wonderful book: Richest man in babylon summary
During my Post Graduation years, I had purchased one small book from Railway station Book stall as I liked title of the book. The book name was ‘The Richest Man in Babylon’.
In journey I read some pages and then forgot the book at my village and joined new job in another city. After 3-4 years, I found this book again and this time I read it thoroughly. As I was facing problems in saving money from salary, this book shows me a true path in saving and investing.
As all the chapters of this book are matching with my problems, I felt that I found a key to successful money management. So In this blog post let’s review the book ‘Richest man in Babylon’.
Many people might think that learning money management is not possible by reading one small book. But ‘The richest man in Babylon’ -Richest man in babylon summary- is exception to this thought.
The beauty of this book is it tells your very important financial habits in very easy yet effective way. Book explains certain rules about money and if anyone follow them, money will come to his hands and grow constantly.
There are many chapters in this book, every chapter explain some money management lessons in form of interesting stories related to ancient Babylon culture. Reader will experience a feeling of walking through ancient Babylon City while reading these chapters.
The book starts with discussion of two friends who are living very less or no money. Their one friend ‘ARKAD‘ was very rich and successful person in Babylon (The richest man in Babylon). So poor friends decided to visit ARKAD for asking his secrets to get more wealth. Whatever secrets ARKAD revealed to his friends, the same are presenting in this book.
Seven rules for retaining and growing money in pocket
- Save 10 % of your monthly income. By doing this, your purse size become thick as money retains in it.
- Control your expenses. To achieve this difficult goal, first write your necessary expenditures and then you will find least important expenses. Now just ignore these less important expenses.
- Let’s allow your saving to work for you. By doing this, your coins will work for you and brings more coins in your pocket. This is known as leveraging.
- Secure your savings and investments. Do not invest in fancy things/business with which you are not aware.
- Own your house. Buy doing planning, you can buy your house.
- Think about future income and do necessary steps for ensuring future income.
- Enhance your earning potential. You can learn new things so that you will be able to earn more.
Richest man in babylon summary- The book is flooded with such money rules in every chapter. Those who want to be successful in money management and personal finance area, must read this book.