Writer: George S.Clason

Overview

With 12 main chapters and 197 pages, this book shares the real stories of people in an instructive simple manner. After publishment in USA, The book was going very popular among businessmen and bankers. It is amazing that its value and information are still intact after 100 years.

Notes

1. A disciplined person achieves financial freedom…

The main chapter relates Arkad (Main character of the book) sharing his own story to friends that how he became the richest man in Babylon and achieved financial freedom. He learned how to strengthen his financial resources by regularly saving the income he earns as a simple scribe. The secret of the being wealthy was simple as just keep one out of 10 coins and spend 9 you earn. You can earn any amount, but it is most important to keep 10 percent of every income regularly for your family and future life. To do this, you need to note all of your expenses and reduce some luxuries and click on what you can afford, and buy only what you need. A protagonist was able to not only save, but also make good investments and create a steady flow of income, which was the first step to financial freedom.

2. The key to increase your savings…

This book tells us that only savings doesn’t make you rich and that real responsibility comes after you became wealthy. If you follow greedy desires and invest in things that promise high returns in a short-term, you will definitely be exposed to risk. Therefore, it is a more secure investment to invest in someone who knows what he is doing, has experience, and is reputable and receives regular returns. It is clearly and instructively expressed that do not forget to re-invest the returns you earned to other reliable investment things. Responsible and continuous investment returns are the key to wealth. As well as never forget to invest in home.         

3. Future earnings come to a high performer…

If you do your job to the best of yours, your income will increase, and the reason why people get paid differently is simply related to the performance of their work. A protagonist is increasing his ability through his tireless efforts and that’s how he achieved financial freedom. So here it is the secret of future incomes come.

4. Success comes from loyalty and hard work...

This book tells us about  loyalty and good relationship. Creating uncertainty, focusing just short-term orientation is never lead us to peace. Each chapter expressed many times how to get out of financial pressure and failure only as a result of honesty, good relationships and tireless work and achieve success. He also mentioned that if you respect yourself, pay back the borrowed money as soon as you can, and if you can't pay, never borrow it. Procrastination is in everyone. Luck likes people who do what they want to do, and the god of luck blesses them.

5. Surmounting with the crisis…

The feature of this book is that the heroes of each chapter of the given period did not always follow the easy path. Some of them talk about losing all their wealth, while others even went so far as to become slaves, but in the end they overcame the crisis through honest work, positive attitude and persistence, achieving amazing results and teaching others how to do it. Another point of this book is that he generously share his life experiences and success methods with his friends. There is no doubt that even today, thousands of people's lives are being turned upside down and directed people in a better direction.

This book was selected and read by the book club of SICA LLC in May 2023.

Notes by: T. Purevkhuu, B. Amarbayasgalan

Date discussed in 06/05/2023