7 Rules of Saving (Richest Man in Babylon- Part 1)
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- Опубликовано: 26 июл 2024
- 7 GOLDEN Rules of Saving & Getting Rich - Richest Man in Babylon
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In the book - the Richest Man in Babylon (one of the best personal finance books) popularly called as as “the Bible of financial freedom,” George Clason shares a timeless set of principles in The Richest Man In Babylon. His goal, to provide insight to “those who are ambitious for financial independent and success,” is achieved through simple storytelling.
The primary lesson comes from Arkad, the proclaimed richest man in Babylon. At the bequest of the King, Arkad shares his “seven cures to a lean purse” so that both individuals and society as a whole can reap the benefits of fiscal growth.
Start thy purse to fattening. This point is actually the crux of the book: the classic principle of paying yourself first. Clason recommends saving at least 10% of all income earned. Even in his example of those who are paying off debt, he still advocates setting aside this one-tenth. If you want to save money for your future, you must begin by consistently setting aside part of your earnings today.
Control thy expenditures. Essentially, this is learning to live within your means and avoiding lifestyle inflation. Clason deems lifestyle inflation to be an ‘unusual truth’ of humanity and states, “what each of us calls our ‘necessary expenses’ will always grow to equal our incomes unless we protest to the contrary.”
Make thy gold multiply. Your wealth should extend beyond your income. Put your money to work by making smart investments and taking advantage of time and compounding interest.
Guard thy treasures from loss. Here, the book encourages the protection of principle from loss. It is easy to criticize this idea, as most of us feel that investment vehicles that have the potential to lose value, such as stocks, are essentials part of a balanced portfolio. If you take a bigger picture view, however, the lesson becomes more palatable. The penalty of risk is the potential of loss. Know your risk aversion and understand the risks in your portfolio.
Make of thy dwelling a profitable investment. This is yet another debatable principle. Clason’s argument is that it makes more sense to make payments that will eventually become equity rather than giving money to a landlord. Rather than getting sucked into renting vs. owning debate, I will defer to a Scrooge Strategy tip and say “run the damn numbers” and see which method makes sense for you at this particular point in your life.
Insure a future income. This boils down to retirement planning and insurance. Due to the fact that insurance didn’t exist in ancient Babylon, Clason really doesn’t dive into this point much at all.
Increase thy ability to earn. Position yourself to make more money by improving your skills and making yourself more employable. Train yourself, go to classes, take jobs on the side; whatever you chose, set specific and measurable performance goals and start working to earn more money now.
The book’s other main lesson is the “five laws of gold” that Arkad teaches his son. The first three laws list ways to get rich and are fairly repetitious with the above principles. Namely, the laws mandate paying yourself first, investing your money well, and making informed investment decisions.
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Bhai app koi student ke liye earning ke raste bta sakte hai with all process
@@kanoujiashort4386 bhai tu lernning kar earning aapa ne aapa aagayegi
You are the "Swedish Investor " of India'''❤❤
crypto mining krna chahiye ya nahi
Sir how much time you have invested for this type of understanding
You are really superb
दिल से शुक्रिया भाई ❤ आपने हम जैसे लोगों के दिमाग में ज्ञान का बीज बोने के लिए। दिल से शुक्रिया भाई ❤❤
3)Multiply your Savings i.e. invest it..
5)Live in your house
6) invest for your future and for your retirement plan or for any emergency
7) Develope your Skill..
I can't control the excitement when I see notification of your new video I clicked right away
Same
Same here
Same
Please do more of these summaries they are really good !!
Salute h bhai aapke samjhaane k tareeqe ko.....bahut valuable information di h aapne ....shukriya......ye bahut kaam aayegi ....sabhi k ..👌👌✌🏽🌹🤝👍😊
This is the video which I wanted. Thanks brother for making such a wonderful video.
You're a great teacher! I wish you could share these values in schools and colleges.
One of my favorite book "The Richest Man of Babylion". 😍❤️👍
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Waah bhai gharib insan khud hota hai moral of the story good job keep it up bro
Bro hats off to your efforts .....
You will make many people financially free
He is just making his own promotion. You will not become financially free by his promotion
Welcome to invest mindset ❤
Boom!
1)save atleast 10% of your Total Salary
2) Save as much as you can and forget about the first 1coin /10% of saving that you have saved earlier
4)Secure your wealth means never lose your Money.
as always great effort and knowledge, some people will feel is kind of repetition but brother mind it repetition is also as important as knowing it first time.. I hope all have read the story of sharping the Axe..
I thoroughly enjoyed😊
Thanks 🙏
Jai Hind 🇮🇳
Thank you for sharing these type of valuable videos... carry on God bless you
This was the first book I read...while starting the journey... it's an amazing book.(next video on Dividends)
The first book I was read Rich dad poor dad ❤
@@saikat7580 that 's also a great one.
Yes bro
You said once that you will make a video on how to make money from small dividends but we never got one please make. Buy the way you do a great work and explain very well ☺️
THANK YOU SO MUCH FOR THIS WONDERFUL INFORMATION.
Prabhu
Apko kamyab kare .mere dua hai sar
Sir,I am following you from a long time, to be honest, your content is just great and it is really boosting a confidence.
Please make series of fundamental analysis in detail and how to think about future of business model.... 🙏
Bhaiya first to you good night bcz of I have commented in night time bhale hi aap ki subscribers Kam h lekin aap bahut hi jaldi million subscribers ko par karenge kyoki aap ka har ek videos very important se bhi jyada hoti h
God bless you bhaiya
Invest mindset ...
Is very good for listening and understanding the speech..
thanks for this valuable video brother ❤️💫
Thanks big brother ...to be our mentor....❤️....
Wonderful video
I always learn new things from your channel
Funniest part is how Arkad's friends are sipping tea like royalty on a sofa, with no shirts on 😂 0:51
Dear invest mindset,
Please make a video on ETF & financial statements 🙏
Invertir en criptomonedas ahora debería estar en la lista de todos los sabios, en algunos meses estarás extasiado con la decisión que tomaste hoy.
Esto realmente depende de su curva de inversión. ¡Solo invierte sabiamente!
Planifica tus inversiones con un buen experto en carteras y te puedo asegurar que en pocos meses tu cuenta será más de lo que sueñas.
¿Conoces a alguien que pueda ayudar? Le agradecería mucho si puede compartir la información de contacto de su corredor. Realmente necesito un experto para negociar.
Tele
Grama 👇 👇 👇
Fᵒᵈᵗʳᵃᵈᵉ.
Kal mane is ki summary sune hi thi co incidence
Dil khush ho gaya bhai❤😊
Video #79. Thanks sir इतनी मेहनत करके फ्री में ज्ञान बांटने के लिए 13/05/2024
Aap ka vdo jo samaj jayega uska wealth automatic banega aisa vdo aap continue rakhiye thanks sir.
Self investment is the biggest investment
According to "Rich dad poor dad" for Rule. No 5 :-
Your home is a liability not an asset .
yes..... you can give example of Sushil kumar who won 5 crore in KBC.. even after winning 5 Cr, he could not manage his wealth and today he is at worst condition ever in his life
In Rich Dad Poor Dad kiyosaki says Home is not an asset 🤔
Thank you for this
NYC information ❤️❤️ waiting part 2
Sir please make a video on that can a government employee invest in stock for long and what’s the taxation system on the profit and all scenarios please 🙏🏻
Thank you for this video 👍
Sir aap bahot achhe se samjate ho
Again very informative video 👍
Dear Invest mindset,
Please make a video on when to buy a car or house.
Hello sir you are the best 👌. Nice video keep 👍 it up. God bless you
thank you for this information
Please make a video on comparision between various stock brokers and which one is best for students or begineer
Thank you for sharing
Hm Mera v salery ₹300 bada diya mere boss ne... boss ne bataya ki tum bohot achhe or jaldi vartan dhoke ready kr dete ho
You deserve 10 million subscribers ✅😊
Good information Thanks brother 🙏❤
I have seen the best interest rates only at staking sites with Cross Staking technology
Please make a next video on renting and buying topic ❤️
nice bro keep it going 👍👍👍👍
Despite you not being a SEBI registered investment advisor your knowledge of investment is more practical compared to other investment RUclipsrs thankyou.
Most valuable video
Next topic please make a video on Dividends reinvesting for 15 to 20years?
SO amazing and energetic video❤❤
Wonderful presentation 👏 👌 👍
बहुत बडिया। बेहतर जानकारी
Cross Staking is the best staking platform!
Save more , invest that money , compounding power helps, knowledgeable and skillfully earns more , do work passionately
Very knowledgeable video, thankyou boss
Please make video on apple moat and how to read annual report.
Sir ji please 🙏 agla video (RUBY COIN) pe banaiye ki is par invest kare ya nahi ya ise purchase karna sahi rahega ya nhi😢 agar ho sake to reply me hi jawab de dijiye ga please sir ji 😢😢
So good ❤
Part 2 chahiye!!
The best video of this channel
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Lean pars was personal😂
Very informative video sir.
Small size of book but best for finance, i read this one.
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Very good vibes
Awesome video
Mind blowing sir 👍👍
Arkat ka example best hai....arkat name bhi bahut achcha laga
Good very useful information thank you dost
Best Health and life insurance plans
mene 2.75 lakh ka plot liya tha 2010 me , mene use 2022 me 16 lakh me bech diya ,
investment always profitable
beautiful video ....much love from nepal.....
Thank you bhai iam waiting for your video....... 👍
Thank u 🙏🏻
Helpful video
Very good 👍
Good knowledge
Really great 👍
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Great bro❤️
pratikriya kee saraahana kee.
adhik jaanakaaree aur antardrshti chaahate hain?
oopar die gae nambar ko vaatsep karen,
tak pahunchane ka prayaas karate hain.
Tank you so much sir mst motivation 😘😘😘
Sir, can you please make a vedio on SIP vs lump sum investing
#Thanku sir♥️
Bhai Renting vs Buying wali video upload kijiye jaldi 😍
Thank you so much sir
Super keep it up
can you please confirm from where you have find out this wonderful vector GIF's.
Best investing chanal
Please make a video on how to select quality stock
Bhai ek Video
How to apply book knowledge after read it ?
Very good job
You are greatest teacher
Sir Such Proud of You
Point of skills is tremendous