The Richest Man in Babylon PDF : The Richest Man in Babylon is a 1926 book by George S. Clason that offers financial advice through a series of parables set in ancient Babylon 4,097 years ago.
The book is still in circulation over a century after the parables were first published and is considered a classic of personal financial guidance.
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The Richest Man in Babylon PDF Details
- Author: George Samuel Clason
- Publisher : Penguin USA
- Language : English
- Paperback : 224 pages
- Reading age : 13 years and up
- Item Weight : 130 g
- Dimensions : 10.8 x 1.47 x 19.05 cm
- Country of Origin : USA
- Best Sellers Rank: #115,285 in Books
- #10,878 in Business & Economics
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About the Author of The Richest Man in Babylon PDF
Seven Cures For a Lean Purse in The Richest Man in Babylon PDF
(1.) The First Cure: Start thy purse to fattening
Arkad recommends setting aside 10% of your annual income to begin developing your wealth (or purse): “Take out only nine coins for every ten that you put in your purse. Thy purse will immediately begin to fill up, and its increased weight will feel wonderful in thy hand and bring satisfaction to thy soul “.
(2.) The Second Cure: Control thy expenditures
The gold we may keep from our wages is only the beginning, according to Arkad, and “What each of us deems our ‘necessary expenses’ will constantly rise to equal our incomes until we protest to the contrary.” He also warns, “Confuse not the essential expenses with thy wishes.”
(3.) The Third Cure: Make thy gold multiply
Arkad suggests compounding the investment return from these savings by investing: “Our fortunes will be built with the profits it generates. Master the art of making your treasure work for you. Become its slave. Make its offspring and offspring’s offspring work for you “.
(4.) The Fourth Cure: Guard thy treasures against loss
Arkad cautions against investing in get-rich-quick schemes and taking on financial risk: “Is it prudent to be drawn in by higher earnings when your principal could be at risk? No, I argue. Loss is probably the cost of taking a risk. Before giving up your prize, carefully consider each guarantee that it can be safely retrieved. Do not let your amorous wishes to become wealthy quickly deceive you “.
(5.)The Fifth Cure: Make of thy dwelling a profitable investment
“I urge that every man possess the roof that sheltered him and his,” writes Arkad. “Nor is it beyond the capabilities of any well-intentioned man to own his home.” He also advises using your home to start a company.
(6.)The Sixth Cure: Ensure a future income
“Therefore do I say that it behooves a man to make provisions for a decent income in the days to come, when he is no longer youthful, and to make plans for his family should he no longer be with them to comfort and support them,” Arkad says.
(7.) The Seventh Cure: Increase thy ability to earn.
Arkad encourages to maintain expanding your own talents to raise your investment intelligence and also to increase your earnings power: “The more of wisdom we know, the more we may earn”, and, “That man who strives to acquire more of his art shall be abundantly rewarded”.
Five Laws of Gold in The Richest Man in Babylon PDF
- The First Gold Law. Gold comes willingly and in growing quantities to every guy who will invest at least one-tenth of his wages to develop an estate for his and his family’s future. Arkad’s advise here is comparable to the First Cure in that saving is the first step toward wealth creation.
- The Second Gold Law. Gold works hard and pleasantly for the clever owner who finds gainful employment for it, increasing as the flocks of the field. Arkad’s suggestion here is similar to the Third Cure in that your savings can grow and compound your wealth.
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- The Third Gold Law. Gold clingeth to the protection of the prudent owner who invests in it with the advice of wise men.
Arkad’s advice here is comparable to the Fourth Cure, which emphasizes patience and a long-term perspective.
- The Fourth Gold Law. Gold eludes the guy who invests in businesses or purposes with which he is unfamiliar or which are not approved by those competent in its preservation. Arkad’s advice here is to focus on what you know and understand. Also, avoid schemes that seasoned investors would not suggest (e.g. buying based on “stock tips”).
- The Fifth Gold Law. Gold flees the man who tries to force it to impossible profits, or who follows the enticing advice of swindlers and schemers, or who entrust it to his own inexperience and romantic ambitions in investment. Arkad’s counsel here is to avoid get-rich-quick schemes and other aggressive money-generating tactics.