This Book summary is written by Yogesh Bhanushali
The Richest Man in Babylon is a book written in 1926, by George S. Clason.
It shares effective financial advice through a collection of parables set 4,000 years ago in ancient Babylon.
It’s a must read for anyone wanting to truly master the concept of money.
The book explains how to be financially successful and achieve your dreams and ambitions.
This useful summary provides you with timeless financial principles, as well as the basics of effective money management, thus giving you the tools to make your income thrive.
There are 2 Laws from this book which I strongly recommend to be followed strictly, especially to achieve financial stability.
1. EVERY 1/10TH OF YOUR INCOME HAS TO BE SAVED WISELY.BUILDING A HABIT OF SAVINGS IS VERY IMPORTANT.
2. ADVISE SHOULD ALWAYS BE TAKEN FROM THE EXPERIENCED PEOPLE. RIGHT ADVISE FROM HONEST AND EXPERIENCED ADVISORS CAN BE LIFE CHANGING.
Below are few other important TIPS I gathered from this book and would strongly recommend to be followed.
- Focus on activities to fatten your purse, Start with fattening your financial accounts.
- Control your expenses. …
- Make your savings multiply, by converting savings into investments.
- Guard your treasure against getting lost. In Modern days, Insurance can help you to guard your Assets against financial losses.
- Own a home. It adds to your emotional stability.
- Investing is about patients and NOT GREED
- Insure your future income. Focus on achieving stability of your future income.
- Increase your ability to earn. up-skill and learn new things. Actively look for passive income streams.
Foot notes:
This book teaches us time tested and effect lessons about financial management.
THE MORE U LEARN THE MORE U EARN.
FOLLOW THE LAWS PROPERLY AND U CAN BE A SUCCESSFUL HUMAN BEING.
Mr. Yogesh Bhanushali is a Experienced Financial Advisor and a Senior member of BeSmart Team.
He can be contacted at yogesh@besmartgoa.com
