Sunday, September 11, 2016

The Richest man in Babylon

I'm highly indebted to a mentor who asked me to read "The Richest man in Babylon" when I had just started my career and I've diligently followed the advice and have been reaping and continue to reap benefits. If you want to read only one book on money management I highly recommend this (free pdf here).

Here are the 7 laws. Like gravity, they are universal and unchanging.

LO, MONEY IS PLENTIFUL
FOR THOSE WHO UNDERSTAND
THE SIMPLE RULES OF ITS ACQUISITION

  1. Start thy purse to fattening 
  2. Control thy expenditures 
  3. Make thy gold multiply 
  4. Guard thy treasures from loss 
  5. Make of thy dwelling a profitable investment 
  6. Insure a future income 
  7. Increase thy ability to earn 


And here are the rules for the Gold:

  • Gold comes 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 labours diligently and contentedly for the wise owner who finds for it profitable employment, multiplying even as the flocks of the field
  • Gold clings to the protection of the cautious owner who invests it under the advice of men wise in its handling
  • Gold slips away from the man who invests it in business 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 follows the alluring advice of tricksters and schemers or who trusts it to his own inexperience and romantic desires in investment

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