a Finance AudioBook I'm listening to on YouTube + notes I've taken so far #17a

Hello my loves! I'm going to post more content of my today but before I do, I want to share a free audiobook I've been listening to + the notes I've taken on it. It's a finance book that is in the form of fiction storytelling. It's 5 hours long and I'm about 1.5 hours into the book. As a part of my air patron tier (which is included in the earth patron tier), things that I am doing for personal development is included. Well, I'm at a point in my life where I'm watching videos, listening to podcasts, and listening to audiobooks about finances. I've never been given a financial education, and I grew up in a financially unstable household and have a lot of trauma around that. But as an adult, I'm doing my best to be wise and consume as much information I can from sources that I like. someone I watch on YouTube recommended this book, so I've been listening to it. I really like the 7 cures of a lean purse, so I decided to share my notes so far 1.5 hours in here. these notes were quickly taken as the audiobook was playing ,so there will be typos, or paraphrased statements, or exact quotes without quotations. 

anyway, I just thought I'd share in case if any of you are interested in what I'm learning! ❤️ xo

Here are my notes so far:

The Richest Man in Babylon quotes/notes

“You have learned your lessons well. You first learned to live upon less than you earn. Next you learned to seek advice from those who were competent through their own experiences to give it. And lastly, you have learned to make gold work for you.

You have taught yourself how to acquire money, how to keep it, and how to use it.”

“If I set for myself a task, be it ever so trifling, I shall see it through. How else should I have confidence in myself to do important things?”

“When I set a task for myself, I complete it. Therefore, I am careful not to start difficult and impractical tasks, because I love leisure.”

“Wealth grows wherever people exert energy.”

“ a part of all I earn (minimum 10%, take whatever portion seems wise, save as much as you can) is mine to keep.” say it to yourself until it becomes second nature.

arrange your finances so you live below your means.

then make your savings work for you. And make the money that your money makes for you work for you.

You’ll be old one day too.

therefore,

“Invest thy treasure with the greatest caution that it be not lost.”

a small and safe return is much wiser than a high risk high reward that could potentially be a scam. Don’t lose your money.

enjoy life while you are here. Do not over-strain or try to save too much.

I’d you can only keep 1/10 of your income, be content with this. Life otherwise according to your income, and don’t get afraid to spend. Life is good and life is rich with things worthwhile and things to enjoy.

7 cures for a lean purse

1.  start thy purse for fattening. For every 10 coins you put in your purse, take out 9 for use 9.

◦  Thy purse will fatten at once and it’s increasing weight will feel good in thy hand and bring satisfaction to thy soul

2.  Control thy expenditures

◦  What each of us call our necessary expenses will always grow to equal our incomes unless we protest to the contrary.

◦  confuse not your necessary expenses with thy desires.

◦  budget so that your necessary expenses + some of your desires fit into the 9/10 of income spending while saving 1/10

3.  Make thy good multiply

◦  The gold we may retain from our earnings is but the start.  The earnings it will make shall build our fortunes.

◦  A person’s wealth is not in the coins he carries in his purse, it is in the income he builds, the golden stream that continuially flows into his purse and keeps it always bulging. That is what every person desires. An income that continues to come whether you work or travel.

◦  When you make money from your investment, invest that money back into your business so it increases the money you make from your investment.

◦  Profitable investments

◦  I extended my loans (to others) and investments as my capital increased

◦  A few sources at first, and from many sources later

◦  Don’t touch principle, allow compound interest

◦  “To put each coin to laboring that it may reproduce its kind even as the flocks of the field can help bring to thee income, a stream of wealth that shall flow constantly into thy purse”

4.  Guard thy treasures from loss

◦  Guard firmly or else you’ll los your money

◦  “First secure smaller amounts and learn to protect them before the gods entrust us with larger”

◦  People with money often want to enter risky investments with high rewards, and your friends/relatives will encourage you to do so as well, which will make it extra tempting

◦  Learn to manage smaller amounts before given bigger amount

◦  Security for thy principle

◦  “The first sound principle for investment is security for thy principle. Is it wise to be intrigued by larger earnings when your principle may be lost? I say not. The penalty of risk is probable loss. Study carefully before parting with thy treasure. Each assurance that it may be safely reclaimed. Be not misled by thy known romantic desires to make wealth rapidly. Before thou loan it to any man, assure thyself of his ability to repay and his reputation for doing so, that thou may not unwittingly be making him a present of thy hard-earned treasure. Before thou entrust it as an investment in any field, acquaint thyself with the dangers that thou may beset it.”

◦  “Be not too confident of thy known wisdom in entrusting thy treasures to the possible pitfalls of investments. Better by far to consult the wisdom of those experienced in handling money for profit. Such advice is freely given for the asking and may readily possess a value equal in gold to the sum thou considering in investing. In truth, such is its actual value if it saves thee from loss. This, then, is the fourth cure for a lean purse and of great importance if it prevent thy purse from empty once it become well-filled. Guard  thy treasures from loss by investing only where thy principle is safe, where it may be reclaimed if desirable, and where thou will not fail to collect a fair rental. Consult with wise people. Secure the advise of those experienced in the profitable handling of gold. Let their wisdom protect thy treasure from unsafe investments.”

5.  Make of thy dwelling a profitable investment

◦  “If a man set aside 9 parts of his earnings upon which to live and enjoy life and if any part of this 9 parts you can turn into a profitable investment without detriment to his well-being, then so much faster will his treasures grow.”

◦  Too many men raise their families in unseemly quarters. They do pay to extracting landlords liberal rentals for rooms where their wives where they have not a spot to raise the blooms that laden a woman’s heart and their children have no place to play their games except for the unclean allies. No man’s family can fully enjoy life unless they do have a plot of ground wherein children can play in the clean earth and where the wife may raise not only blossoms but good, rich herbs with which to feed her family. To a man’s heart it bings gladness to eat the figs from his own trees and the grapes of his own vines. To own his own domicile and have it a place he is proud of to care for puts confidence in his heart and greater effort behind all his endeavors. Therefore, do I recommend that every man own the roof that shelter him and his. Nor is it beyond the ability of any well-intentioned man to own his home. Have not out great kings so widely extended the walls of Babylon that within them now much land is now unused and can be purchased at sums most reasonable? Also, I say to you , my students , that the money-lenders gladly consider the desire of men who seek homes and land for their families. Readily may thou borrow to pay the brick-maker and builder for such commendable purposes if thou can show a reasonable portion of the necessary sum which you can can provide yourself for the purpose. Then, when the house be built, you can pay the money-lender with the same regularity the same money you paid the landlord. Because each payment will reduce your debt to the money-lender. A few years will satisfy your loan. Then will your heart will be glad because you will own w valuable property and your only cost will be the king’s taxes. Also your good wife will go more often to the river to wash your robes that each time you return you will bring a goatskin of water to pour upon the growing things. Thus come many blessings to the man who own’s his owns house and greatly will reduce his cost of living. making available more of his earnings for pleasures and the gratification of his desires.

◦  This, then is the 5th cure for a lean purse. Own thy own home.

6.  Ensure a future income

◦  A man may buy houses or lands for this purpose. If wisely chosen as to their usefulness and value to the future, they are permanent in their value and their earnings or their sale will provide well for his purpose.

◦  A man may loan a small sum to a money-lender and increase it in small periods. The rental that the money lender will add to this will largely add to this increase.

◦  By wise and well-thought out methods do provide against a lean purse in their mature years. For a lean purse to a man no longer able to earn or a family without its head is a sore tragedy. This then is the sixth cure for a lean purse. Provide in advance for the needs of thy growing age and the protection of thy family.

7.  Increase thy ability to earn

◦  One of the most vital remedies for a lean purse.

◦  It is about you.

◦  A strong and definite desire to earn more.

◦  In learning to secure his one definite small desire, he has trained himself to secure a larger one. This is the process by which wealth is accumulated. First, in small sums. Then, in larger ones as a person learns and becomes more capable. Desires must be simple and definite. They defeat their own purpose be they too many, too confusing, or beyond a person’s training to accomplish. As a person perfects herself in her calling, even so does her ability to earn increase.

◦  More interest, concentration, persistence in my work.

◦  Always do the affairs of people change and improve because keen-minded people seek greater skill that they may bette serve those upon whose patronage they depend. Therefore, I urge all people to be in the front rank of progress and not to stand still lest they be left behind.

◦  Many things come to make a person’s life rich with gainful experiences. Such things as the following a person must do if he respects himself:

◦  He must pay his debts with all the promptness within his power, not purchasing that for which he is unable to pay.

◦  He must take care of his family thatchy may think and speak well of him.

◦  He must make a will of record that in case the gods call in, proper and honorable division of his property be accomplished.

◦  He must have compassion upon those who are injured and smitten by misfortune and aid them within reasonable limits.

◦  He must do deeds of thoughtfulness to those dear to him.

◦  Thus, the 7th and last remedy of a lean purse is to cultivate thy own powers, to study and become wise, to become more skillful, so at as to respect thyself.

◦  Thereby shalt thou acquire confidence in thyself to achieve thy carefully considered desires. T

◦  hese then are the 7 cures for a lean purse, which out of the experience of a long and successful life, I do urge all people who desire wealth.

◦  There is more gold in Babylon than thou dreamest of. There is abundance for all.

◦  Go forth and practice these truths so you can prosper and grow wealthy as is your right.

◦  Go forth and teach these truths that every honorable subject of his majesty may also share liberally in the ample wealth of our beloved city.

-

Chapter 4:

1:28:54