The Richest Man in Babylon is a book that, in my opinion, goes far beyond a book focused on finances, but a book for life, since it narrates situations in the format of short stories that you can apply the teachings to improve your daily life. Come and discover some of the initial insights that the book brings to its readers. If you are interested in learning ways to make money, keep money and make money work to make more money, this is a very good book.
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[ENGLISH VERSION]
What is success? Importance of preparation! 📊
The book The Richest Man in Babylon brings short stories about the search for success. At the beginning of the book we have the first definition of what success is for the author: “Success means achievements as a result of your effort and ability.” and then goes on to highlight preparation as a fundamental step towards success, saying that it is the key, that actions cannot be wiser than thoughts and that thinking cannot be wiser than understanding. This is the first insight of the book, before even acting, you must think about it, but before thinking about it you must understand the situation, the content, your objective.
What is financial success? 3 Pillars! 📊
The second insight, which is later detailed in the first chapter, is that for financial success, there are 3 pillars that are fundamental and complementary to each other. The first is to acquire money, the second is to keep the money and finally to make money generate more money. In the second story of the book, which has Arkad as the protagonist, the explanation about these 3 pillars appears when he tells his story. It begins when, in search of how to accumulate wealth, he got a job as a scribe, where he worked many hours, day after day, until Algamish, a money lender, came to where he worked and asked for a copy of a document for a few days. Instead of accepting the money, Arkad asked him to tell him how to make money.
After trying hard, Arkad delivers the document and as promised, Algamish says that "I found the path to wealth when I decided that part of everything I earn was mine to keep." Algamish then adds that it must be at least a tenth of what he earns, no matter the amount, and that this payment must be the first of all others, and must be paid before paying the others. Finally, Algamish also teaches Arkad that money must generate more money and to do so, you must invest it in good businesses. I think the phrase “Why trust a brickmaker’s knowledge about jewelry” is very good, which is basically to seek advice on good businesses from those who really understand the subject, absorbing only what is valid.
The book makes it clear that, first of all, you need a source of income, in Arkad’s case it was his job as a scribe. After that, with Algamish, Arkad began to save at least 10% of what he earned, teaching him that to do so he should live on less, so that he would have a little left over every month. Then, through trial and error, Arkad learned to seek advice from competent and experienced people. Finally, to invest the money in good businesses that would generate more money.
