Philosophy behind the Book
Long ago, Babylon was the richest city in the world, with lavish houses, palaces and huge city walls. The Babylonians used irrigation to create fertile farmland where once there had been desert. But, according to Clason, Babylon was also the cradle of modern finance. He emphasizes that this civilization was the first to use money as a means of exchange and all forms of lending and borrowing were all highly developed. His book elaborates on many concepts that he feels supported how this particular culture was able to make money or wealth so much more than others before it. It was well documented that prosperity of the city and the people living there continued for centuries.
That’s why Clason chose to place his short stories in Babylon. He wanted to demonstrate the unchanging principles of finance and wealth-building using this great city as the backdrop. The message he sends is that saving, investing and financial diligence are equally as important as setting goals, a strong work ethic, and an optimistic attitude.
Clason’s philosophy exuded one key sentiment: "If you are to accrue wealth in a satisfying, sustainable way, both financial knowledge and a strong awareness of abundance are necessary".
That’s why Clason chose to place his short stories in Babylon. He wanted to demonstrate the unchanging principles of finance and wealth-building using this great city as the backdrop. The message he sends is that saving, investing and financial diligence are equally as important as setting goals, a strong work ethic, and an optimistic attitude.
Clason’s philosophy exuded one key sentiment: "If you are to accrue wealth in a satisfying, sustainable way, both financial knowledge and a strong awareness of abundance are necessary".
The entire premise of the book is based upon one character who is wealthy beyond all others. This man named Arkad was very rich and amassed fortunes. The principles of how he became wealthy are examined thoroughly in the book.
The willingness to share the knowledge of how wealth is created is one unique concept that makes this book stand-out. Over the years since the book was published, many wealthy people have credited their fortunes to the wealth building habits promoted in this book. The bottom line. You can create fortunes that will last, and you can use the wisdom that gained in the journey to help others. |
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Summary Statements & Quotes
- If you want a life full of abundance, prosperity and wealth, you must seek out the abundance of wisdom that already exists on how to achieve success and then implement it in your life.
- Information is all around us. Technology has made it possible to bring all of it to within our grasp. This book is about brining wisdom and knowlege from our past and present to the next generation. To curate...to appreciate...to apply knowledge...and become the best versions of ourselves as a result of the application of these principles.
- The laws of money are like the laws of gravity: assured and unchanging.
- Money is plentiful for those who understand the simple laws associated to it.
- Babylon was the wealthiest city in the world at the time of its height because the leaders within this great city understood the fundamentals of money and wealth.
- You must constantly have an income that keeps your purse (bank account) full.
- “It costs nothing to ask wise advice from a good friend.”
- It’s simple to say, but many people never achieve a serious measure of wealth because they never seek it. They never truly seek it, focus on it, and commit to it.
- Youth often assumes, incorrectly, that the old and wise only have wisdom about days gone by.
- You will only begin building wealth when you start to realize that a part of all the money you earn is yours to keep. That is, pay yourself first. You always pay others for goods and services. Pay yourself as much as you can. Save money.
- You should save at least 1/10th of what you earn. More if you can afford to do so.
- Do not take advice on finance from a brick layer. Go to people who are experts in a particular subject if you want expert advice. It’s too easy for amateurs to give out advice.
- Build for yourself a mountain of gold first, then you can enjoy as many banquets as you wish without worry. Don’t spend your money as soon as you earn it.
- Surround yourself with people who are familiar with money, who work with it each day, and who make lots of it.
- Enjoy life while you are here. Do not overstrain to save.
- Do not put your money in investments which do not pay a dividend, but also do not invest in risky places that seem too good to be true.
- What each person calls their “necessary expenses” will always grow to match your income unless you resist that urge. Do not confuse your necessary expenses with your desires.
- “A man’s wealth is not in the coins in his purse. It is in his income.”
- Ensure a future income. Every person gets old. Make sure your income will continue without work.
- By life insurance. Provide in advance for the protection of your family.
- Increase your ability to earn. Improve your skills. As you perfect your craft, your ability to earn more increases.
- The more we know, the more we may earn. The person who seeks to know more of their craft is capable of earning more.
- You cannot arrive at the fullest measure of success until you crush the spirit of procrastination within you.
- The 5 Laws of Gold: 1) Gold comes easily and in increasing quantity to the person who saves at least 1/10th of their earnings. 2) Gold labors diligently and multiplies for the person who finds it profitable employment. 3) Gold clings to the protection of the person who invests their gold with wise people. 4) Gold slips away from the person who invests gold into purposes through which they are not familiar. 5) Gold flees the person who tries to force it into impossible earnings.
- If you desire to help you friend do not do so in a way that brings their burdens onto you. There are many ways to help people. You don’t have to choose the ways that restrict your time, money, energy, or ability to care for yourself.
- The wise lender always has a guarantee of repayment should the investment go poorly.
- Above all you should desire safety for your money. Better a little caution than a great regret.
- Protect yourself with insurance. You cannot afford to be unprotected.
- Do not live beyond your means.
- No man respects himself if he does not repay his debts.
- The soul of a free man looks at the world as a series of problems to be solved. Meanwhile, the soul of a slave whines, “What can I do?”
- “Where the determination is, a way can be found.”
- If you are in debt, live on 70% of what you make. Save 10% for yourself. Use the remaining 20% to repay your debts.
- Stick with the plan. Money accrues surprisingly quickly and debts are gone fast with discipline and consistency.
- Work attracts friends who admire your industriousness. Work attracts money and opportunity. “Hard work is the best friend I’ve ever had.”