THE RICHEST MAN IN BABYLON: Book summary

What do you get in this post: in this post, I have covered all chapter’s lessons.

Are you excited like me?

So, stay tuned till the end.

Why do you have to read THE RICHEST MAN IN BABYLON book summary?

Reason:

The personal successes of each person are covered in this book.

Success implies results in accomplishments.

of our own strengths and efforts.

Proper planning is essential to our achievement. Our deeds cannot be wiser.

then what we think. No thought we have can be wiser than our comprehension.

Benefits:

This book of cures for lean purses has been termed a guide to financial understanding.

That, indeed, is its purpose: to offer those who are ambitious for financial success an insight that will aid them in acquiring money, to keep money, and to make their surpluses earn more money.

Want to know how?

Favorite quote:

“Advice is one thing that is freely given away, but watches that you only take what is worth having.”

Let’s get started.

For just 1 page summary you can click here.

Chapter 1: The Man Who Desired Gold

Babylon was considered the richest city in the world

90% of the people there were rich.

their wealth-generating strategies are still employed today.

The people of Babylon worked exceedingly hard.

In Babylon, there were no abundant natural resources that enabled prosperity.

Everything that people made was a result of their own labor.

The main takeaway from this chapter is that you need to want to be wealthy in order to succeed.

Similar to how you constantly believe you must improve to become the world’s greatest singer or painter.

You become so preoccupied with bettering your work that you lose sight of your own desire for wealth.

So begin focusing on how to get rich as well as how to improve your work.

Chapter 2: The Richest Man in Babylon

This chapter tells the stories of two individuals, Arkad and Algamish.

Algamish is a wealthy person.

And Arkad is not wealthy; he used to produce clay objects and live off of whatever earnings he received.

Arkad believed he was acting morally.

In exchange for copper coins, Algamish once came to Arkad’s business and gave him orders that needed to be finished in a single day.

When the orders weren’t carried out, Arkad responded, “I’ll finish this task till morning, but you’ll tell me how to become rich.”

Algamish agreed to educate him, and the following day, when Algamish arrived, the task was finished.

Algamish said that whatever money you make, you should start by giving 10% of it to yourself. You can give more, but never less, and only then should you start working on other things. Algamish’s first piece of advice to Arkad is this.

The second piece of advice was to seek out someone who has experience in whatever it is you want to become rather than taking advice from anyone.

You wouldn’t go and ask the designer for advice on how to become a doctor if you wanted to be one.

Similarly to this, heed the advice of the wealthy if you hope to become wealthy.

Third advice, even if you are giving 10% to yourself, what are you doing with that money?

 For example, if you are saving 10% of your income, then you also have to see where you are using that money.

If that money is for fulfilling your luxuries and eating good food, then you are using it wrongly.

You have to save that money and see how you can earn more money from it, algamish says that invest in gold because gold will always give you returns.

Whatever advice Algamish gave to Arkad, he used to come and check in every 1 or two years.

When four to five years had gone and Algamish saw Arkad had learned everything, Algamish appointed him his partner.

Similarly, arkad made a lot of property and saved a lot of money by using all algamish advice.

In this chapter, it is taught that we should first build our own skills because there are many opportunities and we never know what will happen next.

Chapter 3: Seven Cures for a Lean Purse.

Arkad was the wealthiest person in Babylon.

Therefore, the king suggests that we teach everyone in Babylon how to become wealthy so that it can claim the title of richest city.

Arkad agreed to give everyone a lesson.

He encourages saving money as his first lesson.

Second: Only spend the money on the things you actually need; avoid spending it on your wants. You’ll notice that cash is being put into your wallet.

Third: put that money into an investment that will yield good returns.

Fourth: don’t chase after immediate success; instead, make wise investments. Too often, people chase after quick wealth by investing their money in the wrong things.

Always take advice from intelligent people.

Fifth, make an effort to acquire a home. People sometimes provide the reason that they don’t have enough money, but if you really want something bad enough, you’ll find a way. Rent payments are very expensive.

Sixth: Plan ahead for the future and don’t forget to purchase insurance so that, in the event of your passing, your family won’t have to deal with financial difficulties. Invest in real estate now since it will be worth a lot when you are old.

Seventh, improve your abilities. Nobody can take your talent away from you; it belongs to you.

Chapter 4: Meet the Goddess of Good Luck

The desire to be lucky is universal.

Everyone wants to be lucky without having to work for it.

They are content with this thought and do not wish to work.

However, luck only favors those who make an effort to work those who seize every chance they come across. those who move forward.

Those who believe they can earn money without working and become wealthy do not experience good fortune.

Nobody can have good fortune if they repeatedly put off their work.

If you desire luck in your life, you must seize the moment and accept any favorable circumstances that arise.

We frequently hesitate to accept opportunities that are excellent, so if you believe that the deal is excellent, accept it without hesitation.

MEN OF ACTION ARE FAVOURED BY THE GODDESS OF GOOD LUCK

Chapter 5: The Five Laws of Gold

Which would you choose if you had the option between a sack filled with gold and a clay tablet with words of wisdom engraved on it?

The twenty-seven shouted to one another, “The gold, the gold.”

Old Kalabab grinned sagely.

He raised his hand again and said, “Hark.” “Listen to the wild dogs howling there at night. They yell and scream because they are starving and skeletal.

But if you feed them, what do they do? Stride and fight. Then argue and strut some more without thinking about the tomorrow that will undoubtedly arrive.

“The same is true of the sons of men. What do they choose when given the option between wisdom and gold? Waste the gold and disregard the wisdom.

They cry out the following day because they are out of gold.” For those who understand and follow its laws, gold is reserved.

The Golden Five Laws

1. Any man who invests at least one-tenth of his income into building a legacy for himself and his family will get gold gratefully and in growing quantities.

2. Gold multiplies like flocks of sheep for the prudent owner who finds a beneficial use for it, working steadily and contently.

3. Gold clings to the protection of the cunning owner who invests it with the help of knowledgeable advisers.

4. Keep clear from a man who invests his gold in ventures or uses that he is unfamiliar with or that have not been approved by others who know how to manage it.

5. Gold runs away from the person who tries to force it to achieve impossibly high returns, who heeds the alluring advice of swindlers and scammers, or who relies on his own inexperience and romantic investing aspirations. The five laws of gold are as follows.

Chapter 6: The Gold Lender of Babylon.

This chapter starts with Rodan who is very happy because he has got 50 coins reward from the king.

But Rodan does not know what to do with the money now.

That’s why he goes to the gold lender whose name is Mathon.

he takes advice from Mathon

Mathon encourages him to donate the money to someone who can explain to him how he intends to utilize it and how it will help him.

This is crucial advice from the gold lender: “If you want to support your friend, do it without adding to their burdens.”

BETTER A LITTLE CAUTION THAN A GREAT REGRET

Chapter 7: The Walls of Babylon.

This chapter has provided information on how Babylon’s walls have always been guarded. No one has ever been capable of breaking Babylon’s walls.

Similar safeguards can be used in your life to ensure that no one will ever be able to defeat you.

Life protection measures include life insurance and investing in reputable businesses.

Chapter 8: The Camel Trader of Babylon.

The more hungry someone gets, the faster they advance.

You must be very hungry if you want to achieve because only then will you stand out from the crowd.

Where there is a will, there is a way.

This chapter conveys a lesson through the tale of a queen.

She uses examples to explain to a slave how to change his viewpoint, move forward, and improve his situation.

If you don’t pay attention to yourself and always run when you find yourself in a challenging situation, you will develop the mindset of a servant.

then you’ll never be successful.

So, whatever the situation, learn how to handle it and move forward.

Chapter 9: The Clay Tablets from Babylon.

It has been explained in this chapter how significant the debt is and how simple it should be to repay by following simple strategies.

In this, the author has made an effort to explain using five clay tablets.

You are instructed on the first clay tablet to set aside 10% of your salary.

Take care of your wife and your family, and keep your household spending at 70% of your income.

Clay Tablet 2: On each full moon day, devote 20% of your income to debt repayment.

3rd Clay Tablet:

Since these are the same people who trusted you and granted you the loan, meet with each of them, express your gratitude, and let them know when and how you will repay their loan.

Clay Tablet 4: If you treat your wife with respect and affection, she will love and respect you more and will stand by your side no matter what.

Utilize your income consistently in accordance with the plan.

Savings of 10%, debt repayment of 20%, and household expenses of 70%

Clay tablet no. 5: master the art of success celebration

Chapter 10: The Luckiest Man in Babylon.

We must never let ourselves be drawn away from our work because it is only through our work that we are able to eat.

As a result, our demands are addressed.

Become friends with work if you want to advance.

Work hard because hard workers are respected.

Only by working hard would your boss be satisfied with you.

You won’t feel worn out if you treat your job as your friend.

With your job, you may make everyone happy and get a lot of respect.

Thank you for your time.