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THE RICHEST MAN IN BABYLON SUMMARY

THE RICHEST MAN IN BABYLON SUMMARY


The richest man in Babylon didn't make his fortunes by spending more money than he could afford. He became rich by setting aside money and investing it.

He took 1/10 of his income and invested it in ways that were sure to produce more income. All of the other men in Babylon desired wealth but despite working tirelessly year after year they never had more than just enough gold to survive.


The men would spend their earnings on the best clothes and food that they could afford with their income. Never truly understanding how wealth is created. When they finally had the chance to get advice from the richest man in Babylon.



They discovered that this man had no superior advantage over them. He started out with the same luck the same education in the same resources but somehow he had managed to create a fortune for himself. What made the difference was understanding how money works and how to put a man's gold pieces to work for himself.


Unlike all of the other men of Babylon, the richest man learned early on how to control how his money was spent? He was able to tell the difference between necessities and luxuries and he never fooled himself about either. By controlling his expenses he had more gold pieces to add to his wealth creation army.


Instead of just saving gold pieces he learned how to invest and make his gold bolt apply. You should think of every single dollar that you have to invest like a little money soldier. The more money you invest the more soldiers you have within your army and the more treasure they're able to come back with.

When you send out your money soldiers into the world using sound investments you'll find that money will come back to you in abundance. Some of the men in Babylon finally started to save money and try to invest it. The only problem was poor investment choices. You must always invest your money and whatever you know best. If you're a shield maker, invest your treasure with the blacksmith.


Treasure that is invested poorly and now within the industry that you or an advisor knows well will slip away from you quickly. Many men wish to be visited by the goddess of good luck but when asked to work they'd much rather drink and party with friends. Men of action are constantly visited by the goddess of good luck.

Controlling your expenses and investing every dollar that you can into investments that you know well. Are two of the most important things that you can learn from the richest man in Babylon but you must also constantly increase your ability to earn.


Many of the other men in Babylon who made the mistake of assuming that they knew everything. So it took them decades to realize their ignorance and seek advice needed to change their lives forever and become wealthy. Keep your mind open and never assume that you know everything there is to learn about your investments or field of study.

Control your expenses live below your means and start putting as much of your income as possible towards investments that you know well and never stop taking action. If you follow such advice you too can be more like the richest man in Babylon.