The Richest Man In Babylon, by George S. Clason

The man who wrote the most useful personal finance book, George Samuel Clason, was born in Louisiana, Missouri. He was a soldier, businessman and writer. He attended the University of Nebraska and also served in the United States Army during the Spanish-American War.

Clason started two companies, the Clason Publishing Company

and the Clason Map Company (which was the first to publish

a road atlas of the United States and Canada).

Here’s What You'll Learn in

The Richest Man in Babylon:

You will gain an understanding of - and a solution to - your personal financial problems;
You will learn why a lean purse is easier to cure than to endure;
You will learn how to ensure you never go broke in your life again, ever!
You will learn the most important rules of wealth accumulation and financial prosperity;
You will learn how to stop working harder and harder only to see little or no progress; and
You will learn how to earn more money, keep more money, and make your surplus earn even more money.

Summary of The Richest Man in Babylon:

Look around you… how much wealth and abundance do you see?

How much claim do you have over the wealth and abundance

you see all around you?

Did you answer not nearly enough?

Do you wish to be a man of means?

Then pay attention!

"A man’s wealth is not in the purse he carries. A fat purse quickly empties if there be no money stream to refill it." Kobbi tells his troubled friend in the opening pages of the book.

Bansir was troubled because he had no money. He had been

working hard all his life but he still had nothing to show for it.

Their discussion leads both Kobbi and Bansir to realize why they've never had wealth - they never sought it. They decide to start their journey to financial freedom by seeking counsel from the richest man in Babylon. We are reminded here that desire is the starting point

of all achievement.

The first lesson they learn from Arkad, the richest man in Babylon,

is that wealth is power because it opens up many opportunities

for joy and contentment.

Arkad went on to teach them the three timeless laws of wealth accumulation:

Part of all you earn is yours to keep – so pay yourself first.
Counsel with wise men - seek financial advice from people who are competent and experienced enough through their own efforts.
Make money work for you so you can earn even more money from your surplus earnings.

Arkad reminds his friends that time and opportunity wait for no man. You need to be prepared for it when it comes. “Opportunity waits for no man,” writes the author, "good luck comes to the man who accepts opportunity - the man who hesitates not - the man who delays not - the man who takes advantage of opportunities."

He Teaches Them the

Seven Cures for a Lean Purse:

aka, how to build tremendous

wealth from nothing:

A part of all you earn is yours to keep.
Control your expenditures. "Confuse not your necessary expenses with your desires"
Make your money multiply "Create income streams that continue to multiply whether you work or not."
Guard your treasures from loss. "Be not misled by your own romantic desires to make wealth rapidly."
Make your dwelling a profitable investment. “Own your own home."
Insure a future income. "Provide in advance for the needs of your old age and the protection of your family."
Increase your ability to earn. "Cultivate your own powers, study and become wiser.”

Wealth creation is simple, according to George S. Clason,

if you learn the discipline and stick to it.

He says "Money is reserved for those who know

its laws and abide by them".

First keep your money safe, secondly make your money grow.

Do not gamble. The odds are always stacked against you.

The Five Laws of Money

As Presented by Arkad,

The Richest Man in Babylon:

A portion of all you earn is yours to keep.
Money labors diligently for the owner who finds for it profitable employment.
Money clings to the cautious owner who invests wisely and seeks the advice of wise men who are experienced in the handling of money.
Money slips away from the careless man who invests/ spends it foolishly without knowledge of what he's doing.
Money flees from the greedy man who expects unrealistic returns and is lured into scams that promise romantically high returns without considering the risk involved.

You must learn these laws, practice the disciplines and you will surely have a growing bank balance.

Keep a tight lid on your expenses, warns Clason.

"He who spends more than he earns is sowing the winds of needless self-indulgence from which he is sure to reap the whirlwinds of trouble and humiliation."

Clason says that the hungrier one becomes, the clearer one's

mind works - the more sensitive one becomes to the odors of food. This applies to your desire for success - the more you want to succeed, the more focused you will be, and the more vigilant you will be

in identifying and utilizing opportunities that come your way.

The Only Remaining Question Is:

How Bad Do You Want It?

“If a man has in himself the soul of a slave will he not become one

no matter what his birth? If a man has within him the soul of a free man, will he not become respected and honorable in spite of his misfortune?”

That’s the question you must ask yourself. Do you have the soul

of a slave or the soul of a free man? Debt will enslave you;

it will strip you of your pride and your dignity.

"Debt is like a deep pit into which one may descend quickly

and where one may struggle vainly for many years. It is a pit of sorrow and regret where the brightness of the sun is overcast, and night is made unhappy by restless sleeping."

"We cannot afford to be without adequate protection,"

writes the author. This statement holds especially true in these

modern times. We all need adequate protection for our assets

to protect us against loss in the same way the walls of Babylon protected its citizens against encroaching enemies.

Remember that where there’s a will there's a way. Make hard work your best friend. Everybody loves a good, hardworking fellow who

is productive and enthusiastic about his vocation.

Nobody cares for a whiner who complains all the time

without producing the required results.

Memorable Quotes from the

Richest Man in Babylon:

A lean purse is easier to cure than to endure.
In those things which we exerted our best endeavors,
we succeed.
Preceding accomplishment must be desire. Your desires must be strong and definite.
To attract good luck to oneself, it is necessary to take advantage of opportunities.
Money is reserved for those who know its laws and abide by them.
Better a little caution than a great regret.
Where the determination is, the way can be found.
Are you man enough to face true facts or dost thou prefer to live under false illusions?
If you desire to help your friend, do so in a way that will not bring your friends' burden upon you.

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