jakartalantern.com

Your Shopping Cart

Show Cart

Your Cart is currently empty.

You are here: Home

Content

Management

The Richest Man

Type somethings in the text box below to begin searching

The Richest Man

Written by Administrator

Saturday, 31 October 2009 07:09

The Richest Man in Babylon

The Richest Man in Babylon by George S. Clason. This classic is a favorite of many of my preferred authors, so I thought I would add it to my repertoire. Clason is a fascinating man, born in Louisiana, Missouri in 1874 and started his Babylonian-based writing in 1926. This book has very solid messages and it's no wonder why this book has become a finance classic.

The Richest Man in Bablyon is an excellent book. Although only 145 pages, it is packed with powerful information that can be life changing. It has helped some people like Jim Rohn and others become millionaires.

George Samuel Clason was born in Louisiana, Missouri, on November 7, 1874. He attended the University of Nebraska and served in the United States Army during the Spanish-American War. Beginning a long career in publishing, he founded the Clason Map Company of Denver, Colorado and published the first road atlas of the United States and Canada. In 1926, he issued the first in a series of pamphlets on thrift and financial success, using parables set in ancient Bablyon to make each of his points.

These were distributed in large quantities by banks and insurance companies and became familiar to millions, the most famous being "The Richest Man in Bablyon," the parable which has impacted the lives of millions of people. These "Babylonian Parables" have become a modern inspiritional classic.

Clason uses parables set in Babylon to make his points throughout the book. One chapter does a really great job of encompassing several financial points, The Five Laws of Gold. Each of the five laws are very simple and if used can work wonders in building your wealth.

Five Laws of Gold

Gold comes gladly and in increasing quantity to any man who will put aside 10% of all he earns to build an estate for his family and future.
Gold labours diligently and contentedly for the wise owner who finds it profitable employment.
Gold clings to the protection of the cautious owner who invests it under the advice of men wise in its handling.
Gold slips away from the man who invests it in businesses that he is not familiar or is not approved by those skilled in its keep.
Gold flees the man who would force it to impossible earnings or who follows the advice of tricksters or schemers or who trusts it to his own inexperience and romantic desires in investment.

The Law 1 is the most useful thing anyone can use when starting to accumulate wealth. The best way for you to really start making a large sum of money is Paying Yourself First. YOU is the most important investment your have. YOU should have the mentality that YOU are your most vicious creditor you have. You owe YOURSELF before you pay anyone else.... Figure it into your budget. When you get your paycheck have a set number each month that you owe YOURSELF. Never budge on paying yourself and always do it first. If you have $500 a month coming out of your checking account, and into your ING Direct or Emigrant Direct Savings Account, the day after you get your paycheck, you won't even consider that spending money. ING and Emigrant Savings Account pay 1.3% interest right now and it takes a day or two to get money when you do a transfer. I definitely recommend either of these accounts. I challenge you to start paying yourself first... trust me, you are worth every single penny. PAY YOURSELF FIRST!

More on ING and Emigrant Direct Accounts.... ING allows you to have several sub-accounts under the same over arching account. You can create nicknames for each of your accounts and each can have automatic savings plans for each separate account. Let's play pretend... You have and ING Account with sub accounts named Wedding, New House, and Vacation. You want to Pay Yourself First so you have get paid on the 1st each month and on 2nd you have ING pull $500 from your checking account. This $500 will be split among your accounts $150 to Wedding, $250 to New House, and $100 to Vacation.... In 5 Years we will have... drum-roll... $9,294 for your Wedding, $15,490 for your New Home, and $6,196 for your dream vacation... Total Savings = $30,980. Determine what you want you pay to be and work your budget so you pay yourself before anyone else... be vicious... get creative and figure out a way to pay yourself what you want. It is much more money can be accumulated than this for the long-term... More on that later.

The Richest Man in Babylon is a great book with lots of great parables. It's not a long read just some different language usage. This book is a good book to read for anyone that has a little extra time... probably a vacation read... in 5 years you'll have plenty saved up for that !

Click the icons below to see detail