Key Ideas from The Richest Man in Babylon

I finished reading the book “The Richest Man in Babylon” yesterday and came away with a few key ideas that I believe we can all apply to the use, and gathering of assets.

1. “Increase thy ability to earn”

In my opinion this is of utmost importance. The more opportunities you have to earn, the more you surely will earn.

2. “Make thy gold multiply”

Quoting arguably one of the greatest minds of all time in Albert Einstein, “Compound interest is the eighth wonder of the world. He who understands it, earns it … he who doesn’t … pays it.” Making your money work for you is a lesson of the wealthy. The fool works for money, the intelligent have their money work for them.

3.”Start thy purse to fattening”

Often times when money is earned, the first person to be paid are others. You pay your bills, you pay the merchant for new shoes, or the owner of a restaurant for food. Paying yourself first and allowing your wealth to accumulate is the fastest way to leave behind the worries of money.

There were many more lessons learned and to be learned by you in “The Richest Man in Babylon.” I highly suggest you invest in yourself by picking up a copy.

Cooper Mitchell