INCOME TAX21 Sept 2026
5 business lessons from The Richest Man In Babylon by George Samuel Clason; make your money work for you and more | Mint
A new Mint piece draws money lessons for business owners from the finance classic The Richest Man in Babylon by George S. Clason. It matters to every owner and taxpayer. The advice is practical: save at least 10% of earnings first, track every expense, and reinvest profits wisely. Also skip schemes promising quick returns, and keep upgrading your skills.
Key Statutory Highlights
- The book says you should always save a part of your earnings, at least 10%, and set aside profits before spending on anything else.
- It warns that many businesses confuse wants with needs and overspend simply because money is available, so every expense should be tracked carefully.
- Clason says saving alone is not enough, and business owners should reinvest profits into growth opportunities, because idle money loses value over time.
Actionable Advice for Taxpayers / Founders:Go through your last few months of expenses and set aside at least 10% of your profits as a reserve before you spend. If you are planning a big investment, get guidance from experienced people and research it first instead of chasing high returns quickly.
Statutory Disclaimer: TaxQue Shorts are AI-assisted editorial briefs for compliance awareness. This brief has not passed every source check; confirm the original notification before acting. This does not constitute formal legal or CA counsel.
TaxQue News Desk
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