Financial intelligence: Books #2

fletcher23 (35)in #money • 7 years ago (edited)

The richest man in Babylon

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The richest man in Babylon is a series of financial parables. These stories are set in ancient Babylon and relate the story of a Babylonian regular guy who used some basic financial sense and built up a great deal of wealth.

This book has opened eyes for way more people than you might think , it is easy to read it , everything is put into relatively small chapters that bring up important lessons. It is actually my favorite Financial Book that I have red so far. It teaches you what to make with the money you have and the money you will make , you don`t need to have a lot of money to become rich all you need is to know how to make your money work for you .

You have to put your money to work , they do not need rest , they can work while you sleep if you know what to do with them.

As said in the book you need to make the money your personal slaves . Being a money slave is the worst thing you can do.

Here are the gold rules you can find in one of the book chapters:

1. Gold cometh gladly and in increasing quantity to any man who will put by not less than one-tenth of his earnings to create an estate for his future and that of his family. In other words, a person should put away 10% of his or her income for the future as a bare minimum. This rule is so incredibly fundamental, yet only a small minority even bother to follow it.

2. Gold laboreth diligently and contentedly for the wise owner who finds for it profitable employment, multiplying even as the flocks of the field. If you invest your money well, your money will simply make more money. Again, a very simple and obvious rule, but one that many people never get to because they didn’t follow the first rule.

3. Gold clingeth to the protection of the cautious owner who invests it under the advice of men wise in its handling. This rule encourages cautious investing, or at least encourages the investor to at least be informed. In today’s era, one can turn to the internet for plenty of investing information.

4. Gold slippeth away from the man who invests it in businesses or purposes with which he is not familiar or which are not approved by those who are skilled in its keep. This goes hand in hand with the third rule: if you invest in stuff you don’t understand, you’re likely to lose money. Don’t buy the latest hot stock from your stockbroker; investigate and invest where you want.

5. Gold flees the man who would force it to impossible earnings or who followeth the alluring advice of tricksters and schemers or who trusts it to his own inexperience and romantic desires in investment. The worst option is to invest in anything that promises absurdly good returns, or anything that you’re heavily pressured into buying. These investments are scams and won’t stand up to serious research.

So if you want money you have to take action , you have the learn how money works and how to put them to work . If you just sit and hope that one day you will become rich , let me tell you something... You do not even deserve to be a rich person. Being rich means being smart !!

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