A Review of the Book “The Richest Man In Babylon”
Table of content
Summary
The book explores the fundamental principles of managing income and expenditure. The book’s few main points involved keeping a portion of the income as an investment. Also discusses abo.t gold, Ho, these, these lessons are timeless and universally applicable.
The book follows the story of Arkad, the richest man in Babylon, who became a teacher to teach finance to his fellow citizens. He uses various short stories to explain lessons on saving, investing and growing wealth.
Key Lessons
Save at least 10% of your income
The first step to financial freedom is to pay yourself a portion of your income, a minimum of 10% of your earnings.
Control your expenses
The best way to save money is to understand the difference between necessities and desires so that we are not overspending more than we should. This can make sure that your money is not going to waste.
Make your money work for you
Invest the saved portion of your income to generate passive income. This makes sure that your saved money is not just sitting there doing nothing.
Seek financial advice from experts
Learn from financial experts who have successfully built wealth. Also, seek advice from people who are experts in the domain that you are trying to invest in.
Keep working towards your financial goal
Work with absolute discipline in whatever work you are doing.
Famous quotes
Our acts can be no wiser than our thoughts
Our thinking can be no wiser than our understanding