Book report of The Richest Man in Babylon
The book report on essential and most valuale money lesson on the example of man from Babylon was written and published here by the writer Terry Brwon who work for
https://specialessays.com/buy-book-reports/ and this paper is the great example of how book report should structured and how to make it attractive withour retelling the plot of book.
George S. Clason’s book, The Richest Man in Babylon, is a collection of financial parables. The principles and lessons are simple and straight to the point. They are divided into three sections and each has different teachings on financial management, but they all interconnect in their principles. In the summary, the key points of the book are held in the story of Arkad’s “Seven Cures for a Lean Purse”.
The principle Control thy expenditures states that money should not be used to buy unnecessary things even if they can be afforded. Instead, the focus should be on saving a tenth of the initial income. Start thy purse to fatten revolves around saving one tenth of the earnings that is for every nine coins spent save one for future use. Prevent loss by guarding your treasures is the lesson that teaches that it is wise to invest in things that have safe principles only. Make your gold multiply teaches that after saving, the wisest thing to do next is invest in ventures that generate more income rather than leaving it idle. Insure a future income encourages investing for the future that ensures family well-being even after death or retirement. Regarding your home as an investment, he explains it as rather than renting it is better to own it, and use that money for rent to do investments that are more profitable. Increase the ability to learn is the principle that states that investing in education is an asset since it opens avenues for more opportunities. It is an ingredient to making informed decisions on finance and investments.
The main mathematical principles in the book revolve around understanding the basics behind investing and saving. By combining the two principles, a person gets a clearer insight on where and when to invest, how to manage the returns and handle the risks, and lastly be more open minded on diversification of their investments. In addition, through focusing mainly on saving, the author makes the readers aware of the advantages of having extra income in case of emergencies and unforeseen turn of events. The extra income can be used as a cushioning in those hard times. Not only that, but the extra income can also help in starting other projects that may bring in more income which will help a family, for example, in the case of retirements or death of an individual.
Another mathematical concept that the author explores is on discouraging people’s mentality that believes in luck compared to hard work. He explains this throughout the different stories as he gives a chronological order of events on the characters’ growth that never depend on chance but basic hard work. These are the main fundamental mathematical principles that the author tries to explore in his book.
The book has really influenced my perspective on financial management not only through the author’s clear discussions on the issue of money, but also through the mentioned life philosophy on a broader aspect, which helped shed more light on the subject. The book’s clear financial concepts have withstood the test of time, making them an asset, since they are still relevant and applicable today. The book also taught me the purpose and meaning that life can have by simply using money wisely. I also learnt not to be influenced by the details of account types or unwise investments. Learning to address these choices effectively not only helps in grasping the concepts of basic wealth creation, but also ensures a much happier and wealthy life. By implementing these stated seven principles, I gained confidence and clarity to pursue my financial success.
