I am reading the 1920s classic, “The richest man in Babylon“. I liked the book. It is full of simple wisdom that is so difficult to notice these days. I liked the simplicity of the book. I would recommend this book to anyone.
In fact, I think this book could have been the inspiration for books like “The wealthy barber” and “Rich dad poor dad”.
Here are excerpts from 2 of my favorite chapters.
Seven cures for a lean purse
Step 1: Start Thy Purse to Fattening.
For each ten coins you earn, spend only nine.
Step 2: Control Thy Expenditures
Budget your expenses that you may have coins to pay for your necessities, pay foryour enjoyments and gratify your worthwhile desires without spending more thannine-tenths of your earnings.
Step 3: Make Thy Gold Multiply
Put each coin to labor so that it may reproduce its kind.
Step 4: Guard Thy Treasures from Loss
Guard your treasures from loss by investing only where the principal is safe, where itmay be reclaimed if you desire so, and where you will not fail to collect a fair rental.
Step 5: Make of Thy Dwelling a Profitable Investment
Own your own home.
Step 6: Insure a Future Income
Provide in advance for the needs of your growing age and the needs of your family.
Step 7: Increase Thy Ability to Earn
Cultivate your own powers, study and become wiser, become more skillful, andrespect yourself.
The five laws of gold
1. The First Law of Gold
“Gold cometh gladly and in increasing quantity to any man who will put by not lessthan one-tenth of his earnings to create an estate for his future and that of his family.”
2. The Second Law of Gold
“Gold laboreth diligently and contentedly for the wise owner who finds for it profitableemployment, multiplying even as the flocks of the field.”
3. The Third Law of Gold
“Gold clingeth to the protection of the cautious owner who invests it under the adviceof men in its handling.”
4. The Fourth Law of Gold
“Gold slippeth away from the man who invests it in businesses or purposes with which he is not familiar or which are not approved by those skilled in its keep.”
5. The Fifth Law of Gold
“Gold flees the man who would force it to impossible earnings or who followeth thealluring advice of tricksters and schemers or who trusts it to this own inexperienceand romantic desires in investment.”