https://basillabib.com/tags/wisdom/Recent content in Wisdom on Basil LabibHugoen-usgs454236@gmail.com (Basil Labib)gs454236@gmail.com (Basil Labib)© 2020–2026 Basil LabibTue, 08 Jun 2021 00:00:00 +0000https://basillabib.com/post/notes-the-richest-man-in-babylon-by-george-s.-clason/Tue, 08 Jun 2021 00:00:00 +0000gs454236@gmail.com (Basil Labib)https://basillabib.com/post/notes-the-richest-man-in-babylon-by-george-s.-clason/<p>Notes on <strong>&ldquo;The Richest Man in Babylon&rdquo; by George S. Clason.</strong></p> <h2 id="what-is-wealth">What is wealth?</h2> <p>Wealth is a power. <strong>With wealth, many things are possible.</strong></p> <h2 id="essential-habits">Essential Habits</h2> <ol> <li> <p>A man&rsquo;s wealth is not in the purse he carries. <strong>A fat purse quickly empties if there be no golden stream to refill it.</strong></p> </li> <li> <p><strong>Fate is unpredictable hence untrustworthy.</strong> It makes wanton spenders and misers alike.</p> </li> <li> <p>Every surplus can earn for you. And every revenue on that can earn for you.</p> </li> <li> <p><strong>Be frugal. Invest surplus.</strong></p> </li> <li> <p>Take advice about jewels only from the jewel merchant.</p> </li> <li> <p>Determination is utterly important. If you set a task, complete it. How else can you be confident in yourself to do important things?</p> </li> <li> <p>Counsel with wise men. Seek advice of men well versed in handling wealth.</p> </li> <li> <p>Invest with extreme caution. Shady schemes are like sirens.</p> </li> <li> <p><strong>A part of all you earn is yours to keep.</strong></p> </li> </ol> <h2 id="cures-for-a-lean-purse">Cures for a Lean Purse</h2> <ol> <li> <p>Make it a habit to put aside a portion of your earning.</p> </li> <li> <p>Each coin you spend must return 100% of its appreciated value.</p> </li> <li> <p>Budget your expenses.</p> </li> <li> <p>Compound Interest.</p> </li> <li> <p>Security of your principal.</p> </li> <li> <p>Own your own home.</p> </li> <li> <p>Plan for the future.</p> </li> <li> <p>Invest aggressively in ways of increasing revenue. Eg: Education.</p> </li> <li> <p><strong>Be Respectable</strong></p> <ul> <li>Pay your debts with promptness.</li> <li>Take care of your family earnestly.</li> <li>Make a will of record.</li> <li>Have compassion over those who ain&rsquo;t as fortunate as you are.</li> </ul> </li> </ol> <h2 id="luck-and-opportunity">Luck and Opportunity</h2> <ol> <li> <p><strong>To attract good luck to oneself, it is necessary to take advantage of opportunities.</strong></p> </li> <li> <p>With wisdom, wealth can be secured by those who have it not.</p> </li> <li> <p>Wealth that comes quickly goes the same way.</p> </li> <li> <p>In the strength of your own desires, is a magic power. Leverage it.</p> </li> </ol> <h2 id="principles-of-lending">Principles of lending</h2> <ol> <li> <p>Help your friends in a way that does not bring their burden on you.</p> </li> <li> <p>Emotional/Frivolous/Impulsive humans are not worthy of being lent.</p> </li> <li> <p><strong>Better a little caution than a great regret.</strong></p> </li> </ol> <h2 id="the-walls-of-babylon">The Walls of Babylon</h2> <ol> <li> <p>We <strong>cannot afford to be without adequate protection.</strong></p> </li> <li> <p>Thoughts of youth = bright lights of meteors that make the sky brilliant. Wisdom of age = steady light of fixed stars that are reliable enough to steer the course of sailors.</p> </li> </ol> <h2 id="power-of-determination">Power of determination</h2> <p>Innovation creates value.<br> Value is measured by wealth.<br> Wealth determines authority.</p> <p>If a man has a soul of a slave, he will become one no matter what his birth.</p> <p>Every woman longs to be desired.</p> <p>Where the determination is, the way can be found.</p> <h2 id="best-friend">Best Friend</h2> <ol> <li>Work is your best friend.</li> </ol>