Sách Tinh Gọn - Người Giàu Có Nhất Thành Babylon

A brief summary of the book in 30 minutes The Richest Man in Babylon by NNT Studio What is this book about? The Richest Man in Babylon the updated and supplemented version for this 21st century is a series of silly stories about the financial intelligence of the ancient Babylon era This book will provide you with the advice that you can take advantage of in the current financial crisis Who is this book for? Financial and business students Those who are interested in the effective determination and investment of finance Those who are learning about the secrets of the ancient era About the author George S. Glasson is a businessman and famous American author He is known for many books written about the success in the financial field in the ancient Babylon city And The Richest Man in Babylon is a compilation of the best stories from those books What is waiting for you in this book? It is a secret that will help you master your luck Once upon a time in ancient Babylon there was a very rich man named Archad In fact, he was the richest man in that land So, two friends in the ancient Babylon came to him and asked about the secret to help Archad to have prosperity while they worked hard but almost could not support the family Archad smiled and told that he had previously been told by another rich man about his secret to be rich That secret is should keep a part of the property you can earn In other words, do not spend all the money you make but invest and invest wisely This is what Archad started He wanted to save enough money and give people a shoulder to lean on The shares from this share made Archad's wealth The Richest Man in Babylon also contains many other similar stories Reading and reading, you will draw out for yourself valuable experiences to apply in modern life You will also understand why you should give a business a shoulder to lean on instead of giving a rich man a shoulder In the end, you will realize that luck is just another way of working hard and smart You are listening to the podcast on the Tinh Goan book channel If you are a book lover but busy you can download the Tinh Goan book app produced by NNT Studio The app provides thousands of books in the Tinh Goan version With each book, we have compiled the most exquisite ideas to help you save time but still keep the content of the book intact You can download the app on the website tinhgoan.com The secret to creating wealth is to save and invest wisely Have you ever asked yourself why some people make more money than others? Is it because they have saved and kept their savings under the pillow while others spend what they earn on buying jewelry? In fact, the secret to becoming rich lies in balancing these two extremes To become more and more prosperous, you have to know how to save money and how to spend wisely Of course, the first thing you need to do is save money Obviously, you can't spend all you can earn You must always try to keep the balance of the basic living For example, you can cut down on spending for luxury goods such as a weekend in the city of Paris or use a red toilet paper while other basic things can still be enough to meet your needs But saving money this way is not enough to help you become rich You need to look for other opportunities to invest Because the money you keep under the pillow will not increase in value Even opening a savings account in a bank will only help to increase a small part In fact, doing it will make them lose value over time Instead, you should invest money in things that can help you become truly rich such as stocks, government bonds or invest in start-up companies If you do it right, your savings will create surplus value that you don't need to make any more effort However, whenever you invest you should remember to only invest in people who really know how to use your money For example, you should not invest in investors if they say they will use that money to run a diamond business On the other hand, you should give money to insurance funds to invest instead because they will know and understand the market better than you The secret to success in finance is to always be aware of your narrow understanding Do you think you are a know-it-all or even a smart person? If so, you will be shocked The real smartness lies in how you recognize your lack of understanding and accept it The ancient philosopher Socrates was really smart when he admitted that I know that I don't know anything This principle should also be applied when you start learning new things Don't lie to yourself that you know a lot Instead, stop and observe a little When we see what we have just learned we also see other areas of knowledge that we don't know about Then we will realize that our knowledge is still very limited For example, you are learning about the fundamental things of relativistic theory You will gradually realize that you are facing something that is extremely complicated and will be more and more complicated You will realize that there are still a lot of things in this world that we don't know about or can't understand thoroughly Unfortunately, most people don't realize that their understanding of the financial field is still limited In fact, there are a lot of people who have difficulties in using basic financial formulas such as double calculation Worse, they tend to move forward with limited knowledge without stopping to consider and supplement their knowledge in areas they are not familiar with For example, some people think they are well-versed in the underlying principles and can be confident in becoming rich by investing in these funds But in the end, most of them failed in 2008 because they did not carefully research their investment funds They forgot to ask more questions about the risks and sustainability of financial tools As long as you research a little more you will get more benefits You can realize the opportunity to invest and make profit-making transactions earlier than others when you have enough knowledge about the financial field You are listening to the podcast on Sach Tin Goan channel If you are a reader but busy you can download the app Sach Tin Goan The app provides thousands of books in a simplified version With each book, we have listed the most important points to help you save time and still keep the content of the book You can download the app at www.sachtingoan.com Continuous learning from trial and error will help you gradually become rich Many people often dream that they will become rich only after one night That's not true You can achieve success in a long process including many small steps and not a few failures Why is that? Why does it take so long to become rich? Simply because the world always moves and changes especially on the financial side This means that you can't just follow a single strategy For example, invest in a certain kind of stock and just sit there to watch the flow of money The financial system and even life are full of uncertainty Therefore, sooner or later something will always happen and cause great consequences For example, the collapse of the stock market This means that you have to learn how to quickly adapt to the situation learn more new strategies try continuously and accept a few failures And when you find your winning strategy something big can happen But through trial and error your investment ability will gradually improve when you accumulate more knowledge In fact, the trial and error process is similar to how to create scientific progress Failure experiments are also as useful as success So, for example, you invest in a stock and you fail You will accumulate more experience as well as know more about this field From there, increase the success rate in the next investment However, you need to understand that trial and error are related to making mistakes So you need to make sure these mistakes are within the limit Don't invest in something you're not sure about and can cause consequences that you can't control In the next part, you will learn more about the difference between making money and achieving wealth Don't just work to make enough money to meet your needs Know how to invest long-term and make a lot of money What do you think is the difference between making money and achieving wealth? In fact, most of us don't realize the difference between them However, there is an important difference that you need to know Making money describes the process of achieving wealth in the sense of making money to work for you To understand this better, imagine that you are a manager of a well-earned factory and you receive a good salary every month Obviously, you are making money but are you achieving wealth? Maybe not Therefore, you need to save and invest a part of your salary For example, if you decide to invest you may gradually become rich because your money is working for you The process of making money can be completed when you achieve financial success in the short term You usually only care about what you can share with your current salary and don't have too many worries about the future But there is a hidden risk What will happen if you don't receive your salary next month? If you don't receive your salary next month you will not be able to achieve your long-term goal For example, the real estate you invest will not bring you wealth immediately Instead, you have to spend money and wait until its value increases This can take time but when these real estate start to have value they will continuously bring you profits as long as you still own them Setting up this long-term plan will help you ensure your life when unexpected changes happen For example, unemployment You are listening to a podcast on the Tinh Goan book channel If you are a book lover but busy, you can download the Tinh Goan book app produced by NNT Studio The app provides thousands of books in the Tinh Goan version With each book, we have recorded the most exquisite ideas to help you save time but still keep the content of the book You can download the app on the website tinhgoan.com The invested money will help you save When you borrow money for example, to go to school you may have to pay some interest On the other hand, when you lend money to others, you can expect they will pay you some interest and this is the secret to achieve the savings of those who have money To understand why paying interest you need to know that money is like a resource similar to employees or raw materials Suppose you want to build a factory, what do you need? Basically, you need raw materials and labor to produce products Of course, you also need to pay for these resources But you also need capital that is money to build a factory According to this understanding, capital is like other resources To attract labor you need to give a reasonable salary Similarly, to attract capital you need to provide something to investors, and that is revenue As an investor revenue is a tool to create wealth because of its positive side When your savings grow over time, you will also earn more money on this part For example, you invest $100,000 for a new business and the owner of the business has to pay you the original capital and 10% of the profit in total is $110,000 Then you continue to reinvest all this money into another business at the same time This time you get the original number and 10% of the profit in total is $121,000 Obviously, your profit has increased You can continue this process indefinitely and will always have more money As you can see, your money can work indefinitely and will increase over time In the next part, you will discover how luck and hard work are related Luck is not a coincidence How do you know it's luck? Many people think that luck is a coincidence but is this always correct? For example, you are playing tennis You have been practicing and preparing for months Finally, you won because of a ball but it was powerful enough for your opponent not to be able to help Is this simply luck and coincidence? Definitely not because you have actually accumulated luck during the practice When people talk about luck they are actually talking about luck and it is not affected by other factors such as winning or losing Luck should really be separated from coincidence because it is not completely random Because to be lucky you need a lot of effort So how can you be luckier? Simply by continuously looking for opportunities to increase your wealth For example, you are a startup and are interested in consumer technology So you spend your time reading news reports about trends in the world and getting to know the manufacturers One day, you read an article saying that 3D TV is expected to be a new trend and the same day you received a message from a manufacturer saying that he had found a way to make money and then became extremely successful Obviously, hard work, attention to detail and willingness to seize opportunities are the things that create this luck You are listening to a podcast on Sách Tín Ngọn If you are a reader but busy, you can download the app Sách Tín Ngọn by NNT Studio With each book, we have listed the best ideas to help you save time and still seize the content of the book You can download the app on the website Sách Tín Ngọn.com Work hard to find opportunities and seize them bravely In the previous part, you learned how to find and seize opportunities to create luck So, why do people often lose their luck? The most common reason is that they hesitate For example, as a startup, if you don't decide to invest in 3D TV production immediately but wait for the project to be proven feasible, the manufacturer may have found someone else to invest You can't wait for the opportunity impulsively, If you want to increase your chances of finding luck, work hard, study and research the field you are interested in, build relationships, then you will soon recognize and seize opportunities if they appear Remember that golden opportunities are rare unless you work hard Maybe you have to wait for a while and lose motivation when you see that your effort will be rewarded when the opportunity comes For example, a startup has invented a wireless radio She worked hard to complete the product and introduce it to investors For a year, each investor refused and said who still uses a radio now? Although disappointed, she continued to insist Until that day, a wireless radio will meet the needs of developing countries where the power grid is still weak The wireless radio gradually succeeded and her patience was well-deserved In the end, you will know what will lead to financial failure and how to prevent it Use your mind to decide to spend and never borrow Why do people fall into financial crisis? Simply because they often use emotions to make financial decisions How can you prevent this? First, you need to know how to use your mind to decide all your expenses based on personal needs and financial situation For example, you really want to have a luxury car You don't really need to own it And if you buy it, you will have to pay a large amount of money with many unfavorable conditions Obviously, you shouldn't buy it But just assume you still buy it at any price You will have to use a large part of your income to pay And one day, you don't have enough money to pay so you have to pay another amount to pay for this loan In this way, you will be trapped in the cycle of debt and hope that the luxury car In fact, debt is a bad intention because you can't save money to invest and gradually accumulate wealth Your income will only be used to pay off debts This may not be good news for debtors who are rich For example, in the recent crisis in Europe, Greece has lost a lot of money from the European Central Bank This country has to pay off debts such as schools, infrastructure, transportation These factors will help the economy develop in the long run Without these investments, Greece will not achieve wealth to pay off its debt This will make the situation of both parties, debtors and loaners, worse Therefore, in some cases, debtors should postpone their loans so that loaners can recover their financial status The main message from these articles The secret to becoming rich is to spend reasonably to save and invest that saving in the most effective way You also need to understand that you can create luck by working hard and bravely seize the opportunity Proposal Spend reasonably Never borrow to buy luxury goods because it's really hard to get rid of unnecessary debts If you really want to buy that thing but don't have enough money to pay for it save it until you have enough to buy it Invest reasonably No matter how much you earn make sure you don't spend all the money you have on things you want Spend a part to save and invest For example, buy stocks or bonds This way, the money will gradually work and bring you back some money However, don't invest smartly Don't invest money that you can hardly earn for new people or entrepreneurs No matter how attractive the opportunity is if the person you trust doesn't have enough experience in that field they may still fail So, just invest for those who know exactly what they are doing Thank you for listening to the podcast on the Tinh Goan book channel You can download the Tinh Goan book on the website tinhgoan.com or search for the Tinh Goan book on App Store and CH Play I wish you a great time reading the book