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The Richest Man in Babylon - Reading Notes

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If you have not acquired more than a bare existence in the years since we were youths, it is because you either have failed to learn the laws that govern building of wealth, or else you do not observe them. Fickle Fate is a vicious goddess who brings no permanent good to anyone. On the contrary, she brings ruin to almost every man upon whom she showers unearned gold. She makes them wanton spenders <ho dissipate their wealth while others hoard it, not possessing the ability to replace it.

The 7 rules:

1. Pay yourself first - a part of everything you earn is yours to keep

10% of everything you make is yours.

Seek advice from those who are more competent.

Have your gold work for you.

When I set a task for myself, I complete it. Therefore, I am careful not to start tasks that are too difficult or impractical, because I love leisure..

Arkad has become the richest man in Babylon by taking advantage of opportunities available to all citizens in our good city.

2. Control thy expenditures

What we call our "necessary expenses" will always grow to equal our income. We all have more desires than our earnings can gratify. Jut as weeds grow in a field where the farmer leaves space for their roots, desires grow in men as soon as there is a possibility they may be gratified.

 

3. Make thy gold multiply

Lend it and take interest

4. Guard thy treasures from loss

It is not wise to be intrigued by larger gains when the capital can be lost. Study carefully and each time you part with your treasure, make sure you have assurance it can be safely reclaimed. Be not misled by your romantic desires to make gold rapidly.Guard thy treasure from loss by only investing when your principal is safe and where it may be reclaimed if desirable and where you will not fail to collect a fair rental. consult with wise man. Secure the advice of those experienced in the profitable handling of gold. Let their wisdom protect your treasure from unsafe Investments.

Gold Slips Away from the man who invests in a business in which he's not familiar or which is not approved by the people who are skilled at it. 

The richest men talked over each plan with great care. They took no chance on losing their principal or getting into unprofitable Investments where they could not retrieve their gold.

 

5.  Make of your dwelling a profitable investment

When your house is built you can pay the money lender be the same regularity you paid the landlord. Own your home

 

6.  Insure a future income

No man can afford not to insure for his old age and the protection of his family no matter how prosperous his business and his Investments may be. Provide in advance for the needs of your growing age and the protection of your family.

 

7.  Increase your ability to earn

Your desires must be strong and definite. Do not wish to be rich. Wish to have five pieces of gold, which is way more specific. Write a will,  so proper division of your property be accomplished in case the Gods call you.

Cultivate your own powers,  study, become wiser, become more skillful and act as so to respect yourself 

 

Men of action or favored by the goddess of good luck

Good Luck waits to come to that man who accept the opportunity. 

The first step to wealth is to draw dividends from the earnings of your gold instead of earning from their own labor.  Some do it too late and opportunity will not wait for such low fellows. The goddess of luck thinks if a man desires to be lucky he will step quick.

A man didn't want to buy so many sheep before his slaves could count them in the morning. The next morning the gates opened and plenty of buyers rushed out and they were willing to pay very high price and he lost his chance to make a good deal. It is wise to make a payment immediately when we are convinced our bargain is wise.

The spirit of procrastination is within all men. We desire riches yet how often when opportunity appear before us that Spirit of procrastination from within us delays our acceptance. In listening to it, we do become our own worst enemies. Procrastination is an enemy ever watching and waiting to thwart your accomplishments.  No man would allow an enemy to drive away his customers and rob him of his profits. Procrastination commits the same acts as your enemy, so you need to conquer it with determination. Every man should master his own procrastination before he can expect to share the richest Treasures of Babylon.


Opportunities come to all men.

Some grasp them and move to the gratification of their desires but the majority hesitates falters and falls behind. To attract good luck to yourself is necessary to take advantage of opportunities. The buyer would have enjoyed good luck if he had completed the purchase of all the Sheep's and sold at a good profit. 

Good luck can be enticed by accepting opportunity. Those who are eager to grasp opportunities for their betterment do attract the interest of the goddess of luck. Action will lead you forward to the successes that you desire. 

 

The gold lender of Babylon -  Better a little Caution than a great regret

If you want to help someone or lend them money do it in a way that will not bring your friends burdens upon yourself. The gold lender is always a sure that his gold will be returned with the rental because the loan is based on property. One man asked: “ should I land my 50 pieces of gold to my sister's husband?  They mean so much to me”

If the husband said he wanted to be a merchant I would say "what knowledge he has of the trade?" I would ask where he knows how to buy at a low-cost. I would ask if he knows where he can sell at a good price.

If he couldn't answer this I would say:  I have no security and I treasure every piece of gold. If the robbers took it from you then you would have no means of repaying me and my gold would be gone. if he would submit to me a plan that seems wise and possible then I would gladly lend my money so he may have an opportunity to prove that he can succeed. I would not lend any money where I am not confident that it is safe and will be returned to me.

 

 The walls of Babylon -  We cannot afford to be without adequate protection

Babylon survived century after century because it was fully protected. These walls were a good example of a man's need and desire for protection. This desire is inherent in the human race.

 

Conclusion

 10% of everything you make is for you to save, no matter how many creditors are banging at the door.

 70% is for your expenses

Finally 20% is for your creditors

Expenses should never exceed 70% of your income
 

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