The Richest man in Babylon | Most Important Lessons | Audiobook Summary 2021 Update

Its Sunday and every Sunday we do a Book review and this week’s book review is on The Richest Man in Babylon by George S. Clason,
and by far this one of my favourite book and I’ve Ready this book at least 5 times and every time I read it I learn something new. So many details you’ll miss if you only read it once.

What is Babylon?
Background: the city of Babylon was located in modern-day Iraq. It was one of the wealthiest cities as mentioned in history by the greeks and even in the old testament. Eventually, it feels because confusing in power after the kind fell. But still the history from all does years ago still stand, and it still applies to today’s world.

Except that they didn’t have iPad its pretty much the same thing.

The book:
It’s my favourite type of book, simple and has a lot of story with action steps to take to change your life.

The Richest Man in Babylon | Most Important Lessons | Audiobook Summary 2019 Update

We’ll break down:
– The Seven Cures To A Lean Purse
– Laws of Gold
– Tips you might have missed

1. Cures of a Lean Purse
-1. Pay Yourself First: No less than 10% ( A part of what you earn is yours to keep)
(story): I use to pay everyone but my self.
What to Do: try to multiply this money, and also the money it makes you.

-2. Control your Expense: create a budget and make sure your ling below your means
(story) I was making $60 bucks a week and had expenses of someone making at least 700 a week.
What to do: Debt 20% or more to pay off, 10% for you to multiple, and the rest to live.

-3. Multiply your savings: Create passive income
(story): The goal is to have your investments pay you, even while you sleep
What to do: Invest in the market, business, real estate, and so on. Just know to make sure to know what you’re doing.

-4. Guard your Investment from Loss: Make smart investments
(story): Friend of mines love fast money, and that cost him everything.
What to Do: Make smart investment that will protect and no risk our money. Better small returns than high risk.

-5. Own Your own Home: Stop Renting
(story) I know people that have been renting all their life and have nothing to show
What to do: Payments towards owning your own home are better. And once paid that money can go towards your investments.

-6. Secure the Future: Time will run out
What to do: Make a will, get insurance, make preparations

-7. Increase your ability to earn: Get some Skills
(Story): Highschool $15 an hour, accounting 30-60 an hour and an entrepreneur beyond that.
What to do: Learn some skills that produce income for you or triple your effort and get a raise.
2. The Laws of Gold ( The language is old, so I’ll translate)
-1. Money will increase more and more as you set aside no less than 10% of your earnings
Meaning: putting money aside allows you to grow your money for the future.

-2. Money Will multiply if you invest it correctly
Meaning: Money will work for you, just find profitable investment to put it to work.

-3. Money will stay with you as long as you invest it under the advice of Wise Men.
Meaning: Paul is great but his broke, go ask john hows his making millions in real estate.
– Brick builder example

-4. You will lose money if you invest into investments you know nothing about or investment wise men would disagree with
Meaning: Bitcoin hype, you don’t understand, and most wealthy people with experience stay away from it

-5. If you try to make money grow too fast, you’ll lose it. Especially if you believe does scammers
Meaning: A savings account with 40% interest rate. It’s impossible.

3. Tips
– You set your own budget ( so you pick your load)
– Overwork everyone, and eventually, you’ll be compensated for it
– Soul of free man or the soul of a slave
– Abundance Mentality
– Luck is preparation meets opportunity. No room for Procrastination
– Work is your best friend so enjoy it
– And also remember to enjoy the pleasures of life

* PRO TIP*
INFORMATION IS EVERYTHING

Link:
Picture: https://i.pinimg.com/originals/b8/9b/bb/b89bbb8eb4d4a6cc9dccd673f411395b.jpg
Cures: http://thespiritedhub.com/the-7-cures-for-a-lean-purse-and-the-path-to-wealth/
Laws: http://www.lifestylesunlimited.com/the_five_laws_of_gold/

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