Babylon was once considered the most prosperous city in the world, known for its many houses, palaces, wide and long ramparts. This place used to be a desert area. But with efforts and determination, the people here have turned the barren countryside into a fertile arable land.
The success of Babylon inspired the author to write a series of fables to demonstrate the immutable laws of finance and how to get rich. These rules are widely known among banks, insurance companies and even business owners. They take this as a lesson for employees about the benefits of thrift and hard work. The tips in the book not only help you appreciate the value of money, but also guide you to practice healthy financial principles when making, preserving, and earning more money.
Kobbi and Bansir are two poor friends, but in them there is always a perception and a desire to be rich. That prompted them to turn to the richest man in Babylon for advice and ask him for advice on ways to get rich.
From here, Clason has revealed a classic secret to success and an ancient truth that: "If you want to be rich, you must learn from successful people."
Accumulate at the rate of 1/10
Arkad told his story of getting rich from his days as a poor worker.
Strong will is the first thing everyone needs. Willpower is the pursuit to the end of your work goals. “As soon as I set a goal for myself, I insist on achieving it. Therefore, I am very cautious when setting goals for myself, but once I have a goal, I must definitely complete it.”
Always tell yourself that “You have to set aside one-tenth of all the money you have earned”. Think about it every morning when you wake up, every afternoon before you eat and even before you go to bed at night. The amount set aside for yourself should not be less than one-tenth of the total earnings, and other expenses must be arranged reasonably so as not to exceed the remaining amount.
By saving at least 10 percent of your earnings and leaving it unspent. Over time, the amount will increase and at that time, money will become your slave.
It doesn't matter how much money you start with, as long as you follow the rule of paying yourself first from whatever you earn. You won't even notice this lack of savings. Anyone who can, sooner or later, live on 80 or 90 percent of their income and enslave money, can become rich.
Control your spending
According to Arkad, different occupations have different amounts of income. Some people earn double or triple the income of others every month. But why is everyone's pocketbook flat in the end? Have you ever wondered about what we often call “the necessities of everyday life”?
Do not confuse expenditures necessary in life with expenditures made by personal preferences. In fact, we ourselves and other family members often want to buy things we like, not the necessities of life. And these expenses can be beyond affordability.”
Human desires are endless, and we can only satisfy some of them for ourselves.” So consider making a list of your essentials, then pick a few essentials for life that fit your nine-tenths amount. As for the items of interest, boldly cross them out and see them as thousands of things that you cannot satisfy yourself."
“Planning your expenses right now will help you meet your needs, enjoy the joys of life, fulfill your legitimate desires, and ensure a full life in your life. future."
Five laws of gold
In a corner of the student house, a crowd gathered around a young man to listen to his story. The fascinating story that captivated everyone in the dormitory was taken from the book The Richest Man in Babylon, entitled The Law of Gold.
And the young man who told that story later became the second richest man in the world and was dubbed the wise man of Omaha. That's Warren Buffett.
The story begins when Nomasir, the son of the richest man in Babylon, Arkad, started his career. In order to inherit the fortune, Nomasir needs to go out to explore the world and learn how to make money on his own.
The son was equipped with three bags of gold, and a clay bar engraved with the "5 laws of gold". Not surprisingly, he paid no attention to the wise clay tablet. It was only when he lost most of his money and his situation became critical that Nomasir remembered the clay plate engraved with the 5 laws of gold:
- Gold comes to those who know how to save.
- Gold proliferates with those who know how to invest it.
- Gold stays with those who trust it to the wise.
- Gold is lost when you invest in things you don't understand.
- Gold lost quickly under the get-rich-quick scheme.
Success began to come to Nomasir when he began to apply the rule of gold. Besides, the experience of failure has solidified the philosophy that without wisdom, gold is quickly lost to the one who has it. But with wisdom, gold can be made from someone who does not have it.
Those who do not know that rule can also get lucky, but are likely to lose money quickly. The five rules above will not only help you build wealth. It also saves you from losing money, if you follow those ancient rules
Preserve property
“If you want to help your friends, you have to make sure that the burden doesn't shift from your friends to yourself.”
“Protect and grow your wealth by investing in safe, trusted places with the highest interest rates possible. When a gold coin comes out of his pocket, it must return to his pocket on time. “Before lending your property to anyone, you have to make sure that person has the ability to repay it. You must take the reputation, income ability and work of that person to ensure. Or when deciding to invest capital, you have to anticipate possible dangers and how to deal with it properly.”
“It is better to have a small precaution than to suffer a great regret.”
Determined to own a house
According to Arkad, if you spend 9/10 of your earnings on life needs and save the rest in savings, it is the wisest investment to ensure a stable source of income in the future.
When you have a house, you can in a way reduce some other petty expenses, make the money you make more abundant and can meet other requirements, contributing to improving the standard of living. This meaning is the fifth cure: “Be determined to own a house, because then you can accumulate money and have better conditions to make profitable investments. Future".
Increase earning ability
“We often wish to be rich, but we don't know that, being in poverty, wanting to be rich right away is just unthinkable. But if you wish to have five gold coins, then it is a wish that has a clear, specific purpose and is within your power. This is a strong motivation that pushes you to do it. And then there's nothing to stop you - in the same ways as you did to get the first five gold coins - from going on to have ten more… twenty gold coins… one thousand gold coins. … So obviously you have become a rich person.”
No matter what you do, you need to always find ways to hone and improve your professional skills. If you are a craftsman, you must learn new methods and ways of using tools to improve your craft. If you work in the legal or hospital industry, consult or exchange ideas with colleagues to improve your knowledge. Or if you are a merchant, you have to often go to many places to find the best goods and bring them back to resell at a cheaper price…
See work as a good friend. Try to love your work and never shy away from the hard work. Do good work and do your best, that will not only give you a full life, but you can also redeem your free life through it!
Summary
- Accumulate at the rate of 1/10.
- Control your spending. Focus on your essentials instead of your preferences.
- 5 laws of gold
- Asset Protection Secret: “Protect and grow your wealth by investing in safe, trusted places with the highest return possible.”
- Determined to own a house: Because then you can accumulate money and have better conditions to make profitable investments in the future.
- Increase monetization. No matter what you do, you need to always find ways to hone and improve your professional skills.
