The Richest Man In Babylon, by George S. Clanson, is worth anyone’s time to read. Ahead of you is a future and you must protect it in some way. Throughout this paper I will explain Clanson’s seven great lessons, the mathematics applied, and how it has impacted me.
Clanson made sure to implement seven great lessons into this book. The first lesson, and the most important, is to pay ourselves first. In the book this is referred to as “Start thy purse to fattening”. This lesson is the most important because wealth cannot be accumulated unless we save what we earn. In the book Bansir and Kobbi seek the advice of Arkad, their very wealthy friend. Arkad told them a story about him, once a poor scribe, in which he made a deal with a rich man. In …show more content…
Arkad was given valuable advice. “I found the road to wealth,” he said, “When I decided that a part of all I earned was mine to keep. And so will you.” The second lesson is to “control thy expenditures”. You must live below your means, or in simple terms, control your expenses. The book states, “Budget thy expenses that thou mayest have coins to pay for thy necessities, to pay for thy enjoyments and to gratify thy worthwhile desires without spending more than nine-tenths of thy earnings.” This will definitely help accumulate wealth faster. The third lesson is to “make thy gold multiply”. This lesson is about investing your money in something that works for you. The book states, “…put each coin to work so that it may reproduce its kind even as the flocks of the field and help bring to you more income, a stream of wealth that will flow constantly into your purse.” There is also a lesson inside of this lesson. Do not invest in anything you don’t understand. You must choose an investment that you know will work for you, will multiply your money, and bring you a safe and steady income. The fourth lesson is …show more content…
I am currently using it in my daily life. Before I even started this class this semester my boyfriend bought this and told me to read it. We started with saving 10% of our earnings each paycheck we received. I do have to say it’s nice having extra money around and not spending it. We have found, even as broke college students, that we can afford to live off only 90% of our earnings. We then started controlling our expenses. This part has not been easy. We are definitely still working at it, but I believe with time it will get easier. Currently we are also working on lesson three. I have not found anything to invest in yet, but I don’t think this is a bad thing. It takes time to find an investment that you know for sure will work and I haven’t found one I’m comfortable with yet. I truly can’t wait to see what the lessons in this book bring into my
Clanson made sure to implement seven great lessons into this book. The first lesson, and the most important, is to pay ourselves first. In the book this is referred to as “Start thy purse to fattening”. This lesson is the most important because wealth cannot be accumulated unless we save what we earn. In the book Bansir and Kobbi seek the advice of Arkad, their very wealthy friend. Arkad told them a story about him, once a poor scribe, in which he made a deal with a rich man. In …show more content…
Arkad was given valuable advice. “I found the road to wealth,” he said, “When I decided that a part of all I earned was mine to keep. And so will you.” The second lesson is to “control thy expenditures”. You must live below your means, or in simple terms, control your expenses. The book states, “Budget thy expenses that thou mayest have coins to pay for thy necessities, to pay for thy enjoyments and to gratify thy worthwhile desires without spending more than nine-tenths of thy earnings.” This will definitely help accumulate wealth faster. The third lesson is to “make thy gold multiply”. This lesson is about investing your money in something that works for you. The book states, “…put each coin to work so that it may reproduce its kind even as the flocks of the field and help bring to you more income, a stream of wealth that will flow constantly into your purse.” There is also a lesson inside of this lesson. Do not invest in anything you don’t understand. You must choose an investment that you know will work for you, will multiply your money, and bring you a safe and steady income. The fourth lesson is …show more content…
I am currently using it in my daily life. Before I even started this class this semester my boyfriend bought this and told me to read it. We started with saving 10% of our earnings each paycheck we received. I do have to say it’s nice having extra money around and not spending it. We have found, even as broke college students, that we can afford to live off only 90% of our earnings. We then started controlling our expenses. This part has not been easy. We are definitely still working at it, but I believe with time it will get easier. Currently we are also working on lesson three. I have not found anything to invest in yet, but I don’t think this is a bad thing. It takes time to find an investment that you know for sure will work and I haven’t found one I’m comfortable with yet. I truly can’t wait to see what the lessons in this book bring into my