The Richest Man In Bablyon - My learnings

Ahh... Reading this book was really Interesting and also Taught me some life-learning lessons. Whatever I've learned, the approaches that can be Implemented, I'm sharing it here.

Lesson 1 : All you've earned is yours to keep

Well first of all, the man who was richest in the whole bablyon city was Arkad. Arkad started his career as a humble scribe in the Hall of Records, meticulously recording information on clay tablets.

(Scribe*is* a person who copies documents, especially a person who made handwritten copies before the invention of printing.)

(Clay tablets were used in ancient times for writing because they were readily available, durable, and relatively easy to inscribe. This material could be easily shaped when wet and became hard and long-lasting once baked or dried in the sun. The tablets provided a permanent medium for recording information, which was crucial for administrative, legal, and commercial purposes)

Arkad spend his time to monumentally increased his wealth from the scratch, but it was not easy at all, he spent years to learn from his mistakes, it took him a long time to build wealth, and everything he had done was worth it for sure.

It all happened when he met Algamish, you can say that Algamish was someone in the past he has done business with. Algamish was a really wealthy man, someone who had all the experiences in life, and now willing to spend his remaining life peacefully and sharing his wisdom in the society.

Algamish taught Arkad all the learnings that made arkad go from poor to rich in some years of timeline:

These learnings were :

1. Let your money, make more money. Keep a portion aside from the money you are earning for the Life you want to build.

2. Invest in Assets, Not in Liabilities.

3. Seek advice from those who have expertise in the relevant field. For example, do not seek jewelry advice from a brickmaker; instead, consult with a jeweler who specializes in creating and selling jewelry.

4. When you are trying to build the wealth, focus on your need, not the desire.

5. You need to be consistent, building wealth takes time, you have to work daily to see exceptional results in long time. Resistance and Discipline only can Help you.

6. With experience comes wisdom. Gaining wisdom from elders will make you wiser and more knowledgeable. Seeking help and trying to help others is the only way to get successful.

Lesson 2 : The Seven Cures to build wealth

As time went by, Bablyon was renowned as the Wealthiest city in the ancient world, particularly during the reign of King Nebuchadnezzar II (circa 605-562 BCE). But Over time, the king found out that, only a handy number of peoples were getting richer, and the middle class were getting more poorer. So he concerned about how other people's can learn to accumulate the gold to get rich and prosperous. and then, his councellor suggested, "why not call the man to teach, who is the richest in bablyon ?". Then Arkad was Approached by the king, and agreed to share his wisdom to the people for development of the city.

As Arkad requested, the king's chancellor gathered around a class of 100 Men whom he was willing to teach the seven cures to build the wealth.

Gathered around Arkad, the people listened intently as the wise and wealthy man prepared to reveal the secrets that had led him to great fortune. With a calm and steady voice, he began to share his hard-earned wisdom. "Listen well," he said, "for these are the seven cures that will guide you to prosperity." Now, here are those seven cures...

The First Cure : save the 1/10th of your earning

• The majority of people struggled with saving money by month's end, primarily because they were not giving any portion of their earnings for savings.

• From your earnings, save one portion and spend the rest wisely. You will get exceptional results in long term.

The second Cure: Control your Expenditures

• Focus on your Need, Not your Desires. Do not spend Recklessly.

• You need to allocate your money to necessities first. Then, whatever's left, put it into savings to grow your wealth over time.

The Third Cure: Make your money Multiply

• After saving one-tenth of your earnings and controlling your expenditures, it's time to invest your money wisely to make it multiply over time.

From 2024 onward, these approaches can work for you, offering diverse opportunities to make your money multiply through strategic investments:

1. Invest in Stock Markets, Mutual Funds, Index Funds

2. Buy Real Estate Properties

3. Invest in Cryptos, ICOs, IDO's

4. Invest in yourself : Take a course, Learn that skill, Go for higher education.

The Fourth Cure: Guard your Money from Loss

• Investing money comes with risks. Your money need to be secure.

• Assess your risk tolerance and only invest what you can afford to lose. Avoid putting all your money into high-risk investments and consider maintaining a portion of your portfolio in safer, more stable assets.

• Determine an appropriate asset allocation strategy based on your investment goals, time horizon, and risk tolerance.

• Regularly monitor the performance of your investments and review your portfolio to ensure it remains aligned with your investment strategy and financial goals.

• Keep yourself updated on market trends, economic indicators, and relevant news that may impact your investments.

The Fifth Cure: Owning Your Property for Generations to Come

• Build a home that can accommodate you and your family indefinitely while also increasing in value over time.

• Own your Property. It will bring your more happiness and wisdom, owing something where you have freedom.

The Sixth Cure: Insure a future income

• Understand that Life can take unimaginable turns, You can be around it or cannot. Anything can happen. You need to ensure, in difficult times, you have enough money, assets that will support you and your family.

• You can't be forever young, there will be a time where you will not be able to work as you are working right now, till that time, you need enough assets to take care of your future generations.

• The only way is to make it happen, is to focus on building Generational Wealth.

The Seventh Cure: Increase your ability to learn

• You need to learn consistently. Remember a Quote "You are good as your last shot".

• The only way to increase your abilites and be a better version of yourself, is conistent learning.

• You must continually provide value to society, helping others and taking help will only increase your abilites.

This seven cures will help you to build your wealth.

Lesson 3 : Harness the Goodluck

we often hope to get lucky someday, like you've seen multiple examples of people who got successful or acheived something only because of their luck. But let's just analyse it..... are things like luck are for real. If it is real, how can we get lucky too ? How can we harness it ?

These were the belief of peoples living in bablyon as there were watching wealthy people around them.

What I've understood from this lesson is, There is Luck, and you can get Lucky too. But Luck isn't just a Magical occurrence. You can Harness Luck through a logical result of preparation and opportunity.

Here's what I've learned, and you also need to keep in mind:

• A Roman Philosopher Seneca, Famously Said... "Luck is what Happens when preparation meets opportunity".

• Most people lost the opportunity because they are ignorant, and they didn't set their highest priority.

• It requires Consistent work, even if you are not able to reach your goal, it makes you better as the time goes, and one day you will get the opportunity that you want.

• Fear of not trying, Fear of Losing will keep you behind. Most people got what they want, is only because they tried in the first place. There's no place for a loser in a room who didn't tried in the first place.

• Stay with the people who knows the value of Opportunities. People who are indulging you to be better, applying good habits to you.

• Only the most deserving one Wins. The one who does whatever it takes to complete that task, to achieve that goal, is the one, who gets it.

• Procrastination Kills Luck.

  ~ if you want to attend that event but you're unsure about it, attend it anyway.

  ~ if you want to ask a silly question, but you're fearing what other peoples will think, Ask it Anyway.

  ~ if you're having a crush on someone, but not approaching her because fear of rejection, Approach her anyway.

  It's either you will win or you will lose. But you won't know unless you won't try.

• Think and take action. Don't wait too long.

In My 20's, one thing that really made me ahead of most of the people is Being Trying and not caring about the result.

Be Straightforward.

If you are thinking about it, and confident about it, you've to try it. There's no Other option. Eitherwise don't event think. who Knows you'll get LUCKY SOMEDAY !

I really liked a podcast of Justin Waller in which he describes about consistent work and exceptional result which people calls LUCK. Here's the link to its Youtube short: https://www.youtube.com/shorts/FFe6jinBSE4?feature=share

Opportunity stands at your doorstep and you are not even opening the door, anyways it won't wait for you either.

You need to understand the importance of time and opportunity that you have right now. Analyze your environment and shape your approach according to that.

Lesson 4: Five laws to get Wealthy

When kalabab, a rich merchant, returned from a long journey with his fellow classmates. Had sat in the cold night, enjoying their meal. He said that "Because thou has served faithfully upon our long journey, because thou has cared well for my camels, because thou toiled uncomplainingly across the hot sands of the desert, because thou fought bravely with the robbers that sought to despoil my merchandise, I will tell thee this night the tale of the five laws of wealth (gold), such a tale you've never heard of before".

First Law of Wealth

Wealth come gladly and increasing quantity to any man who will put by not less than 1/10th of his earnings to create an estate for his future and that of his family.

Second law of Wealth

Money attracts Money. The wise owner who uses money for its profitable employment, multiplying it, Money works diligently and consistently for him.

Third law of Wealth

Wealth comes to the cautious own who invests it under the advice of wise men in its handling.

It suggests that wealth is best preserved and grown when handled prudently and under the guidance of knowledgeable and experienced advisors.

Fourth law of Wealth

Wealth slips away from the man who invests it in businesses or purposes with which he is not familiar at or which are not approved by those skilled in it.

wisdom and knowledge comes with experience. Everything takes time. The one who is an inexperienced owner of money, will make an hasty decision, soon to realize that he lost it all.

Fifth law of Wealth

Impractical goal will lead you to a dissapointment and disbelief.

Wealth flees from a man who would force it to impossible earnings or follow the alluring advice of scammers or who trusts to his own inexperience and his sentiment.

You have to build a full trust on yourself, and for that you need to learn and practice consistently, to gain wisdom and experience.

These are the five laws of wealth which will take you years ahead of your life.

Lesson 5 : Prepare for the Unexpected

In the ancient city of Babylon, along the Euphrates River. It was known for its wealth and trade, protected by massive walls that surrounded the city. These walls weren't just for defense—they represented Babylon's commitment to keeping its wealth safe and its people secure from outside threats.

In those days, the walls of Babylon were like a shield, ensuring that the city could thrive amidst the busy markets and trade routes. They were a reminder that protecting your wealth is crucial for long-term prosperity.

Amidst the war, the walls stood and protected the people of the city.

Here's what I've learned from it:

1. Secure Your Finances : Just like Babylon's walls protected the city, securing your finances means having safety nets like savings and insurance. These protect you from unexpected financial problems.

2. Being Prepared: Babylonians were always ready for threats. Similarly, being financially prepared means planning ahead for expenses and saving for the future.

3. Building Strong Finances: The walls of Babylon were sturdy and well-built. Likewise, building strong finances means making smart investments and managing your money wisely.

4. Seeking Advice: Babylonians consulted skilled builders for their walls. Similarly, seeking financial advice can help you make better decisions about money.

At last, in the difficult times you need to keep hope that everything will go well, you just need to take right action at the right time.

Lesson 6: Where the determination is the way can be found

Dabasir, a camel trader, and his meeting with Tarkad, a young man who owes him money. After hearing his conditions, dabasir intend to share is own journey, from the depths of despair to prosperity, offering valuable insights and inspiration.

This story serves as a potent lesson on the power of determination and self-discipline in achieving financial stability and personal growth.

Here is what you should learn from it :

1. Recognize the problem

   - the first step towards change is to recognize your own faults and financial irresponsibility.
   - admitting your mistakes is what will make you free.

   - you need to acknowledge the root problem first, then only you can solve that problem.

   - if you are not able to find your problem, then how can you expect to find a solution for it.

2. Divide and conquer

   - to solve a problem which is really a difficult for you, you need to break/divide that problems into two sub problems, so that you would be able to solve it.

   - by following this approach you will be able to find the solution of difficult problems in a most optimal way.

3. Seeking Guidance

   - Its okay to be stuck, instead of remaining trapped, you can seek guidance and help from others who faced the similar difficulty. Learning from those more experienced can provide a clear path forward.

4. Commitment to change

   - True change requires commitment.

   - A Person who is committed to his goal, they will find the means to acheive them, no matter how difficult the journey may seem.

5. Taking Consistent Action

   - Determination is not just about planning but also about consistent action.

   - To increase your probability of winning, you need to show up everyday.

   - It doesn't matter how you feel, it only matters what you do. A Person can acheive exceptional results only if he is able to perform regardless of how he feels.

6. Resilience in the Face of Setbacks

   - You will get a lot of setbacks and failures midst your journey, and you will be able to resist only if you have a clear priority and the ability to take straightforward decisions.

   - people get behind in the face of setbacks, but to able to identify and solve your problems requires a calm mind. and this state can only be achieved through Equanimity - which means calmness of the soul.

7. Being Authentic

   - Being Authentic is the foundation of all. Because you need to be first able to trust yourself, you need to be honest with yourself. Then only you can be honest with others. Then only people will able to trust you.

   - When you are honest with yourself, you get a clear perspective. and this is really important to be a Wealthy Person.

This is how you grow, following these 7 steps can lead you to a better life.

Final Lesson : All it takes is Freaking WORK

Sharru Nada, the merchant prince from bablyon on a journey from Damascus to bablyon with hadan gula the grandson of his partner for years, Arad Gula, to whom he felt he owned a debt of gratitude which could never be repaid.

Hadan gula was in his cynical youth phase, illusioned by the wealth and richness of his family, and of a mindset that work was made for slaves.

Along the journey, In a hope to change hadan gula's mindset, sharru nada tells his inspiring journey and how he met hadan gula's grandfather.

This story tells the transformative power of hard work. It illustrates that regardless of one's starting point, dedication, and effort can pave the way to success.

What are the key takeaways you should Focus on :

These 3 Types of people will never be Wealthy - Arrogant, Stupid, Lazy.

Everyone has problems more or less, but amidst of that, the person who is aware of oneself, accountable of his actions, and willing to prioritize things which matters the most, will only win.

Consistency can take you far away. If you are willing to get expert at something you need to work consistently on it, you need to give your all time and energy towards it. There is not other way. There is no tomorrow. You have to take the actions now.

Evalute your perspectives. Be skeptical. Everything which is determined to work now, won't work later. You need to change your approach depending on the circumstances.

You need to be able to have a calm mind, a mind which you have full control of. Master your mind. All the problems, whether it is Being Angry, Jealous, greedy, Sad is because of indecisive Mind. Be Equanimous.

At the end, if you have good intentions, your hard work will be paid off. You will get what you want. But You need to be patient for it.

Patience is Bitter, but its Fruit is Sweet.

There's one quote from my Favorite entrepreneur ( Luke Belmar )

He say's that..........

The Process is the Prize, the pursuit of becoming is the prize, once you achieve that what you wanted, you will look back at the process and realize that... who you became in that season was a lot better than what you Achieved.

Full video: https://youtu.be/aFqhjzvz1vk?si=9gyfjl-O9c0QhL6c

Alright Guys, this is the end of the blog, Please like and shar.

see ya....... in the Next one. 🚀