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Senior / 12th Grade
English literature and composition
Book review
Richest Man in Babylon. Straight to the point.
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Course
English literature and composition
Institution
Senior / 12th Grade
Book
The Richest Man in Babylon
Richest Man in Babylon - A book filled with the ancient secrets to wealth and investment.
I have Extracted the Knowledge from the book into an easy and readable format.
all the important keywords, lessons, and quotes have been added so that it is available to every student with minimal effort.
T...
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RICHEST MAN IN BABYLON
MONEY IS PLENTIFUL FOR THOSE WHO
UNDERSTAND
THE SIMPLE RULES OF ITS ACQUISITION
1. Start thy purse to fattening
2. Control thy expenditures
3. Make thy gold multiply
4. Guard thy treasures against loss
5. Make of thy dwelling a profitable investment
6. Ensure a future income
7. increase thy ability to earn
"a man's wealth is not in the purse he carries"
THREE LAWS OF WEALTH
RICHEST MAN IN BABYLON 1
, First, learn to live on less than you could earn
Seek advice from sources that are competent enough to give it
Make the money work for you
TO SIMPLIFY
1. Prioritize small asset earning first
2. then use the earning to buy large assets
3. use the latter revenue to buy even larger assets.
4. Do not break the investment cycle, even you invest a small amount it can mean a
lot
"make your treasure work for you. Make it your slave. Make its children work for
you."
It can sound dark and inappropriate but, the author just wants to imply that, if want to
lead yourself toward financial freedom then you should use your assets to generate
further income. This can be easily done by safe investment which generates enough
returns to fight inflation and still make you some good profits.
The traditional Job system works on the model of trading time for money, but since you
have limited time this won't sustain you in long run and as you age your productivity
may also decrease. building wealth using this model will take years and years of
hardwork and still won't be worth it. "making your money work for you , instead of
you working for it "
"A Part Of All You Earn Is Yours To Keep"
The Author implies that you should only keep a part of your total earning for your
expenditures. at least 10% of total income should go for investment. you should always
save and invest from your total income.
RICHEST MAN IN BABYLON 2
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