Why did two skilled craftsmen work their whole lives and end up broke?
This is The Richest Man in Babylon by George S. Clason. The rules of money are ancient, simple, and they never change.
Key Takeaway 1
Two very unhappy men. Bansir built chariots all day. Every coin he earned was gone by month's end. His friend Kobbi was a musician. Same problem. Money came. Money went.
They went to see the richest man in Babylon. He used to be just as broke as they were.
The first of the seven cures. Every time you earn a coin, take ten percent off the top. Put it somewhere you cannot touch. Bansir objected. That is my rent money.
Key Takeaway 2
But here is the truth. What most people get to keep is not what they earn. It is what they do not spend.
Bansir saved his ten percent. Within a year, he had enough to start lending. He learned to make his gold work for him.
The second cure. Control your expenses. Live on the rest. Your wants will always expand to fill your income.
Key Takeaway 3
The third. Make your gold multiply. Each coin is a worker. Put it to work. It earns more coins. Those coins work too.
The fourth. Guard your treasures from loss. Invest in what you understand. Hot tips and sure things are how fortunes vanish.
The fifth. Own your home. It is not an asset in this book. It is the foundation that frees you from rent.
Key Takeaway 4
The sixth. Secure your future. You cannot work forever. Build income that keeps coming when you are old.
The seventh. Increase your ability to earn. Learn skills. Become more valuable. Your income is limited only by what you know.
That is the whole system. Pay yourself first. Ten percent. Live on the rest. Make money work. Protect it. Build it.
