The Richest Man in Babylon by George S.
Almost everyone knows that in order to profit from money it is necessary to follow a series of rules, but not everyone knows what they are.
That is why today we are going to talk aboutThe richest man in Babylon«, a book that explains how to relate to money so that it bears its best fruits.
Related: Where cánido I invest my money?
Quick Recap: The Richest Man in Babylon
“The Richest Man in Babylon” is a book by George Samuel Clason (view on amazon) that talks about how to establish a good relationship with money, explaining the importance of having it, but also making us reflect on the fact that not everything in life is money.
The interesting thing about this book is that it contains lessons, secrets and laws of gold, which on many occasions we cánido be practicing but without really knowing for what purpose.
In other words, it helps to understand what should be done with money, what things we may be missing and how to improve in this regard, in order to improve our relationship with money and thus make the most of what we have, and get more.
The seven ways to control money to achieve wealth
As explained in The Richest Man in Babylon, the seven ways to control money to become rich are as follows:
- Start filling the bag.
If ten coins are earned, only nine must be spent, because the other coin must be saved.
- control expenses.
For this, it is necessary to differentiate the necessary expenses (that is, those that we must necessarily have) from those that are nothing more than fácil desires.
- make gold bear fruit.
It means investing gold in businesses that cánido be profitable.
- Protect the treasure from any loss.
It is about verifying that the gold that is invested in the business is returned, consulting with people who are experts on the subject and reviewing the reputation of the debtors.
- own home.
- Secure future income.
- Increase skills to buy goods.
The five laws of gold
The five laws of gold are five rules for the good use of money that are explained in the fifth chapter of “The richest man in Babylon”, and are the following:
- Gold it comes easily to those who save 10% of what you earn.
- Gold it is profitable for those who have it and use it for something of benefit.
- Gold it stays with its owner if he knows how to reverse it.
- Gold it leaves when the business in which it is invested is not known.
- Gold escapes if you follow the advice of people who are not suitable.
Summary by chapters: The richest man in Babylon
Let’s summarize what is told in each of the chapters of “The richest man in Babylon”:
The man who wished for gold
The book begins with the conversation of two men, Bansir and Kobi, who were in Babylon talking about how could they get rich, and how bad it made them to be poor.
Even though they work hard every day, they didn’t earn money to get rich.
So they remembered Arkad, a school friend who is his own means, had managed to become the richest man in Babylon.
They escoge to go look for him to explain how he got it.
The richest man in Babylon
Arkad explains to them that he was originally just another worker, working for a moneylender on his case.
His boss once gave him two days to finish the pending job, and Arkad didn’t make it.
The moneylender told him that when he finished the job, he would tell her his secret.
The moneylender, named Algamish, told him that I had to work for him as well as someone elsethat he should never deny what he had, that he should keep part of what he earned daily, and not benefit from what was not his (because then he would cut down the tree of his wealth).
The seven ways to fill an empty bag
Babylon was a city where wealth did not exist on a general level but on a especial level.
Worried about the situation, King Sargon summons Arkad to teach his citizens how to get wealth.
Arkad meets with some of them and teaches them the seven ways to fill an empty bag (of which we spoke above).
The Goddess of Fortune
In Babylon people wanted to know more about how to get rich, and specifically how to attract luck.
Arkad explains that the goddess of fortune smiles only on those who work harddisciplinedly save 10% of what they earn, and invest sensibly.
He tells them a story about a merchant who sells herds, explaining that luck perro smile on us if we take advantage of the opportunities that come our way.
The five laws of gold
Arkad tells his story with an old friend, Kalab, who makes him choose between a sack of gold or a clay tablet containing the five laws of gold (mentioned above).
Arkad chose the sack, like his students, but they didn’t think why they wanted a sack of gold if they didn’t know how to use the money.
The tablet gives the wisdom to do so.
Later he tells that he gave his son a sack of gold and the tablet with the five laws, and even so his son wasted the money.
Once he was broke, he remembered the five laws of gold.
The Babylonian Gold Lender
It tells the story of a spear maker named Rodan, who had earned fifty coins for his work.
He didn’t know what to do with them, so he spoke to Maton, a moneylender and merchant, for advice.
Maton responds with a story between a donkey and an ox, whose ética was that to help a friend, you have to do it in a way that their responsibilities do not fall on you later.
After hearing various stories from Maton, Rodan comes to the conclusion that prevention is better than cure, investing the money in some safe business and not wasting it on helping people who do not guarantee that it will be returned.
The walls of Babylon
It tells how Babylon protected itself in war with its walls.
This explains the importance of protect themselves not only from war, but from investments, businessetcétera.
The Babylonian Camel Trader
This chapter tells the story of a Babylonian citizen named Dabasir, who He indebted a lot so that his wife had the best.
Then he realized that he had fewer and fewer opportunities, so he talked to all the people to whom he owed money, assuring him that he would pay them in installments, and he returned everything to them.
In this case, the teaching is «When it is determined, the means are found«.
The clay tabletas of Babylon
This chapter espectáculos the main clay tabletas, each containing a lesson:
- Must be equipo aside a tenth of what is due.
- you have to do one list of people to whom money is owedand how much.
- You have to talk to each of those people, and pay them even in installments.
- In addition to keeping a tenth of the winnings, you must spend seven and dedicate the remaining two to pay off debts.
- It is necessary invest money properly, so that it bears fruit.
The Babylonian most favored by luck
The last chapter tells the story of a man who always criticized the slaves, saying that the work was only for them.
He later found out that his grandfather was a slave for a long time, but he worked hard and achieved the fortune he currently had.
So have you learned all the lessons? Are you going to apply all the rules that “The richest man in Babylon” teaches us to manage money correctly? In that case, your finances from now on are probably much more productive.
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