The Richest Man in Babylon by George S. Clason: A Detailed Book Summary

"The Richest Man in Babylon" by George S. Clason is a timeless classic that imparts financial wisdom through a series of parables set in ancient Babylon. The book's principles, though ancient, are still relevant today and offer practical guidance on wealth creation and financial success. This summary explores the key lessons from the book, enriched with examples to illustrate their application.

The Man Who Desired Gold

The story begins with Bansir, a chariot builder in Babylon, who realizes that despite his hard work, he has little wealth to show for it. He and his friend Kobbi, a musician, decide to seek advice from their wealthy friend Arkad, known as the richest man in Babylon.

Key Lesson

Desire for wealth is the first step towards achieving it.

Example

John is a software developer who works long hours but struggles to save money. Inspired by Bansir and Kobbi's quest, he decides to seek financial advice to better manage his income and achieve his goal of financial independence.

Think and Grow Rich by Napoleon Hill - Book Summary

Think and Grow Rich is a book written by Napoleon Hill, was a journalist and writer. Fortunately he got a chance to take the interview of the richest person of that time Andrew Carnegie. Interview was going well. In the middle of interview Andrew Carnegie put a serious offer in front of Napoleon Hill.

Carnegie said, "I know most of people will fail in trying to figure out everything themselves. So, I will open the door to the 500 richest people in America. So, you can interview them, take all their information, and put it into a series of book to help other young people be successful much faster. But I'm not going to pay you penny."

Napoleon Hill spent 20 years of his lifetime on researching and analyzing 500 of well-known people during his time to come up with his masterpiece. Hill makes some rules for achieve success, which helps millions of people to create fortunes.

 

     Desire

Everyone wants to achieve success but only a few people can achieve it. Have you ever tried to know its reason? Successful people are successful because they have a lot of interest about success. They are ready to go to any extent for success.

Rich Dad Poor Dad by Robert T. Kiyosaki - Book Summary

RICH DAD POOR DAD is a all time number one personal finance book, more than 50 million copies have been sold. In this book, Robert Kiyosaki illustrates the mindsets and beliefs that make rich, rich and poor, poor by comparing the advice of his real dad with the father of the author's best friend.

Robert's biological father was very brilliant and highly educated. Finished his four year undergraduate degree in less that two years, then obtained Masters and PhD at two prestigious universities and reached number one position in the state of Hawaii's educational system. But at the end, he left debts to be paid upon his death, while Robert's mentor - who never ever finished eighth grade - become the richest man in state, leaving 10's of millions to his family and charity.

Robert's both father strongly believed in education but their mindsets are different. This book all about mindset. Poor dad was poor, and rich dad was rich, because of their thoughts about money and the actions to which those thoughts led.

Robert's compares both father's advice and finally accept his rich dad's advice and achieve financial freedom at the age of the 47.

Robert's rich dad teach him 7 key lessons -

5 Simple steps to manage personal finance

To fulfill all our desires, we not only have to save a part of our income, but also invest it.

We safe our future financially by increasing our saving money by invest it, and this is how the role of "personal finance" begins.

Personal finance means managing our finance according to our future goals.

Step 1.: Write your financial goal

Going for a vacation, retirement, buy a new car, saving for your child education all these are the financial goal.

Achievement of these financial goals, depends how well you plan your investments. The financial goal can be long term or short term.

For example, saving for retirement is a long-term financial goal, while buying a house or going on vacation is a short-term financial goal.

You need to make a separate list of all long-term and short-term financial goals and then plan your investment to manage your personal finance.

Secret Habits of Self-Made Millionaires

Billionaires often have great advice when it comes to creating wealth. Sometimes, not earning much but you have efficient management is effective in making money.

Even if you do not have a net worth in billions, you will sometimes have to take a page of a billionaire's book to better manage you wealth. In fact, even if youo are not earing millions every years, you can increase you wealth just by copying the financial habits and strategies of the super-rich.

Here are 4 habits you need to learn from billionaires to manage your money like the super-rich: