Cure 1: ‘Start Thy Purse to Fattening’<\/strong><\/p>\nEssentially, Arkad suggests saving 10% of your annual income to begin building wealth.<\/p>\n
Cure 2: ‘Control Thy Expenditures’<\/strong><\/p>\nHere, Arkad advises against unnecessary or luxury expenditures, that will ultimately be confused with necessities.<\/p>\n
Cure 3: ‘Make Thy Gold Multiple’<\/strong><\/p>\nThis cure involves investing, then compounding that investments’ return into savings. Simply put, this is utilizing investments to create additional income.<\/p>\n
Cure 4: ‘Guard Thy Treasures From Loss’<\/strong><\/p>\nIn this section, Arkad describes the importance of securing and protecting your investments. He advises against the use of get-rich-quick schemes, saying saving is better than risking finances.<\/p>\n
Cure 5: ‘Make Thy Dwelling a Profitable Investment’<\/strong><\/p>\nArkad strongly advises purchasing your principal residence, as opposed to renting. This is due to the personal equity gained, instead of contributing to someone else’s. He also recommends utilizing your home to establish a business.<\/p>\n
Cure 6: ‘Ensure a Future Income’<\/strong><\/p>\nArkad highly recommends considering the importance of having both a pension and future retirement income. He explains that this is something every person should strive to possess, but is often overlooked.<\/p>\n
Cure 7: ‘Increase Thy Ability to Earn’<\/strong><\/p>\nLastly, Arkad strongly advises the constant pursuit of self-betterment, knowledge, etc. He explains that if you choose to continue progressing your skillset, you will increase your investment wisdom and therefore, your earnings power and overall wealth.<\/p>\n
<\/span>The Five Laws of Gold<\/em><\/strong><\/span><\/h3>\nThe First Law of Gold;<\/strong> essentially, gold comes easily and at increasing quantity to someone willing to save 10% of their income for the future.<\/p>\nThe Second Law of Gold; <\/strong>gold will earn more gold if you continuously invest wisely – do not take unnecessary risks.<\/p>\nThe Third Law of Gold;<\/strong> gold will cling to the owner that invests it wisely, through the utilization of advice from wiser folks.<\/p>\nThe Fourth Law of Gold;<\/strong> gold will slip away from you if you make uneducated or unwise investments – stay within your knowledge base.<\/p>\nThe Fifth Law of Gold; <\/strong>gold will flee the owner that forces impossible earnings, especially through the utilization of financial schemes, gambling, etc.<\/p>\n<\/span>The Gold Lender of Babylon, The Walls of Babylon, and The Camel Trader of Babylon;<\/strong><\/span><\/h4>\nThe last few chapters of this book are broken down into three short parables entitled ‘The Gold Lender of Babylon’, ‘The Walls of Babylon’, and ‘The Camel Trader of Babylon’.<\/p>\n
The Gold Lender of Babylon comes with the message of aiding friends financially. It’s explained that a wise lender will do so based on the guarantee of repayment, not the loan amount required. Also, the safest loans are made to those whose possessions are of more value, than anything that they desire.<\/p>\n
The Walls of Babylon comes with a financial message. It’s posed as a stark comparison between the walls of Babylon, which protected its citizens from invaders for over 1000 years, and that of building your financial wall to protect you from unexpected expenses. Savings allow for protection against unexpected events like funerals, home issues, illnesses, etc.<\/p>\n
Lastly, the Camel Trader of Babylon is a message about the importance of paying off debts, as opposed to borrowing. If you are spending more than you earn, you are submitting to self-indulgence. Intelligent savers will always put away 10%, commit seven-tenths of your earnings to meeting needs, and commit two-tenths of your earnings to paying debt.<\/p>\n
<\/span>Who Should\/Shouldn’t Read The Richest Man in Babylon<\/u><\/span><\/h3>\nThis book is an excellent resource for anyone looking to better their financial situation. The advice presented is relevant and current, even though the book was written in 1926. Amongst the benefits of financial betterment from this book, readers can also look forward to the delightful parable presentation – bringing enjoyment to an otherwise statistic-based genre.<\/p>\n
Folks who aren’t interested in the field of personal finances, may not find use in reading this book. Similarly, people who don’t enjoy the concept of parables, probably wouldn’t find amusement from the way this book is written.<\/p>\n