This is my book summary of The Richest Man in Babylon by George S. Clason. My notes are informal and often contain quotes from the book as well as my own thoughts. This summary also includes key lessons and important passages from the book.
The Richest Man In Babylon – is a series of parables set in ancient Babylon concerning financial wisdom.
Here are the 3 lessons that you can apply right now to start building wealth.
- Live below your means.
- Learn how to be lucky.
- Never take on debt.
Lesson 1: Live below your means.
Do not live beyond your means.
Increase your ability to earn. Improve your skills. As you perfect your craft, your ability to earn more increases.
You cannot arrive at the fullest measure of success until you crush the spirit of procrastination within you
Lesson 2: Learn how to be lucky.
The more we know, the more we may earn. The person who seeks to know more of their craft is capable of earning more.
“Where the determination is, a way can be found.”
Luck, however, is based on opportunity and you can create more opportunities by working hard.
Lesson 3: Never take on debt.
Above all, you should desire safety for your money. Better a little caution than a great regret.
Protect yourself with insurance. You cannot afford to be unprotected.
No man respects himself if he does not repay his debts.
If you are in debt, live on 70% of what you make. Save 10% for yourself. Use the remaining 20% to repay your debts.
Buy the Book: The Richest Man in Babylon
The Richest Man In Babylon is a must-read for anyone wanting to truly master the concept of money. The book delivers financial tips in a very strong way: by wrapping them into amazing stories.