Top 10 Key Takeaways From The Book – The Richest Man In Babylon

Managing our finances efficiently is a universal desire, and teaching our children about its significance is equally crucial. I reread one of my favorite books, “The Richest Man in Babylon,” to teach my child about finance. Some of the top ten lessons I relearned from the book are fundamentals that I learned at a young age and they have proven to be extremely effective. These could also benefit you. Here are the lessons:

  1. Learn to live upon less than you could earn. Always set aside at least 1/10 of your income for savings and at least 2/10 for loan repayment. Do not overstrain and try to save too much.
  2. You must seek advice from those who are competent through their experience and don’t trust the knowledge of a brickmaker about jewels.
  3. If I were to achieve what I desired, time and study would be required. So, improve your skills and education to increase your earning potential and career opportunities.
  4. Any accomplishment must be the desire and the desire must be strong and definite.
  5. Every gold piece you save is a slave to work for you. So, do not eat the children of your savings because if you do so, how do you expect them to work for you?
  6. Babylon became the wealthiest city of the ancient world because its citizens were the richest people of their time. They appreciated the value for money.
  7. To attract good luck to oneself, it is necessary to take advantage of opportunities.
  8. When I set a task for myself, I complete it. Therefore, I am careful not to start difficult and impractical tasks.
  9. Better a little caution than a great regret
  10. Babylon endured century after century because it was fully protected.

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