Showing posts with label The Richest Man in Babylon. Show all posts
Showing posts with label The Richest Man in Babylon. Show all posts

Tips of The Richest Man in Babylon To Overcome The Empty Wallets


Introduction : The Richest Man in Babylon

The dream of wealth and access to the path of financial freedom, the dream of many people throughout the ages, and still today, intelligent people and those with strong ambitions search for the secrets of the financial world to achieve their ambitions, hoping that they will find in the money and business books presented by experts what helps them to understand ways to achieve wealth.

Today we are going to summarize the book The Richest Man in Babylon, to find out its content and to make sure that it is worth your time before you decide to actually read it. In any case, you are in the right place.

Today we will present to you the summary of The Richest Man in Babylon book in an easy, simple and also comprehensive way, so that through this summary you can reach all the essential points that were mentioned in the book. All of this will be presented to you in a simple, easy and fun way.

Let's start with the summary of the book The Richest Man in Babylon.

The story of The Richest Man in Babylon's Book

This book was written by the American businessman, "George Clason" in 1926, and the writer was interested in explaining in his book The Richest Man in Babylon, how a non-specialist man can find a way to improve his financial life, and get rid of his accumulated debts in a practical and realistic way from inside life Daily, to provide a set of tips that suit every time and place and not the ancient city of Babylon alone.


The Richest Man in Babylon is divided into a group of chapters, and each chapter contains an interesting and interesting story in ancient Babylon, but it is very meaningful.

History of the ancient city of Babylon



The history of the ancient civilization of Babylon goes back to about 8,000 years ago, and Babylon is the most city throughout the ages that has lived in material prosperity and prosperity, and has been filled with riches and treasures in a way that makes us all imagine that this city certainly has enjoyed a distinguished strategic location, and with many natural resources that helped Its people achieved this great wealth, but it is very surprising that Babylon was located next to the Euphrates River in a flat, arid valley, and it did not have any of the natural resources from forests or mines of precious metals, but even there were no stones for building houses!

Even the rainwater was not sufficient to cultivate and irrigate crops, and Babylon was also not a huge commercial city, due to its lack of a privileged location that qualifies it for that.

Writer George Clason says in his book The Richest Man in Babylon:

Babylon was a wonderful example of man’s ability to achieve great goals using whatever means available to him. All the resources that supported this great city were from the development of man himself, and all of its wealth was man-made.

The natural resources of ancient Babylon consisted of two main resources: fertile land and river water.

Man made in Babylon a wonderful example of distinction and uniqueness, which makes us all stand in front of him in amazement to contemplate that great scene.

The Babylonian engineers made the greatest engineering achievement in history, which was their diversion of the river’s water course through dams and large irrigation channels. The river’s water crossed the fertile land of Babylon, and as a result of this enormous irrigation system, abundant crops appeared throughout the year.

The Story of The Richest Man in Babylon.

The book revolves around the "Pancer" the chariot maker in Babylon, who was sitting extremely frustrated and looking sadly at his modest home and the shoe workshop where he made beautiful shoes for the wealthy.

"Bunser", like many people, always dreamed of becoming a rich and important man, and he worked hard for many years. He and his friend, "Kobe" the guitarist, and yet neither of them could achieve that dream, but they could barely fulfill their basic needs only. .

"Kobe" met his friend "Bancer" and while they were thinking about the story of why they did not get enough money, and they did not realize the dream of material wealth even though they live in the beautiful city of Babylon full of riches and great treasures. "Arkad" is their friend since childhood, but "Arkad" is the richest man in Babylon, and is distinguished by his wise and very humble personality, and his love to help others.

Banser, Kobe and some other friends gathered, and went to Arcad to learn from him the secret of achieving his tremendous wealth, and how they could become rich like him, so that Arkad welcomed his friends' desire to learn the secrets of wealth-making, and then begins to explain the principles and rules of dealing with money to them, and tells them to them The story of his success and achieving his tremendous fortune.

This is despite the fact that "Arkad" was not in the past academic surpassing his friends, or the son of a large and significant family. Rather, he was like the rest of his friends from an average family, but what distinguished him in his youth was his strong desire to achieve a huge fortune As well as his belief that he can do so by learning the right path and constantly striving towards achieving his goals.

Arkad begins to explain the rules of dealing with money to his friends through seven principles he called “the seven principles to overcome empty portfolios,” explaining to them that if they want to know something, they must have two basic elements:
- Time
- Studying

And this is what he did in his youth, when he wanted to achieve a huge fortune, to enjoy a luxurious life in which he could get everything he dreamed of, so he began to study ways to achieve wealth and apply it, and learn from his mistakes every time he failed to reach that goal.

Seven Principles to Overcome Empty Pockets.

Principle One: Start filling your Wallet.

Arkad explained to his friends that the first way to get money in abundance is to start saving at least 10% of your total income, whether it is monthly or weekly, before you start to pay off your obligations and debts under the pretext that you must: “Pay yourself first before you pay To others ”.

And the means of paying for yourself is to save 10% of your total income, and to make it a habit on an ongoing basis, and it does not matter here if your income is small or large, but by applying that principle you will start the first step on the road to wealth creation.

Then, "Arkad" said that wealth is made from a small seed, and if you take care of it regularly, it will grow and prosper with time.

Then, after you save 10% of your income, you divide the remaining 90% on your expenses, obligations and basic needs.

Principle two: Control your Bills.

Arkad directed his friends to the necessity to reduce spending on unnecessary or essential things that can be dispensed with, as well as not to confuse necessary expenses with personal desires, as the desires of all of us as human beings have no limits.

Just as we, today, in the twenty-first century, want to acquire expensive smartphones and cars whose price exceeds many times the income we get, so we are forced to do bank borrowing, so that we can meet those desires that are not commensurate with our average income, so we fall into a trap To live in order to pay the monthly installments, because we buy what we cannot afford.

The people of Babylon also had many desires for the jewels, the luxurious ornaments, the beautiful and expensive clothes that the merchants brought from the countries of Phenicia, as well as the shoes encrusted with emeralds and other desires that they could not afford.

That is because the desires of man are an integral part of him since ancient times, and are not a product of modern life, but rather they only evolve as life and the environment around him develop, and according to the age in which he lives.

Then Arkad advised his friends that a person should set limits for everything in his life, limits for the food he eats, limits for the clothes he buys, as well as limits for his time, and also limits for the pleasures he enjoys, in order to live a balanced life, instead of living under pressure to pay off debts And pay for endless desires.

Then he asked them to write on a clay board everything they wanted to spend for, and then choose only the necessary things within the limits of the 90% pre-determined to meet the obligations, with an emphasis on the need not to prejudice the 10% that was set for saving.

Third Principle : Work to grow your Wealth.

In this principle, Arkad put his friends on the first path to achieving wealth, as he said that “saving money is just the beginning”, and that his huge wealth began after he invested his savings, and despite his failure in the first investment of these savings and losing them as he did not invest them in the way Correct, except to learn from this experience how to invest his savings in a guaranteed way to work in order to bring in more money.

This is by sharing it with specialists skilled in the type of trade in which they work, and he also explained to his friends that he was not satisfied that his savings would make profits, but that he used to invest savings with profits every time to achieve additional profits, and so every time that the savings returned to him with profits he invests them Once again to bring him more money.

Fourth Principle : Preserve your Wealth from being Lost.

After advising his friends that Arkad should work to increase wealth, he explained to them that the first guaranteed way to invest capital is to protect your capital, through several important points:

- To learn to preserve small amounts, and learn to protect them, before you can earn large sums.

- Not to be deceived by the large gains in the event that there is a possibility of losing capital, due to entering into projects that you do not have sufficient experience or knowledge about.

- Not to enter into a partnership with any person with your capital before making sure of his reputation, honesty, and work experience.

- Before deciding to invest in any field, you should study the risks of investing in this field, and study them well.

- Ask for advice from people who are experienced in how to handle money.

Fifth Principle : Make your home a profitable Investment.

In this principle, "Arkad" sends golden advice to his friends to invest in fixed assets, which are "real estate", which are the best types of guaranteed and profitable investments, whose value doubles over time.

He appealed to his friends to the necessity to strive towards each of them owning a home of his own, especially if each of them was able to direct part of the 90% of the specified income for the purpose of paying the obligations and basic needs, to investing in order to buy a private house, this will help build Wealth is faster, as investing in a fixed asset is a material and moral investment at the same time, in addition to it is a good material investment, it will also help you raise your standard of living and move it to a better level, as well as provide a decent life for you and your family.

Sixth Principle : Ensure stable future Income

The principle of guaranteeing a stable income in the future helps you to ensure a decent life in old age, when you are not able to work to the same extent as the youth stage. Arkad asked his friends to think about sources of income through which they could guarantee a stable source of income in the future.

And he gave them some tips that help them do that, namely:

- Buying houses and real estate chosen wisely, so their revenue or the price of selling them in the future can be a source of constant income that will benefit from it in the future.

- Providing a small amount of money every week on a regular basis, then investing it and investing its profits over many years, and allocating these savings and profits to benefit from them in the old age stage - where you have achieved large profits that can constitute a reliable source of income at that time.

Seventh Principle : Increase your earning Capacity

Arkad concluded the principles that he set to overcome the empty governor with the seventh principle, which is the need to learn how to earn more money, because the desire to become rich is a noble desire, but it is not enough, and here he instructed them to work so that each of them learn more skills in his profession , Which will transfer him from the novice level to the level of the professional expert, which will ensure that the chances of obtaining money are multiplied exponentially from the income, without being keen to improve and raise the efficiency of practical and personal skills, and to develop yourself continuously, you will not be able to achieve an increase in the rate of income that you get.

Arkad was not only the richest man in Babylon and a scientist in the arts of dealing with money, but he was also a wise man familiar with many human aspects. In a new interesting and interesting chapter of the book, he is presented to us through a group of funny stories at work, which he tells In it, the owners of their owners have lost a lot of commercial opportunities, and that if they had exploited them, they would have achieved many successes and profits in their businesses.

Arcad tips for dealing with Opportunities.

- The good fortune that everyone seeks is a product of taking advantage of the opportunities that come to you.

- Good luck comes only to those who actively work to take advantage of the opportunities presented to them.

- People who are keen to take advantage of the opportunities that come to them in their lives, and not to waste them, are the ones who bring good luck to themselves.

- Good luck only comes to those who seek it.

- Working positively all the time will ensure that you achieve success and progress towards your goals.

The Five laws of dealing with Money.

Then the writer moves us in a new chapter of the book, to show us the five laws of dealing with money, through his story with his son, "Numaire".

Young people in Babylon were living in the hope that they would inherit the property of their families, but Arkad wanted to change this custom. The responsibility to earn money alone, after his father gave him two things, namely "money and wisdom," so he gave him:

A bag full of gold as a test for him to see how he will use the money.
A clay tablet inscribed with the Five Laws governing dealing with money, and he was asked to apply them and make use of them.
Provided that he returns after ten full years to inform his father of what happened to him, and if he proves to him that he deserves his wealth, he will inherit all his possessions, and if he is not able to do so, then Arkad will forfeit his wealth to the poor ..

To start a new chapter here, in which the writer tells the challenges that Numaire faced, and how he failed in the beginning to preserve the bag of gold coins, because he did not use the tablet inscribed with the Five Laws of Deal with Money, which represent the wisdom of the richest man in Babylon.

And how these laws are what helped him later to achieve great wealth, through many events and challenges that he went through during the ten-year journey, until he was able to achieve this wealth, return it to his father, and tell him what he went through during these years.

These are the five laws of dealing with money

1- Money comes easily and in increasing quantities for anyone who saves at least a tenth of his income in order to create property for his and his family's future.

2- Money works hard and complacent for the sake of its wise owner who finds a good way to grow it, thus multiplying it.

3- The money remains in the protection of its careful owner, who invests it in the framework of advice provided by men who are skilled in dealing with money.

4- Money quickly escapes from the hands of the person who invests him in works and purposes that he is not familiar with, or who are skilled in preserving it does not agree with them.

5- Money flees from a person who forces him to reap the impossible revenues, or he follows the tempting advice offered by fraudsters and deceivers, or depends on his investment on his experience and emotional desires.

Conclusion

After that, the writer moves us to other chapters in which he reviews the stories of some merchants in ancient Babylon with their trades and wealth, to benefit from the experiences of the former, and to learn through them that the laws governing money and the methods of obtaining and preserving it have not changed over the ages and that a book was written nearly a hundred years ago. Valid at any time and anywhere.

This was the summary of the book of The Richest Man in Babylon, but of course it is not everything. The book carries with it a lot of knowledge, knowledge, and human experiences, which will contribute to changing the way you think and deal with money.

We in the winners hope that our reading friends will read this valuable book, and tell us their views on it, as well as in the summary we have presented to it, and we welcome if you like the idea of ​​presenting this type of article, we welcome the nomination of books that you would like to present a summary of through comments.