The richest man in the babylon by George S. Clason

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(The richest man in the babylon by George S. Clason)

I remember having this funny discussion occurs between my father and mother. she wanted to buy a refrigerator, a washing machine and anything in-between. She knew quite well that my father businesses make enough money to buy anything she needs, but those money rarely stay in my father bank accounts because he is a prodigal son.

     Not really. He is not a prodigal son, but he not so good at saving or spending money. When it comes to money, the two things he good at are; make it, re-invest it and manage whatever remains.

     Now, you can pity the woman that married a “stingy” man like my father.

     Anyway, the first major lesson is the richest man in babylon is;

PAY YOURSELF FIRST: By the way, if this is your fist time on our blog post, welcome and consider comment below after reading this blog. Because we’ll help you to read all the world’s best books under 5-10 or 15 minutes.

      Let’s move to the second lesson. Now, a question will pop up in your mind ; How can I pay myself first? Most of you see, the first thing overall people do whenever they make money is to spend it. That latest iphone. That bigger TV-set that bigger refrigerator. Those better clothes. The list is endless and that’s why most people struggle financially all their lives. They pay money to the rich first and make the rich richer.

     If you want to free from typical employee and have financial freedom, George S. clason suggested that you should save at least 10% whatever you earn. But wait! That isn’t a commandment. You can start with 5% or 20%, depending on who you are and how much you earn.

     In fact, you may decide not to save. Yes, I mean it. You may decide not to save money. As I told you before, I rarely save money. If you ask ideas from me means What I do is this; I intentionally put myself in different investment debts, like acquiring a real estate property with 10% down payment or starting a new business that requires me to pay money to my employees every month by taking money from the existing business. I have enough good debt to take almost all my money away from the business.

     The second important lesson in the Richest man in babylon is;

SAVE AT LEAST 10%OF WHATEVER YOU EARN: Now, after you save 10 or 20% of your income, what do you do with it? Yea, it’s time to celebrate. Call or invite your friends for a party, buy for your wife a brand new car. You deserve it, celebrate the best x-mas of you life.

     That’s what poor people do with their savings. I don’t know about your country. In my part of the world, a lot of people save money for x-mas, new TV set, new clothes, etc.

     Kindly put your comment down, do people save money for parties and consumer goods in your country? Now back to the point I was making. The only reason why you should save in the first place is because you want to invest.

     If you just start building wealth initial stage, you don’t need to look rich. You really want to be rich. What most common people do is to try and look rich or act like rich by buying new, bigger and latest stuffs. You don’t want to do that! You want to save, so that you can invest in things that can make you money while you sleep.

The third important lesson in the richest man in babylon is;

INVEST YOUR SAVING: Then, you may want to ask me; “But what exactly should I invest in?” I understand your concern and I’ll address that shortly, but before then, let me list some of the areas by which you can invest in this time of ours;

We have stocks, real estate, bonds, your family or friend’s business or your own business. Your choice of business will also be influenced by who you are, how much you want to invest, how much time you have and what you know.

In all, the most important thing before you invest your hard earned money is that you should get adequate education as regard anything you want to invest in.

The popular story I tell people is that, I have read over 50 books, most about business, before I went fully into the business world. I don’t think you should do less. Why should you invest your one year saving in stocks, if you can’t invest a month to study how stock market actually works?

Why should you invest your 3 year savings on starting a business, if you can’t even take 3 months out to read 20 books about business?

The fourth important lesson in the richest man in babylon is;

GET ADEQUATE EDUCATION ABOUT WHICHEVER FIELD YOU WANT TO INVEST: In my experience, most people in the world care so much about today and nothing much about future. When I was a young guy, when I was buying books, my age mates were buying latest clothes and phones.but Now as an adult, while I’m investing in real estate and my business, I see other adults buying latest iPhones and cars.

if you don't sacrifice for what you want, what you want will be the sacrifice in your life

The fifth important lesson in the Richest man in the babylon is;

YOU MUST BE ABLE TO DELAY GRATIFICATION: Now, let’s discuss what lesson do you think I missed in this book? What points would you like to add??

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