The richest man in Babylon Summary- George S. Clason

Introduction

Everyone wants to get rich, but the right way to get rich is unknown to most people. They think that poor people can never be rich,

If so, that is his destiny Otherwise, he must have made money by doing something wrong.

If you too want to increase your wealth and live a beautiful life or become rich, then the book “The Richest Man in Babylon” contains the secret information from which Babylon, one of the cities of ancient society, became rich.

Hello and welcome to “AtoZ Library”, today I am going to share with you the summary of George S. Clauson’s book “The Richest Man in Babylon”, the fun and informative stories are written in this book will take you on the path to wealth and happiness.

In this post, you will learn the key mantras of the richest man in Babylon to get rich, so let’s start with the summary of the book The Richest Man in Babylon.

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What You Will Learn From This Book?

This book will teach you the best investment policy, what is the investment? And how to do it? The more one is hungry, the more one’s head can think. Guide this power with the five principles of gold. Before investing 1 gold somewhere, you have to make sure that it can be returned safely.

At the end of this book summary, you will learn

• How to make money?
• How do you keep your money?
• How to make more money with money?
• How can you find solutions to difficult financial problems?
• You will learn some special rules of debt management and
• Every aspect of your personal finances is important.

About The Babylon City

The city of Babylon was one of the most interesting and rich cities in history,  Its jewels and gold treasures were incredibly beautiful, the natural resources were nothing here.

The city became rich because of the people here, the natural resources here were fertile soil and river water. Besides, there were no mineral resources, natural resources, or forest resources.

There were not even suitable stones for building houses and roads. The location of the trade route was not like that here. There was not enough rain to grow crops. Despite this, the city became rich only with the help of people.

The city was located in an arid valley on the banks of the Euphrates River, about 600 miles east of the Suez Canal, just north of the Persian Gulf in Asia.

One of the outstanding wonders of the city of Babylon was the huge wall of their city, which included the seven wonders of the world along with the Egyptian pyramids. This wall was the protective charm of the city.

Along with this huge wall, when the city building and maintaining, empowering human forces were withdrawn, it turned into a ruin.

By studying the ruins of the city of Babylon Archaeologists know that, Paper has not yet been invented in this city, so the people there used to bake the necessary information and images into earthenware tablets and then bake them into hard tiles. And stored it.

They also received samples of those stored tablets, The city of Babylon no longer exists today but some of the knowledge that the people of that city helped to enrich the city is still with us. Through today’s post, we will learn some of those instructive things.

A)-The man who desired gold

The story begins with the sad thoughts of Bansir, a chariot builder in Babylon. Once Bansir had left all his household chores and hung his feet on the wall.

He had nothing to eat, he would get some money if the chariot he had built was full, yet he stopped that work and was deep in thought, then his dear friend Kabbi came to him and asked him for some money, but He can’t pay because he doesn’t have money. Kabbi wants to know why he doesn’t work, even though he has no money.

Bansir told he was thinking that he has a lot of money and is spending it as he pleases, but when his dream is shattered he realizes that he has no food.

They both agree that How much money they have earned in the past and are still proud of it, The city they live in is said by visitors to be the richest city in the world, But those two people living in that city have no money.

If this attitude continues then the condition of their children will be the same as theirs. They have been working on their own for so long but they still have no savings. They had never realized this idea before. When they realized this, they realized that they might not know the right way to get rich, so they had to learn from someone who had become rich, They decided that they would learn the secrets of getting rich from their childhood friend Arkad, a very rich man, and they decided to go to Arkad with more of their childhood friends.

In this chapter, you will learn how a person strives to become rich and realizes his meaningless condition and why he needs to be rich. After visiting Arkad, Arkad told them some secret information to get rich which we are going to know in the next chapter.

B)-The richest man in Babylon

At that time there was a very rich man named Arcad in the city of Babylon. As soon as he became rich, he was very kind, giving generously to the poor and spending his money on various necessities. Even after spending so much, his treasury never ran out. His treasury was always full.

Once some of his childhood friends came to him and wanted to know how he became the richest man in Babylon. One day he was like his friends, he was not very good at studies and he was not very hardworking so his friends wanted to know how he got so rich today.

Then Arcad informs them that they were unaware of the rules of handling money from their young age or that they were not qualified to handle money. After that Arcad began telling his success story to his friends.

Wealth is a power by which man can do anything, fulfill any desire, go anywhere and taste any of his desires. When Arcad understands all this, he decides that he too wants to be one of the richest men who have inexhaustible wealth. And he understands that in order to be rich he has to learn the ways to become rich so he is ready to learn from those who have all this knowledge he will learn how to be rich.

Arkad used to write, once a moneylender named Algamis came to Arkad to do a job. Instead of getting the job done quickly, Arcad wants to know how to get rich.By the way, when Arkad completes his work in the allotted time then Alcamis told Arcad the secrets of getting rich. The secret to getting rich is to learn from Algamis,

• You have to save one-tenth of your earnings.
• The money saved from the earnings has to be invested properly.
• For advice on something, you need to get advice from a skilled person.
• And the dividends received from the money invested must be reinvested.

Arkad said that after many mistakes, when he was able to learn these rules correctly, Alkamis gave Arcad the responsibility of looking after his own property and later gave him some of his property, thus making Arkad a rich man.

C)-Seven cures of Arcad

Once the king of Babylon invested heavily in the construction of canals and temples in the city of Babylon. Despite all the money that went to the inhabitants of the kingdom who worked there, the king realized that they could not hold on to it even after receiving so much money.

In order to solve this problem, the king decided that the people of the city of Babylon need to be properly educated about money, so Arcad, the richest man in the city of Babylon, was invited to do this work. Arkad continues to teach about money to 100 people selected by the king

Now we will learn about the economic policies taught by Arcad, which served as a relief to the people of Babylon.

1-Pay yourself first

We pay for everything in our daily lives, to eat, to dress, to make shoes, and for a variety of entertainment, but for ourselves?

We never pay ourselves, so pay yourself at least 10% of your earnings, and the remaining 90% you can spend on essentials. If saving 10% is not difficult for you, you will be able to save 10% easily,

If it is a little more then it is better but if more than 10 percent is a little difficult for you then there is no need to do it. Save only 10% for you.

2-Control your spending

Most people confuse necessity and desire,

Learn To Spend Your Earned Money Properly Spend Only On The Necessary Things We Need First Of All The Things We Need First, Reduce The Spending On The Unnecessary Things, This Will Allow You To Control Your Expenses, Which Can Increase The Amount You Save.

3-Make Money Work for You

Just spending money properly and saving it is not enough to get rich, you have to let money work for you,

So that your saved money is not only deposited but also able to earn more money. For this, you need to invest your saved money in different businesses and re-invest the profit from the invested money so that the amount of money invested will gradually increase and your saved money will work for you.

4-Protect Your Wealth

You need to keep your assets safe, otherwise, the hard-earned assets may go away from you in an instant, so before investing, you need to properly evaluate the chances of making a profit from what you are going to invest in.

If you want to make a lot of money, invest in a business that will definitely protect your money.

Acquire knowledge about investing, do not take any advice from relatives, or friends, verify yourself, and invest safely.

5-Own Your House

Most people who live in a rented house think that it is better to live in a rented house with less money than to build a house, but they do not think that there is an extra cost per month to live in a rented house. If it were your home, it would save you money, even though you need a hefty sum of money to build a house, but once you invest this hefty sum, you can save money every month, so try to own your own home.

6-Ensure a Future Income

Every human being in our world has a certain period of time, every one of them grows old and dies one day after gradual aging, this is the normal life cycle of our human beings, no human being can live differently from this life cycle.

When we are old we have no ability to work but even if we don’t work we have different daily needs like food, medicine, and clothes, we need money for these things so before we reach old age we have to make a way to earn some money.

We need to invest in a variety of assets to meet our financial needs, even if we cannot work in old age so that we can earn money to meet our financial needs. So create a precise and secure way to earn money for the future.

7-Invest in Yourself

Arkad says in his seventh, that is, the last law

To increase our revenue we need to train ourselves more, if you are a businessman then you need to learn how to buy better products at lower prices and sell them to people very easily. If you are an artisan then you have to work hard and learn how to be able to produce any product in a very short time.

So take a variety of lessons to increase your knowledge of the subject you are good at, which will increase the amount of money you earn several times.

D)-Meet the goddess of good fortune

Many people think that happiness is a gift from God and that those who have God’s mercy are blessed, but that is not the case.

People who make good use of the opportunities that come their way are fortunate.

Luck comes by itself and knocks on the door, we get many opportunities in life that can change both our time and destiny, there is no one in the world who does not want good luck in his life but most people are unfortunately not able to take advantage of opportunities for their own sake.

They do not realize that what has come to them is a golden opportunity, they ignore it and cannot use it properly, which is why they cannot be lucky. So whatever opportunity comes in life, use it properly.

E)-Babylonian gold lender

The Babylonian spear maker Rodan once received fifty gold seals as a gift from the king. But after receiving the gold coins, he did not know how to use them, so he went to a man named Maithon, who was a very intelligent moneylender. Maithon taught him how to lend those golds to someone. Here are some things to keep in mind before giving a loan.

• After verifying the exact reason for taking the loan from the person in front, the person has to give the loan
• If a loan is related to a business, you need to know how much the person knows about the business so that the person does not fail in the future.
• Before lending money to a person, you need to know everything about the person, what he or she does, what others think of him/her, and how good his/her reputation is.
• Schedule the loan repayment period and agreement before giving the loan
• Don’t lend money to anyone emotionally
• Do not lend to anyone beyond your means, lend as much as you can afford

F)-The Five Laws of Gold

In order to make our life economically successful and strong, this book contains five valuable principles which are known as the five principles of gold.

1. The money belongs to those who keep one-tenth of their earnings for themselves and their families.
2. People who invest money in the right place with the advice of the right people, earn money for them at an increasing rate.
3. Money is only safe for those who have the right knowledge about investing
4. People who misinterpret money in the hope of making a huge profit do not have the money and quickly lose it.
5. Money goes away from those who invest money without any knowledge.

G)-Conclussion

After reading the whole book, here are the keywords to keep in mind to secure and strengthen our economic life.

• Save 10% of your earnings.
• Invest the money saved.
• Re-invest the profits from the money invested.
• Before seeking advice from a person, make sure that the person is suitable.
• Don’t spend more than 90 percent of your earnings.
• Create a road to future earnings.
• Keep improving your skills and knowledge.
• Make proper use of any opportunity.
• Make sure you get your money back before you lend it to anyone.

H)- For the purpose of the reader

We hope you enjoy the summary of George S. Clausen’s book The Richest Man in Babylon. You must have known about the book after reading the summary.

If there is anything to learn from this article, please share it with your friends so that they too can get this information. We look forward to hearing from you, don’t forget to let us know your valuable comments in the comment box.

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