The Richest Man In Babylon by George S. Clason August 03, 2007
This is a collection of amalgamated short stories, told through numerous citizens of the old Babylon. In the first chapter, Bansir, the chariot builder, is a commoner who works relentlessly, yet still impoverished, comes to a revelation and decide to seek the richest man in Babylon for the wisdom of becoming wealthy. In the second chapter, Bansir and friends came to Arkad, who received them with warmth and recounted of how Algamish, the money lender had made him rich when he was a poor tablet scriber. The lessons Algamish taught him were to save and invest a tenth of all the income, protect them and don’t rely on the judgments of others who is not an expert in that area. For example, do not trust a brickmaker with jewelry business.
A society like Babylon flourished because of its people is educated and knows the ways to wealth. The king of Babylon asked Arkad to teach to those who will then teach others. The steps to wealth were seven cures and were scribed on tablets.
1. Start thy purse to fattening. (Build Income) 2. Control thy expenditures. (Reduce Expenses) 3. Make thy gold multiple. (Reinvest) 4. Guard thy treasure from loss. (Protect) 5. Make of thy dwelling a profitable investment. (Profit from your dwelling) 6. Insure a future income. (Secure future) 7. Increase thy ability to earn. (Increase source of income)
In the fourth chapter, it talks about luck. Arkad had formed a social club in the old Babylon, where social matters were discussed. Arkad led this discussion on Lady Luck and concluded that good luck attract those who takes actions or advantage of opportunities.
In the next chapter, Kalabab told the story of an ordeal that was placed upon Nomasir before his father Arkad bequeathed his will. Arkad sent his son on a journey to accumulate wealth with two gifts, money and a tablet of five laws of gold. Of course, Nomasir lost all the money at first, and by applying the five law, he later accumulated more money than he originally had received. The 5 laws are abbreviated with my interpolated brevity 1. Save and invest tenth of income. 2. Wealth replicates but grows more when sound opportunities are seized. 3. Be cautious, don’t lose money due to careless; seek advices of wise men. 4. Wealthy are lost in an immature investment or in which you lacked the skill for. 5. Do not be tricked or schemed into investment that are too good to be true.
Next, Mathon, the gold lender, told the ways of whom he lends money to. I quote: If they borrow for purposes that bring money back to them, I find it so. But if they borrow because of their indiscretions, I warn thee to be cautious if thou wouldst ever have thy gold back in hand again.
Next chapter tells about how the strength of the Babylon wall has saved its city once again from attackers. The story teaches one cannot afford to be without adequate protection.
Dabasir, a camera trader, tells the transformation of how he once, were a slave, now successful and wealth. Once stranded in the desert with life seemed hopeless, he questioned himself if he had a soul of slave or of a free man. He then realized he must fight off all the debt and repay those who once loaned him money and it is those people who had believed him and were his friend. He now had a purpose and a determination, which led to him to his current day.
Skipping the next chapter, which is of a much more recent time, described a professor had come to the possession of these five tablet engraved with laws of gold, and they too had made him rich. The last lesson is entitled the luckiest man in Babylon, which is another story of how a slave had free himself through diligent works. The book ended with a historical sketch of Babylon.
Referred by many, this is perhaps the most well-known book, maybe the first book your should read in achieving financial freedom. It’s a good read and short; I read it in one session. It is cheap, so go buy one. Simply having it in your bookshelf will make you look richer.