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‍The Richest Man In Babylon Book Summary In Hindi By George Clason
Kishan Chotaliya
Disclaimer: Many people complain that no matter how much they earn, money does not last with them. To find the answer to this, let’s go back 2,500 years to the world’s richest city, Babylon. Babylon was the richest city of its time, and the richest person in Babylon was Arkad. Arkad was so rich that even after expenses, living a luxurious life, and giving to charity, his wealth continued to increase.
One day, Arkad’s childhood friends came to meet him and expressed their astonishment at his wealth. They asked him how he became so rich when they were all once equal. Arkad, being humble, decided to share the five secrets about money that he had learned from wealthy individuals many years ago. These secrets have guided him throughout his life.
Secret 1: Pay Yourself First
Arkad explains that paying yourself means saving 10% of your earnings. Whether you earn 10 thousand or 10 lakhs, saving a portion of your income is essential. The sooner you start saving, the better. The money you save can be invested in a better place, ensuring that your account does not run dry.
Secret 2: Live Below Your Means
Arkad advises his friends to understand the difference between needs and wants. Many people fall victim to Parkinson’s Law, which states that our expenses tend to match our salary. By carefully analyzing expenses and lifestyle, one can identify expenses that can be eliminated or reduced. Creating a monthly budget helps in managing money effectively.
Secret 3: Make Your Money Work for You
Saving money is just the beginning. Arkad emphasizes the importance of investing savings. He encourages his friends to make their savings work for them by investing and reinvesting the profits. The better one becomes at investing, the faster their net worth will grow.
Secret 4: Protect Your Capital
Arkad compares the importance of protecting one’s capital to the walls that protected Babylon. He advises his friends to prioritize the safety of their invested money. If there is a chance of losing the principal amount, it is wise not to be greedy for more earnings. Investing with caution and ensuring the safety of the invested amount is crucial.
Secret 5: Increase Your Ability to Earn
Arkad believes that those who have more wisdom will earn more money. He urges his friends to convert information into wisdom, as it will lead to increased earning potential.
Years later, when Arkad becomes old, he calls his son, Nomasir. He hands him a bag full of gold and a letter containing the “5 Laws of Gold.” Nomasir sets off to Nineveh city to earn money but encounters losses due to lack of wisdom. After realizing his mistakes, Nomasir starts working hard and following the five laws. He eventually becomes successful and returns to Arkad, proving his capability to inherit his father’s property.
Many years ago, a man named Arkad learned some valuable principles about wealth and shared them with his friends and son. Over time, the king of Babylon became concerned about the high poverty rate in the city despite an abundance of money. The king’s ministers suggested seeking the help of Arkad to share his knowledge with the people. Arkad agreed and gathered a large group of people in a hall to teach them his principles.
Principle 1: Start Fattening Your Purse
Arkad advised the audience to save money by only spending 9 coins out of every 10 they earn. This simple practice can help accumulate wealth over time.
Principle 2: Control Your Expenditure
Arkad emphasized the importance of analyzing one’s expenses and identifying unnecessary spending. By avoiding such expenses, individuals can save more money and improve their financial situation.
Principle 3: Put Your Money into Work
Once individuals have saved money and reduced their expenses, Arkad urged them to invest their savings wisely. By multiplying their money through investments, they can further increase their wealth.
Principle 4: Protect Your Money
Arkad cautioned against reckless investing and advised thorough research before making any investment decisions. Protecting one’s money is crucial for long-term financial success.
Principle 5: Increase Your Ability to Earn
Lastly, Arkad encouraged the audience to focus on increasing their earning potential. The more they earn, the more they can invest and grow their wealth.
Arkad urged everyone in Babylon to follow these five principles and share them with others. As more people implemented these principles, Babylon transformed into the wealthiest city in the world.
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