Richest man in Babylon was written long ago but its principle are still very useful today (which is unusually rare for a non-fiction work). I fell in love with richest man but in Babylon for years not only for its wisdom but its delightful gasp of ancient English. There are countless principles in this book many of which I’ve applied to my life. Here are 10 major principles I’ve derived from richest man in Babylon:
- Find mentors
“Let us go to Arkad this very day”
Mentors are everywhere, they are in your school, organizations, churches, street etc. They are people who have reached the destination you’re aspiring for. Read them like you’re studying for a serious examination. According to Tony Robbins they can save you years of hard work.
- Start with savings
“Every gold piece you save is a slave to work for you”
Saving part of what you earn is a good way to start building your empire of wealth. Saving one tenth is recommended by the book. But you can save more, the question is should I end with savings. That when the next lesson come to play.
- Control your spending
“Budget then thy necessary expenses”
To save more you need to control expenses. Many people fail to budget their money so they end up buying things they don’t want because their friend is buying it or they saw a well written copy in an online advert. The flesh tend to demand relatively to what we earn but we must discipline the flesh to only buy what we need.
- Invest your savings
“To put each coin to laboring as it may produce its kind…..”
Investing our savings is a great path to wealth no matter how small our money is, it can become millions tomorrow if we shun get-rich-quick scheme and invest with the watch of a financial advisor.
- Get-rich-quick scheme kills
“Be not be deceived by thine own romantic desires to make wealth rapidly”
You must have seen an advert like this: invest $100 and get $1m in a year. Our building principle must be, there is no easy path to wealth, many have fallen into the hands of this internet and non-internet scammers because they’re looking for an easy way, but some of them end up committing suicide or forced to endure an unhappy life.
- Increase your earning power
“The more wisdom we know, the more we earn”
An average man will always get paid an average wage make it a watchword that in anything you do, you’ll be the best. If you’re an employee, instead of complaining or demanding increment without a price, look for ways your organization can earn more. If you’re in other craft make sure you learn more. The more we learn; the more we earn.
- Shun gambling tables
“Not at gaming tables where men lose more gold than they earn”
Going to gambling tables can instead of increasing your earning power lead you to poverty. The probability of earning from gambling tables is mostly 1% and sometimes lower than that. Some spend their whole lifetime thinking 1% will fall to their side. They end up losing all their money and a life of regret afterwards.
- Take action
“He accepts not the opportunity when she comes”
Whenever opportunity lies in front of us we should make it our duty to grab it will all the power within us. Some people want the right moment at the right hour at the right time at the right economy without knowing that it’s a well poised fantasy. Grab opportunities today so that you don’t regret not taking them tomorrow.
- Protect your fortune
“Babylon endured century after century because it was fully protected”
Protection is not only important in ancient Babylon but also in our days. Whenever we venture into anything make sure you obey applicable laws so that you don’t get litigated. Insurance is also important you can afford it because the cost of not affording it is high.
- The power of determination
“Die in the desert! Not I! I saw a new vision”
Doggedness is very tectonic in everything we do. Save, invest your savings, start new venture all sound easy but there is a price to pay the road is not always smooth there are periods of downs, bad economy, low sales etc. We must not get discouraged it is part of the process, growth is not always easy it might take sacrifice and pains be prepared. If people like Thomas Edison, George Orwell, Walt Disney gave up on their dreams early we won’t remember them today.
Though this principles are few (just ten) they can change your fortune and destiny forever. Commit it to heart read and re-read it (I recommend saving this page), and don’t forget to share it with your friends with the buttons below. Stay connected to your dreams.