel Clason's book offers smart financial advice, how to save money, trade and get rich of ancient Babylonians. These experiences in business, financial management and how to get rich are still of useful value to today's business world, especially money management skills.

The books are parables containing the secret to success and wealth crystallized over decades. This book offers useful tips not only to help us learn how to use money, but also offers ways to make money. The author incorporates the story from the babylon era so that we can better imagine these methods and apply it better in life.

  • Author: George Samuel Clason
  • Publishing year: 2015
  • Publisher: General Ho Chi Minh City
ABOUT THE AUTHOR
 
George Clason the author of the book The richest man of Babylon was born in Missouri, USA in 1874. He holds a bachelor's degree from Nebraska University and served in the army during the Spanish-American War.
 
He began a long career in publishing, founding the Clason Map Company Of Denver in Colorado. In 1926, Clason published the first of the books on the secret to financial success. Later, the ideas gathered into the book The Richest Man of Babylon, which was launched in 1962, resonated, and the profound lessons drawn by the author through this book remain valid. until today.

We know how to use money, but we also offer ways to make money. The author incorporates the story from the babylon era so that we can better imagine these methods and apply it better in life.

 
HIGHLIGHTS
 
- The book is a collection of fables of the author to express close but attractive ideas about the secret of success and wise investment.

- There are two ways we learn. One is to read and the other is to learn from better people.
 
- Those are two important messages expressed through very popular stories in the book. Besides, the book also revealed the cure for an empty bag.
 
Brief content summary "The richest man of Babylon"
 
Babylon was once considered the most prosperous city in the world, known for its numerous houses, palaces, and long and wide ramparts. It used to be a desert area. But with efforts and determination, the people here have turned the barren countryside into a fertile, cultivated land.
 
Babylon's success inspired the author to write a series of fables to demonstrate the invariant laws of finance and how wealth is created. They have become very popular and are used by banks, insurance companies and other companies to educate about the benefits of savings and to motivate more active work.
 
At the beginning of the book, Clason tells the story of the lives of two men who struggle to eat. They want to escape current difficulties and aspire to a more prosperous life.
 
So two adult men, one carriage builder and one musician, turn to the richest man in Babylon for advice on getting rich.
 
From here, Clason revealed a classic secret to success and an ancient truth: "If you want to be rich, you must learn from successful people."
 
One of the next key messages in the book, the cure for an empty bag, is to pay you first. Living expenses often eat up all the money you make. So you are becoming a slave to your job and making ends meet.
 
A part of all that you have is something you keep. By saving at least 10 percent of what you earn and leaving it not spent. Over time, the money will increase and at that time, the money will become your slave.
 
It doesn't matter how much money you start with, as long as you stick to the rule of paying you first from whatever you earn. You won't even notice the lack of this savings. Anyone, sooner or later, can live with 80 or 90 percent of his income and enslave his money, can become rich.
 
That is the important message that the book wants to send readers, save 10 percent of your monthly income. The next message that the author wants to convey is the choice between the gold bag and the smart bag.
 
In a corner of the student's common house, crowds were surrounding a young man to listen to his story. The fascinating story that draws everyone in the dormitory is from the book The Richest Man in Babylon, which says The Law of Gold.
 
And the young man who told that story later became the second richest man in the world and was dubbed the wise man of Omaha. That's Warren Buffett.

 
The story begins when Nomasir, the son of the richest man in Babylon, Arkad, begins his business. In order to inherit a fortune, Nomasir needs to go out to explore the world and learn to make money on his own.
 
The son is equipped with three bags of gold, and a clay bar engraved with the "5 rules of gold". Not surprisingly, when he paid no attention to the wise clay. It was only when he lost most of his money and his situation became critical that Nomasir remembered the clay plate engraved with five rules of gold:
 
1 / Money comes to someone who knows how to save it.
 
2 / Money is proliferating with anyone who knows how to invest it.
 
3 / Money stays with the knower and entrust it to the wise.
 
4 / Money is lost when investing in things you don't know well.
 
5 / Money is lost quickly under the get-rich-quick scheme.
 
Nomasir's success started when he began to apply the rule of gold. Besides, the experience of failure has summed up the philosophy that without wisdom, gold is quickly lost by the person who has it. But with wisdom, gold can be created from someone who does not have it.
 
Those who do not know that rule can also have good fortune, but also likely to lose money quickly. These five rules not only help you build wealth. It also prevents you from losing money, if you follow those ancient rules.
 
Lessons from the book "The richest man in Babylon"
 
1. Always pay yourself first (Accumulate 1/10 of your earnings)

One of the greatest lessons the book "The Richest Man of Babylon" teaches is this first lesson. When Bansir and Kobbi seek advice from his very rich friend Arkad, he tells them a story. Arkad was once a poor engraver, who made a deal with a rich man to find out the secret of his wealth by free engraving on a clay card. The rich man gave him a very valuable advice. I found the way to wealth, he said, when I decided to take a portion of the money I made for myself. And so will you.

 
Although this is a very subtle message, it is very important in accumulating wealth. We cannot accumulate wealth if we don't save what we earn. We can do that by paying ourselves upfront for any money we have earned before spending it.
 
If you put ten eggs in a basket every morning and take out only nine in the afternoon. After time the basket will fill with eggs. “Put it in your pocket for ten dollars, and take out only nine dollars to spend.
 
2. Take good control of your expenses (Live below your income level)

If we paid ourselves at least 10% of the money we make in advance, we would have 90% or less to live on. Spending controls allow us to make good use of the money left over.

 
The best advice to become rich is to reduce spending even as our earning power increases. Many of us have the habit of spending more when we make more money and it's not uncommon to see someone squander and suddenly their costs go up as they start to make more money.
 
When we effectively control our spending, we live below our income level, which means we accumulate wealth faster.
 
Make a list of what you are going to buy on clay, then pick out a few essentials for life and match your nine-tenths money. As for the hobby items, please boldly cross out and see them as thousands of other things that you cannot satisfy for yourself.
 
3. Make money work for you (Make gold profitable)
Each of us should only think about investing after we have built up a savings and Emergency Fund. After we have accrued 6-8 months of expenses in our Emergency Fund, and then we should consider investing our money in other profitable investment vehicles such as stocks, real estate. property, bank savings, own business ...
 
Every silver is like a slave working hard for you. Then their children, grandchildren and great-grandchildren also work for you, making your money constantly growing, your wealth growing.
 
 
4. Property protection (Secrets to preserve property)
 
Insurance helps protect our wealth by minimizing potential and financial losses when something goes wrong. We should all consider buying insurance right now in case we need it if something goes wrong. This is a proactive approach and we should take it now.
 
Another way to protect your assets is to pay attention to safety principles when you invest. Before investing any money, you have to make sure it comes back to you.
 
Before lending your property to anyone, you must make sure that the person is able to repay it. You must take the person's credibility, earning ability, and job to be sure.
 
5. House is the biggest expense (Determination to own a house)
 
Home is possibly the biggest expense we will ever need to pay. Many of us don't own a house and rent one instead. There's absolutely nothing wrong with that but the lesson we can learn from this is that we should manage our biggest expenses intelligently. Instead of taking out a big mortgage from a bank and working hard to pay interest, buy a home that we can comfortably afford.
 
Be determined to own a home, because that way you can accumulate money and have better conditions to make profitable investments in the future.
 
6. Have a retirement plan (Ensure long-term income)
 
We should have a retirement plan if we want a comfortable retirement. We can do that by setting aside some money to invest in our retirement plan. The younger we are, the better we can start spending money to retire. When we start earlier, we capitalize on a miracle called ‘compound interest‘.
 
7. Invest in yourself (Improve your ability to make money)
 
The best way we can increase our income is by investing in ourselves. We can do that by continually learning and striving to develop ourselves. Now we are at a very interesting moment: Information Age where knowledge is truly within our reach thanks to the Internet. There are many online courses on the internet including free courses. It's a great way to self-study.
 
Whether we learn to eat healthier, increase our current work skills, or learn to make more money, we must actively invest in ourselves. As we become smarter and wiser, our ability to make more money also increases.
Whatever you do, you need to always find ways to hone and improve your career skills. If you are a craftsman, you must learn new methods and how to use new tools in order to become more skilled. If you work in law or a hospital, you should consult or consult with colleagues to improve your knowledge. Or if you are a merchant, you must often travel to many places to find the best goods and resell them at cheaper prices.
 
8. Track your wealth (Know where you are and where you are going)
 
We can track our wealth by creating a spreadsheet of all our income and expenses for the month and check the difference between how much we make and how much we spend. pepper. By doing this regularly, we can evaluate the net worth of our assets by calculating assets and liabilities.
 
You can't manage what you can't measure - Hew Hewitt (co-founder of Hewlett Packard)
 
Babylon has become the most prosperous city in the world in ancient times because its inhabitants were the richest people of their time. They understand the value for money. They have properly appreciated the sound financial principles of making money, keeping money and making money profitable. They have given themselves what we all have always wanted, that is the source of income for the future.

EPILOGUE
 
This book The Richest Man in Babylon takes us back to the ancient kingdom of Babylon, the cradle of the fundamentals of finance that modern humans have now inherited and used worldwide. . The book not only helps you to become rich, but also guides you to maintain that wealth every day with just small savings without hurting your finances.
 
If you don't have strong financial resources yet, then start making money today with the Richest Man in Babylon!

 


 
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