Notes on “The Richest Man in Babylon” by George S. Clason.
What is wealth?
Wealth is a power. With wealth, many things are possible.
A man’s wealth is not in the purse he carries. A fat purse quickly empties if there be no golden stream to refill it.
Fate is unpredictable hence untrustworthy. It makes wanton spenders and misers alike.
Every surplus can earn for you. And every revenue on that can earn for you.
Be frugal. Invest surplus.
Take advice about jewels only from the jewel merchant.
Determination is utterly important. If you set a task, complete it. How else can you be confident in yourself to do important things?
Counsel with wise men. Seek advice of men well versed in handling wealth.
Invest with extreme caution. Shady schemes are like sirens.
A part of all you earn is yours to keep.
Cures for a Lean Purse
Make it a habit to put aside a portion of your earning.
Each coin you spend must return 100% of its appreciated value.
Budget your expenses.
Security of your principal.
Own your own home.
Plan for the future.
Invest aggressively in ways of increasing revenue. Eg: Education.
- Pay your debts with promptness.
- Take care of your family earnestly.
- Make a will of record.
- Have compassion over those who ain’t as fortunate as you are.
Luck and Opportunity
To attract good luck to oneself, it is necessary to take advantage of opportunities.
With wisdom, wealth can be secured by those who have it not.
Wealth that comes quickly goes the same way.
In the strength of your own desires, is a magic power. Leverage it.
Principles of lending
Help your friends in a way that does not bring their burden on you.
Emotional/Frivolous/Impulsive humans are not worthy of being lent.
Better a little caution than a great regret.
The Walls of Babylon
We cannot afford to be without adequate protection.
Thoughts of youth = bright lights of meteors that make the sky brilliant. Wisdom of age = steady light of fixed stars that are reliable enough to steer the course of sailors.
Power of determination
Innovation creates value.
Value is measured by wealth.
Wealth determines authority.
If a man has a soul of a slave, he will become one no matter what his birth.
Every woman longs to be desired.
Where the determination is, the way can be found.
- Work is your best friend.