Book Summary:
George Clason’s The Richest Man In Babylon explains the basic principles of personal finance through the eyes of a man who lived in the ancient city of Babylon.
Related Book Summaries:
Think And Grow Rich – Napoleon Hill
Rich Dad, Poor Dad – Robert Kiyosaki
Mindset – Carol Dweck – Book Summary
Quotes:
Our acts can be no wiser than our thoughts.
It costs nothing to ask wise advice from a good friend.
Book Summary Notes:
- This book explains personal finance through story telling, which will make these notes a little odd to read. It is a great book and highly worth a read if your looking for basic personal finance information.
- Arkad was the richest man in Babylon. One day two friends asked him how that happened.
- He explained that apart of everything you earn needs to be yours to keep (pay yourself first). Invest it wisely.
- To become wealthy requires not just saving money but also knowing where to invest it. Invested money can grow requiring little effort on your part, allowing you to make yourself busy acquiring more money.
- Be aware of how little you know about other people and their businesses. Most people won’t admit this and it will cost them large amounts of money.
- Learn to accumulate wealth through trial and error. Find the strategy that works best for you and your situation and maximise it.
- Make long term investments so that your money is put to work for you. It’s not enough that you should work for money. Your money needs to also work.
- Interest is king. Your either making it or paying it.
- Opportunities occur more often in relation to how hard you work and how prepared you are. When opportunities present themselves make sure to grab them with both hands.
- Limit the amount of debt you take on and be diligent about paying down any excess or high interest debt you may have.
