The Richest Man in Babylon - George S. Clason

The Richest Man in Babylon - George S. Clason

Learn from a Babylonian scribe that discipline, organization, and planning are timeless habits for achieving wealth.

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Few books on financial management remain a reference for long and for several generations, due to the rapid changes in modern society. And the book "The Richest Man in Babylon", by author George S. Clason, is one of them.

George Clason tells the story of a scribe who is invited by the king to teach his art of enrichment. He explains that gold is governed by simple rules, which regulate accumulations and losses.

The five laws of gold show that organization and discipline are still important to financial success in today's world, and that effective planning is the key to glorious and lasting success.

Do you want to know more? Keep reading this summary and be amazed by this timeless financial education manual!

About the book "The Richest Man in Babylon"

"The Richest Man in Babylon", originally released in 1926, was written by George S. Clason and is considered a classic about the wisdom of wealth.

The book has 62 pages and 11 chapters that tell the story of Arkad, a scribe who becomes the richest man of his time.

About the author George S. Clason

George Samuel Clason, an American born in 1874, served in the Army during the war between the United States and Spain and attended the University of Nebraska.

In 1926, he launched the first in a series of pamphlets on economics and financial success, using parables set in ancient Babylon to illustrate his lessons.

The book "The Richest Man in Babylon" is the union of the most famous Babylonian parables. Today, nearly a century later, with more than two million copies sold worldwide, his work has become a classic on how to multiply wealth and solve financial problems.

To whom is this book indicated?

Based on the successful methods of the Babylonians - people who inhabited the richest and most prosperous city of their time, the author George Clason presents the wisest solutions to distance yourself from lack of money and not to waste capital during times of abundance.

Thus, the book "The Richest Man in Babylon" is indicated to people who are looking for these elements and want to apply them in their lives.

Main ideas of the book "The Richest Man in Babylon"

  • A portion of all your earnings belongs exclusively to you;
  • The five laws of gold;
  • Don't confuse necessary expenses with desires;
  • Adjust your standard of living with your income;
  • No matter what your profession is, to make even more money, you need to increase your ability to make money.

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[Book Summary] The Richest Man in Babylon - George S. Clason

Overview: The richest man in Babylon

In ancient Babylon, there was a man named Arkad. Known in many places for his wealth, he was a generous man with his family and those most in need. Still, his wealth increased faster than he could spend it.

His childhood companions once told Arkad that he had become the richest man in all of Babylon, but that in the past they had been equals, had the same teacher, and played together, and at that time Arkad didn't stand out. So, they asked him how they could get rich.

As the author George S. Clason tells in his book "The Richest Man in Babylon", Arkad advised them to use wisdom and recognize that a part of what they receive belongs to them. Reserve no less than 10% of everything you receive and save. Make all the necessary expenses, but first, save that amount that will be yours.

So, learn how to make your money work for you. Make him your slave and invest with all the care in the world. The author George Clason explains that this care can be guaranteed with small payments at regular intervals.

Seek advice from the wise and information from people who work with money. Let them protect you from making mistakes. And remember that a small, safe return is more desirable than risk.

Overview: The five laws of gold

  1. The first law 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."
  2. The second law of gold: "Gold laboreth diligently and contentedly 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 clingeth to the protection of the cautious owner who invests it under the advice of men wise in its handling.";
  4. The fourth law of gold: "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."
  5. The fifth law of gold: "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."

Overview: Control your expenses

Some people say that their salaries are usually barely enough to pay for expenses. So how can they save 10% of their earnings?

According to the book "The Richest Man in Babylon", of course, some people earn more than others. Nevertheless, they are equally unprepared, because "necessary expenses" will always grow, tending to match our incomes.

Don't confuse "necessary expenses" with desires. In fact, we all have more desires than we can satisfy, and so will be for a lifetime, as our time is limited. Our energy is limited. The number of things we can consume is limited. That is, there are limits to the pleasures of life.

Carefully analyze your standard of living. That way, you will see a number of expenses that you can reduce, even eliminate.

Finally, the author George S. Clason advises budgeting your expenses so that you have money to pay for what is needed, the pleasures, and satisfy your most valuable desires without spending more than nine-tenths of your earnings.

Overview: Increase your ability to win

As a man improves in his work, his ability to make money increases as well. Back in the old days, when he was just a scribe, Arkad came to observe that other scribes produced more than he did and were also earning more.

Thus, he decided what would be the best in his profession: he became more interested, he concentrated more, and he persisted in his work.

The author George S. Clason tells in the book "The Richest Man in Babylon" that, over time, few men could match Arkad in terms of production and for that, his skill was rewarded.

The more knowledge we have, the more we can earn. The individual who always learns will be generously rewarded. So, cultivate your own skills, study and add knowledge, become wiser, and always act respectfully of yourself, George Clason ends.

What do other authors say about it?

Tony Robbins, in the book "Unshakeable", shows what you can do to secure a home and enjoy a comfortable retirement. Although these concerns seem a long way off, it's smart to start saving and investing as soon as possible.

"The Intelligent Investor" is a classic business book. The author Benjamin Graham explains how to invest in stocks and the characteristics of an investor who knows how to play the stock market: discipline and consistency.

Finally, in the book "Money: The Secrets from the Ones Who Have It", the author Gustavo Cerbasi says that the path to wealth depends much more on the decisions that people make in their daily lives than on the assets they can accumulate. Review your financial planning and make money work for you.

Okay, but how can I apply this to my life?

When you start your work life, it's easy to feel satisfied with money and finances if you can stay home, pay all the bills, and eat well. But what if you want more than just survive?

Here are some tips from the author George S. Clason to start putting the teachings of the book "The Richest Man in Babylon" into practice:

  • Don't spend more than you receive;
  • Save money;
  • Invest your income in stocks or bonds;
  • Work hard;
  • Take advantage of opportunities;
  • Don't assume unnecessary debt;
  • Save to buy what you want;
  • Don't spend everything you earn;
  • Pay your debts first.

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