[Reading Notes] Richest Man In Babylon by George S. Clason

First written as a propaganda pamphlet to encourage the middle-class to save money and use banks, the chapters were so well written they became one of the most recommended personal finance book. Here is a revisit of the wisely taught lessons.

Read more: [Reading Notes] Richest Man In Babylon by George S. Clason

Seven Cures: Generate weatlh

1. Start thy purse to fattening: Save 10% of annual income to build wealth.
2. Control they expenditures.
3. Make thy gold multiply: invest and compound the investment return.
   1. Invest in what you understand.
4. Guard the treasures from loss.
   1. Don’t buy stock based on tips you don’t understand or didn’t research.
   2. Avoid get-rich-quick strategies.
5. Make of thy dwelling a profitable investment: buying your residence to establish a business.
6. Ensure a future income: have a pension and future retirement income.
7. Increase thy ability to earn: develop your own skills to increase your investing wisdom and increase your earnings power.

General notes

• You will not be rich by doing an honest job and wait for god to reward you.
• To be rich, you need to be generous with others.
• Accumulate savings: 1/10 of what you earn.
• Be ready for new opportunities.
• Better a little caution than a great regret.
• We cannot afford to be without adequate protection.
• Where the determination is, a way can be found.