BUSINESS DEVELOPMENT & PERSONAL GROWTH
The Richest Man In Babylon — My takeaways
That’s the oldest motivational/fiance educational book I’ve ever read. It was published in 1926. Still, I believe many modern experts build their ideas based on this book’s content.
The Three Critical Ideas from the book (IMHO)
- Motivation is not enough for success. You have to be determined. If you start working on a project, you have to finish it. This will also teach one to pick the right ideas carefully.
- There are no truly successful people in the world who built their empires or at least the start capital from lotteries or gambling. The book teaches that there’s no easy way. You have to learn your way to own big money before you get them. That was true the Babilon time, that was true in 1926, and it’s true these days.
- You should save 10% from your income, and when the opportunity appears, you will have a coin to invest.
There are many more great ideas which I’ll brief below, but I strongly recommend reading the book. It was written in a beautiful language and full of life examples.
One more time about motivation and commitment. I loved the example with a pebble and the bridge: “If I decide to throw a pebble every day from this bridge for 100 days, I’ll have to do it every day for 100 days. And if I forgot to throw one while passing the bridge, it doesn’t mean I’ll throw two pebbles tomorrow. It means that I have to get back and throw the pebble! … Yes, this may sound like a silly idea to throw pebbles, but this is what I committed to, and this will teach me to pick the right idea” (purely paraphrased by the author).
Another great thing I found, if you don’t know what to do, just work hard and you will figure it out. Have nothing to do? — Go to the gym and work on your fitness, something will pop up.
The Simple Rules of Money
1) Save at least 10% of your income.
2) Expenses grow with your income unless you resist that urge. Do not confuse the necessary expenses with desires.
3) Invest wisely — ask for advice from only people who are experts in the field you’re going to invest in.
4) Avoid investments that sound too good to be true.
5) Own your home. Although many say it’s easier to pay rent these days, I believe a smart purchase will become an excellent investment.
6) Protect yourself and your family with life insurance.
7) Strive to become wiser and more knowledgeable. By improving your skills, you will increase your ability to earn.
The 5 Laws of Gold
1) Gold comes quickly and in increasing quantity to the person who saves at least 1/10th of their earnings.
2) Gold labours 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.
Afterwords
A great book to read, with awesome style and language. It is equally split with motivation and wisdom. I would recommend it for anyone who has concerns about their financial state. It’s a masterpiece to re-read again in a half-year/year period.
