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Summary of The Richest Man in Babylon

Summary of The Richest Man in Babylon

A great book by George Clason with concepts worth looking over. The book illustrates the importance of saving and investing early;  most importantly the development of key habits to help establish improved financial wealth. Take action in cultivating rich habits:

  1. Pay yourself first. Save at least 10% of your income (the more the better).
  2. Make money work for you by creating passive income streams. Do not save just for the sake of saving; save to acquire profitable investments!
  3. Live below your means. It’s how much you keep, not how much you earn which determines whether you’re wealthy or not.
  4. Utilise the effects of compounding. Whether its habits or money, the power of compounding over an extensive period of time leads to great returns/rewards. In other words, you reap what you sow!

 

Sources of information:

  1. https://www.youtube.com/watch?v=3FrL3LUnu6Q
  2. https://www.youtube.com/watch?v=G4MnrKLphrQ

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