The Richest Man In Babylon PDF

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The Richest Man In Babylon PDF

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The Richest Man In Babylon Ebook

the richest man in babylon pdf

The Richest Man In Babylon is a classic book on wealth building. First published in 1926 by George Samuel Clason as a series of pamphlets, it has become a classic in financial literature. It is based on the characters  of a chariot builder and a musician Bansir and Kobbi. The two, having no money, set out to seek advice from their childhood friend Arkad. Arkad, on the other hand had grown very rich and amassed a fortune.

The book, set in the ancient city of Babylon, teaches age old wealth building principles. They are as true to this day as when the book was written.

Richest Man In Babylon Ebook – 8 Principles From The Book

1. Pay Yourself First (“start thy purse to fattening”)

This is a main principle of the wealthy and something that governments have known since they decided to tax people at the point of payment. Instead of trying to ask people for their taxes after they have been paid, governments realised that if they take the money straight from their employer they will always get their money. You can use this same principle to pay yourself first.

From the book Arkad is given this advice from the rich man:

“I found the road to wealth,” he said, “When I decided that a part of all I earned was mine to keep. And so will you.”

Poor people pay everyone else first and whatever they have left they spend on themselves. Rich people pay themselves first (into savings) and live on the rest. By doing so you are accumulating savings or “starting thy purse to fattening”.

“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 the building of wealth, or else you do not observe them.”

“A part of all you earn is yours to keep. It should be not less than a tenth no matter how little you earn. It can be as much more as you can afford.”

“Pay yourself first”

2. Live Below Your Means (“control thy expenditures”)

Instead of living to your means you can learn to live below your means. Rich people live below their means. Poor people live to or beyond their means.

“Budget your expenses so that you may have money to pay for your necessities, to pay for your enjoyments and to gratify your worthwhile desires without spending more than nine-tenths of your earnings.”

Many people disregard this lesson. As their earnings grow they increase their expenditure, living to their means. Their lifestyles become more extravagant. They buy a nicer car, live in a nicer house and spend the extra money they are earning. This lesson teaches us to control our expenses as our wealth grows. If we do this then our wealth grows faster. The extra money we put aside can be used to grow more income.

the richest man in babylon pdf

3. Make Our Money Work For Us (“Make Thy Gold Multiply”)

 ” …put each coin to work so that it may reproduce its kind even as the flocks of the field and help bring to you more income, a stream of wealth that will flow constantly into your purse.”

This is something which should be done as we see our savings grow. Investing wisely with our savings allows us to use money to make money, instead of only trading our time for money through working.

4. Insurance Protects Our Wealth (“Guard Thy Treasures From Loss”)

Insuring our wealth means taking stock of our safeguards over our finances and investments. By taking the proper precautions, such as spreading your investments wisely, not putting all of your eggs in one basket and using insurance to guard against loss, you are prepared for any eventuality.

5. “Make of thy dwelling a profitable investment”

Our home is usually our biggest expense. If you rent your home, in many years you will still have a rental property and be paying the same amount. By getting a mortgage or purchasing a home you are forcing yourself to save and building an investment. Over the years your mortgage will be paid off and you will own a property. You will have paid off this massive expense and your outgoings will drop.

A large mortgage on an expensive property can be a liability too. If you cannot comfortably afford your mortgage it can send you into debt. Putting yourself into a comfortable payment plan which increases the value of your investment with time and decreases payments will set you towards a more prosperous future. If possible pay off your mortgage early by increasing payments if possible. Paying off a mortgage early can mean savings thousands on interest rates over several years.

6. “Insure a future income”

the richest man in babylon pdf

A future income can be a retirement plan which will continue to pay you even when you have stopped working. Pay into a plan which takes advantage of compound interest. Even paying in a small amount every month will compound to generate more income in interest the larger the total sum becomes.

“Remember that money is of a prolific generating nature. Money can beget money, and its offspring can beget more.” – Benjamin Franklin

7. “Increase thy ability to earn.” Invest in ourselves

Self investment is perhaps the best way to spend your money.

“Those eager to grasp opportunities for their betterment, do attract the interest of  the goddess of fortune. She is ever anxious to help those who please her. And who is she pleased with? She is pleased with those who do  – rather than those who merely talk and engage in wishful thinking. Action will lead you forth to the successes you desire.”

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8 “Know where you are and where you are going”

the richest man in babylon

“You cannot manage what you do not measure.”  – Bill Hewitt (co-founder of Hewlett Packard)

You should track your wealth and pay attention to it or of its lack. We must face the truth of how we earn and spend our money. Doing so puts us in charge of our future. How you feel towards your job, income, direction, savings and investments is telling as to your financial future.

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