The Richest Man in Babylon
George S Clason

Summary

A great personal finance book that teaches you about the value of saving without directly telling you.

For more info, see here

Notes

Income is the key, not demonstrating wealth

To attain wealth, you must study and continuously learn while also keeping track of the value of time

Attain wealth by deciding a part of everything you earn is yours to keep

Save at least 10% of everything you earn, if not more

Live upon less than you earn

Seek advice from those who are competent through their own experiences

Make your money work for you

A part of all I earn is mine to keep

Control thy expenditures

Budget necessary expenses and control the unncessary ones

Make the money work for you by multiplying it to create income

Power of compounding

Think about where you’re investing your money and consult more knowledgeable people

Own thy own home (think about if you need to do this)

No one can afford not to insure income in the future and for his family no matter how much he earns

Preceding accomplishment must be desire, thy desires must be strong and definite

Study to become more skillful and wiser

Good luck can be enticed by accepting opportunity

Men of action are favoured by the goddess of good luck

Rules of gold

1. Gold will come to anyone who puts away at least 1/10th of his earnings

2. You need to multiply your gold by finding income streams

3. You will never lose your gold if you invest it with wise men

4. You will lose money is you invest in business/people you don’t know or who are not skilled in a particular industry

5. You will lose money if you follow the advice of tricksters or trust your own inexperience and romantic desires for investment

Better a little caution than great regret

We cannot afford to be without adequate protection

Where determination is, the way can be found

1/10th saving, 7/10th to necessary expenses, 2/10th to debt

‍