Sunday, November 11, 2012
Book 25: The Richest Man in Babylon by George S. Clason
Richest Man in Babylon has been on my 'to read' list for far too long. I added it to my queue before I had it in my possession and had to continue putting it off - alas it finally arrived and quickly became my Sunday read.
If I had read this little number before Automatic Millionaire, The Millionaire Next Door, and many items by Jim Rohn I think its impact would have been more profound. However, without this book my previous reads would ceased to exist as they do.
Mr. Clason sets his story in Babylon, circa 8,000 years ago and in order to teach the reader 7 rules for wealth and financial freedom so simple and so useful they were even preached in this ancient world ... supposedly.
Rule #1: For every 10 pieces of silver, keep 1 for yourself (a.k.a. save 10% of your income)
Rule #2: Control thy expenditures (a.k.a. do not spend money you do not have)
Rule #3: Make thy gold multiply (a.k.a. compound your savings)
Rule #4: Guard thy treasures from loss (a.k.a. do not purchase liabilities)
Rule #5: Make thy dwelling a profitable place (a.k.a. purchase your home)
Rule #6: Insure a future income (a.k.a. take responsibility for your income when you can not longer work by saving for your retirement today)
Rule #7: Increase the ability to earn (a.k.a. you can not work more hours, but you can make yourself more valuable per hour)
A book 86 years old and still relevant. Read it.