The Richest Man in Babylon is truly a great piece of financial inspiration, set back in ancient times. The wisdom and how-to-get-rich principles seemed outdated but remain just as practical in today’s trying times. Written by George Glason in 1926.
It is written in parables style with tales of how Arkad, the richest man in Babylon was recruited by the King to teach and improve the lives of ordinary hardworking people.
There are 7 rules Arkad and though the language used was old such as
- Start thy purse to fattening
- Control thy expenditures
- Make thy Gold multiply
- Guard thy treasures from loss
- Make thy dwelling your own
- Insure a future income
- Increase thy ability to earn
Anyone reading such stories will not fail to understand the significance of those principles.
In recent times, Robert Kiyosaki, famous author of “Rich Dad, Poor Dad” will deliver similar advices though the words are different but basically the message is clear. Get off your butt and start action of moving towards a rich life!
It is also a collection of 7 advices
- Start an automatic investment e.g. auto-debit your salary into a mutual fund
- Make sure your investment pays 12% to 14% per year
- Re-invest the dividends, i.e. don’t kill off the hatchlings
- Know where your dollar’s going
- Do a no-budget budget means take 10% of your salary to tithe, 10% for paying down your debt, 10% for automatic investment and spend the rest!
- Stop getting into consumer debts like installment plans for iPad, laptops, furniture, holiday packages
- Know what your dollar’s doing i.e. always watch out what your dividends are, and if you can park elsewhere for better yields. In order words be financially literate and invest in buying books to learn.
Both authors advised principles of paying yourself first and living within our means and let time, patience and professionals handle our money. The ideas presented are simple yet practical and that’s why it’s not held in great awe nor practiced. That’s the nature of humans that desired instant results and quick to drop the bricks, so to speak.
These two books, “The Richest Man in Babylon” and “Rich Dad, Poor Dad” are inspirational classics. No cure comes without hardship, bitterness and prayers unless we are committed and believed it is possible. They are must-reads for anyone who wants to achieve a better life. No other book can be that simple yet effective and practical than this!
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