This is the first-ever book I read about investment. Told in a bible-like story, the richest man in babylon shared with his long-time friends his secrets on wealth-management.
1. One key reason why a person has never found any measure of wealth is he never sought it.
2. A man's wealth is not in the wallet he carries. It's the regular stream of income that constantly keeps his purse full.
3. Set aside at least one tenth of the income for savings. Let the money grow itself.
4. Yet, life is meant to be enjoyable. Don't overstrain to save.
5. Differentiate between necessities and desires. Plan your budget.
6. Set simple, definite and practical goal. See it through and complete it, no matter how trivial it is. How else can we trust ourselves if we can't even do small things ?
7. A small and safe return is far more desirable than a risky fortune. Capital preservation runs before potential profit (or loss).
8. Put your money into familiar businesses or purposes.
9. Own your own roof.
10. Pay all debts, promptly.
11. Take care of the family, both physically and financially. It builds your character.
12. Make a will - we never know when God calls.
13. Help the less fortunate within reasonable limits.
14. Good luck comes to those who accepts opportunity. Take action and do not procrastinate.
15. Be tactful whom you take advices from.
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