The Richest Man in Babylon: (Ultra Condensed Cliffnotes #36)

The Richest Man In Babylon - By George S Clason notes by Kingtson S Lim

Below are my personal notes of The Richest Man in Babylon. These highlights were what I used to write my personal development book, Wiser Next Week, a condensation of many different self improvement books.

“Fickle Fate” is a vicious goddess who brings no permanent good to anyone and brings ruin to those showered with unearned gold. She makes wanton spenders, who soon dissipate all they recieve and left with overwhelming appetites and desires they lack the ability to gratify
Others become misers and hoard their wealth, fearing to spend what they have, knowing they lack the ability to replace it,They fear robbers, and soon find themselves doomed to lives of emptiness and secret misery

Remember that the sun that shines today is the sun that shone when thy father was born and will still shine when your last grandchild passes into the darkness

“I found the road to wealth when decided that a part of all I earn is mine to
- Can you live in Babylon without spending? You pay everyone but yourself, your labor for others. As well be a slave and work, for what your maser gives you to eat and wear

Every gold piece you save is your slave. Every copper it earns i its child that can also earn. Wealth requires that your savings earn and its children must earn, that all may help give you the bundance your crave
- It should be no less than 1 tenth, no matter how little. Pay yourself first.
Wealth, like a tree, grows from a tiny seed. Faithfully nourish and water the tree with consistent savings and you shall bask in contentment beneath its shade.

Opportunity wastes no time with the unprepared, good luck waits to come to that man who accepts opportunity
Truth is always simple, it is lies that are complexed with ever increasing need for justification

7 Cures to a Lean Purse

The 1st Cure: Fatten the Purse
- For every te coins thou places within thy purse, take out for use but nine. Thy purse will begin to fatten at once and its increasing weight will feel good in hand and satisfy the soul.
- Which do you desire most? The gratification of daily desires, jewelry, finery, things quickly gone and forgotten? Or is it substantial belongings, gold, land, investments? Coins taken from thy purse bring the first, coins left within bring the latter
The 2nd Cure: Control Expenditures
- Some earn far more than others, yet all purses are equally lean
- What each of us calls necessary expenses will always grow to equal our incomes without our protest
- Realize that all men are burdened with more desires than they can gratify.
  - Let thy motto be one hundred percent of appreciated value

Write down each thing desired to spend. Select the necessary and others possible through the expenditure of nine-tenths of thy income. Cross out the rest and consider them the part of the great multitude of desires that must go unsatisfied and regret them not
The purpose of a budget is to help thy purse fatten. To assist thee to have thy necessities and realize the most cherished desires by defending them against casual wishes

The 3rd Cure: Make thy Gold Multiply
- Gold in a purse earns nothing
- A man’s wealth is not the coins in his purse, it is the income he builds, the golden stream that continually floweth into his purse to keep it fat and continues to come whether working or traveling
- To put each coin to laboring that it may reproduce its kind and help bring to thee income, a stream of wealth that flows constantly
- The initial first step in building an estate is the important first step in transforming a man that earns from his labor to a man that earns from his gold.
The 4th Cure: Guard thy Treasures From Loss
- The first sound principle of investment is security for thy principal
- Study carefully before parting with thy treasure
  - Do not entrust a brickmaker to buy jewels
The 5th Cure: Make thy Dwelling a Profitable Investment
- If a man sets aside nine parts of his earnings upon to enjoy life, and if any of the nine parts is turned into a profitable investment, then so much faster will his treasures grow.
  - Own thy own home

The 6th Cure: Insure a Future Income
- Make preparations for your family should you no longer be with them to comfort and support them
- No man can afford not to insure a treasure for his old age and the protection of his family, no matter how prosperous his business and investments
- Provide in advance for the needs of thy growing age and protection of family

The 7th Cure: Increase thy Ability to Earn
- Preceding accomplishment must be desire. These desires must be strong and definite.
- This is the process of wealth accumulation, first in small sums, then in larger ones as a man learns and becomes more capable
  - (you must demonstrate to the world that you are capable through gradual steps before financial capital in the form of money, and social capital in terms of authority are granted to you)

As a man perfecteth himself in his calling, even so his ability to earn increase
The more of wisdom we know, the more we may, seek greater skill so that you may better serve those upon whose patronage you depend

If these brief notes peaked your interest in The Richest Man in Babylon, you can check it out on Amazon here.

And be sure to check out my book, Wiser Next Week.

All Previous Entries:

The Magic of Thinking Big: Ultra Condensed Cliff Notes #1

Millionaire Fastlane: Ultra Condensed Cliff Notes #2

The 7 Habits of Highly Effective People: Ultra Condensed Cliffnotes #3

30 Lessons for Living: Tried & True Advice from the Wisest Americans: Ultra Condensed Cliff Notes #4

Awaken the Giant Within: Ultra Condensed Cliff Notes #5

The End of Jobs: Ultra Condensed Cliffnotes #6

Slipstream Time Hacking: Ultra Condensed Cliffnotes #7

Think and Grow Rich: Ultra Condensed Cliffnotes #8

Influence: The Psychology of Persuasion: Ultra Condensed Cliffnotes #9