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The Richest Man in Babylon Book Summery
The Richest Man of Babylon The Eternal Secret of Economic Success is the most inspiring book on wealth ever written. By using the principles given in this book, you can fulfill your desires and make your dreams come true. This book explains the secret of becoming wealthy. It is the best motivational book on the subject of wealth, financial planning and personal wealth is called
In ancient Babylon there lived a very rich man named Arkad. He used to donate generously and spend with open arms but still his wealth kept on increasing every year while his childhood friends were still poor. One day his friends told him that you are so rich and we are poor even today but there was a time when we were poor like this, how did you become so rich. On this, Arkad said that if you people are facing money problem, then it is because you have not been able to know the rules of accumulating wealth and this is the rule I learned from Algemish by which I became Amir.
Algamisha told me that we all have to drink to stay alive. The grocery shop person, the tailor, the cobbler and many more people who fulfill our needs but we never drink ourselves so we remain poor Algemish told me that we have to earn our money If we do this, then we will soon reach the path of wealth, no matter how much work our earnings mean, our savings should always be 10% of our salary, more than you can save.
Drink yourself first and run your expenses with the remaining earnings. After this Algamisha told me that invest your savings and before investing take advice from the knowledge of that area, this will keep your money multiplying.
After this the arcade told his friends 7 secrets to make him rich
- Start Thickening Your Purse
Take out only nine of the ten coins put in your purse. When you spend only 90% of your income, soon your purse will start getting thicker. I too started in the same way. Earlier my purse was always empty and I used to curse it because there was no money to satisfy my desires. But when I put ten coins in my purse and only nine coins started coming out, it started getting full. By following this method, your purse will also be full and you will also learn the habit of saving.
The arcade says that if you put ten eggs in a porridge every morning and 9 eggs come out of it every evening, then what will happen in some time – it is obvious that the porridge will be full and the same rule applies to your savings (The richest man in Babylon
Arcade said that our essential expenses will always increase in proportion to our income, unless we try to stop them. Don’t overlook the difference between what you need and what you want. Your income and your family’s desires are much more than what you can satisfy. For the satisfaction of those desires, the income reads less and many desires remain such that they are not satisfied.
Think carefully about your lifestyle and spending habits. By doing this, you will definitely get some such expenses, which can be reduced or eliminated. Make it a goal that you get 100% satisfaction in return for whatever coin you spend. So write down the things you want to spend. Choose only the essentials. Apart from this, choose only those things, which are possible in your ninety percent of the income. Take everything else as part of your unlimited desires, which will not be satisfied. Then make a budget for your necessary expenses.
Your budget looks to you like a shining torch in a dark cave, where is your purse being tampered with? Helps you fill those gaps Budget controls your spending in such a way that you spend only for definite and gratifying objectives. So that you have money to meet your needs and you can enjoy the rest of your important desires with only ninety percent of your income.
Multiply Your Wealth
Arcade told that the money kept in the purse looks good and gives satisfaction to the miserly man, but it does not increase the income. Saving money from our income is just the beginning, the income that will come from that savings will make us rich. Wealth is not divided by the coins kept in the purse. Wealth is created from the income received from investment. Every person wants that there should be constant income in his purse, whether he works hard or goes on a walk.
Let us understand this with an example – a farmer deposited ten silver coins with the moneylender on the birth of his first son at interest. He told the moneylender that when his son turns twenty years old, he should return the money to the moneylender along with the interest. The moneylender agreed to pay twenty-five percent interest every four years. The farmer asked the moneylender to keep adding the interest also to the principal amount.
When the boy turned twenty years old, the moneylender told that since his money was increasing at compound interest, the ten silver coins he had deposited had now increased to thirty and a half coins. His son did not need the money yet, so he left that money with the moneylender. The farmer’s wealth increased by almost 17 times due to compound interest.
So friends, the third remedy for an empty purse is to keep working hard on every coin until it generates more coins and make sure that the investment of every coin continues to give you income and the flow of money flows continuously in your purse i.e. the bank. (The richest man in Babylon in Hindi)
- Protect Your Capital
The first strong principle of investing is the safety of your principal. If the principal is in danger of running out, is it wise to be tempted to earn more? I don’t see any sense in it at all. If you take such a big risk, then the punishment will be that you may even lose your principal. Do your due diligence before investing your deposits. First, be absolutely sure that your capital will return safely.
Do not go in the wrong direction in the pursuit of becoming rich quickly and do not invest your capital in such a place, where it is in danger of drowning. It would be better if you take the wise advice of people experienced in managing your money. This is the fourth remedy for an empty purse. Because it protects the purse from being empty after it is full. So protect your deposits from losses and invest only where your principal is safe, where you can get it back whenever you want and where you continue to earn reasonable interest. (The richest man in Babylon in Hindi)
- Make your home a profitable investment
Arcade teaches the fifth lesson that a man sets aside one tenth of his income so that he can enjoy life in the future, if he saves anything from the remaining 90% of his income and invests it profitably, then his treasure will grow rapidly. Arcade says that every man should have his own house in which he and his family can live. There are many benefits to a person becoming a home owner, it also reduces his expenses very much, due to which more part of his income is available for the satisfaction of his desires and this is the fifth remedy for empty purse, become the owner of his house.
- Ensure Future Income
One can buy a house or land for the purpose of securing money for the future. If the house or land is chosen wisely, so that its utility and value increases in future also, then doing so is beneficial. In future, by selling this property, your goal can be achieved.
In addition, one can increase his wealth by regularly depositing small amounts in the bank. When a small amount on regular deposits gives such beneficial results, then no matter how prosperous a person’s business or investment is, he should make arrangements that he has enough wealth to protect his old age and family.
You should find other ways to achieve your goal by taking advantage of the resources. That’s why I suggest all the people to think carefully and arrange money for their old age wisely. Because when a man cannot earn or when the head of the family leaves, an empty purse becomes a cause of great sorrow.
So the sixth remedy for an empty purse is this: Make arrangements in advance to protect your old age and that of your family.
Increase your earning potential
He must have desire before achievement. Your desires should be strong and definite. “Normal desires are just weak desires. If a person only wants to become rich, then it will be of no use to him. But the person who has the desire to earn 5000, his desire is certain and he can fulfill it.
When he will use the power of goal to achieve it and become successful, next time he can use the same methods to earn 10000. Then for 20000 and later for one lakh. And soon he will become rich. By learning to fulfill a certain small desire of his, he has been trained to fulfill a big wish. Wealth is acquired by this process: first a small amount, then a larger amount, until a person learns and becomes more capable.
The more knowledge we have, the more we can earn. The person who tries to achieve more mastery in his art gets good rewards. If he is a craftsman, he can learn from the person most qualified in his profession. If he works hard in the field of law or remedy, he can consult or seek advice from the rest of his profession. If he is a businessman, he can constantly look for good things that can be bought at low prices.