Wednesday, September 9, 2009

Chapter 2- The Richest Man In Babylon


Welcome, to the second day of discussing, The Richest Man in Babylon by George S. Clason.

I know many of you purchased the book from this site at Amazon and you are enjoying it very much. I am so glad because it is one of my favorites. This is my fourth time reading the book!

This time around I am getting more out of the book because I am taking notes while reading. That is why I think writing and keeping a journal is so important. You are more focused and I believe process information differently when you write concepts down (or type them up on your computer).

Are you ready to dive into Chapter 2?

Chapter 2- The Richest Man in Babylon

Characters
These are the characters introduced in Chapter 2- Algamish, Azmur, and Aggar.

Algamish- the money lender

Azmur- the brickmaker
Aggar- the shield maker

Main Ideas

Two reasons why Bansir has not acquired more than a bare existence:
  1. Failed to learn the laws that govern the building of wealth

  2. Do not observe the wealth building ways

To achieve what is desired, time and study are required

3 Laws of Successfully Handling Wealth

  1. How to acquire money
  2. How to keep it

  3. How to use it

Quotes from Chapter 2

"Wealth is power. With wealth many things are possible." page 11

"As for time, all men have it in abundance. You, each of you, have let slip by sufficient time to have made yourselves wealthy. Yet, you admit, you have nothing to show except your good families, of which you can be justly proud. As for study, did not our wise teacher teach us that learning was of two kinds: the one kind being the things we learned and knew, and the other being the training that taught us how to find out what we did not know?" pages 11-12

"I found the road to wealth when I decided that a part of all I earned was mine to keep." page 13

"Wealth, like a tree, grows from a tiny seed. The first copper you save is the seed from which your tree of wealth shall grow. The sooner you plant that seed the sooner shall the tree grow. An the more faithfully you nourish and water that tree with consistent savings, the sooner may you bask in contentment beneath its shade." pages 14-15

Take Home Points

Pay yourself first, save 1/10 of your take home pay every pay check. For instance, if you make $1,000 then save $100 of it first before doing anything else with the rest of the money.

Learn to live upon less than you earn

Stay tuned because next week we will be discussing Chapter 3 Seven Cures for a Lean Purse.

Best wishes,

Janie

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