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My notes on The Richest Man in Babylon Part 1

“If you have not acquired more than a bare existence in the years since we were youths, it is because you have either failed to learn the laws that govern the building of wealth, or else you do not observe them”

 

“I found the road to wealth when i decided that a part of all I earned was mine to keep. And so will you”

 

“Every gold piece you save is a slave to work for you. Every copper it earns is its child that also can earn for you. If you would become wealthy, then what you save must earn, and its children must earn, that all may help to give you the abundance you crave.”

 

“A part of all you earn is yours to keep. It should be not less than a tenth (1/10) no matter how little you earn. It can be as much more as you can afford. Pay yourself first. Do not buy from the clothes-maker and the sandal-maker more than you can pay out of the rest (9/10) and still enough for food and charity and penance to the God.”

“Wealth, like a tree, grows from a tiny seed. The first copper you save is the seed which your tree of wealth shall grow. The sooner you plant that seed, the sooner shall the tree grow. And the more faithfully you nourish and water that tree with consistent savings, the sooner may you bask in the contentment beneath its shade.”

 

“Advice is one thing that is freely given away, but watch that you take only that is worth having. He who takes advice about his saving from one who is inexperienced in such matters, shall pay with his savings for proving the falsity of their opinions.”

 

“Opportunity is a haughty goddess who wastes no time with those who are unprepared.”

 

“Counsel with wise men. Seek the advice of men whose daily work is handling money. Let them save you from such an error as I myself made in entrusting my money to the judgement of Azmur, the brick-maker. A small return and a safe one is far more desirable than risk,

The laws of gold:

(1) Save a minimum of 1/10 of your income

(2) Take competent advise from competent personnel.

(3) Do not eat the children of your saving

(4) Always manage your investment risk.

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