ABOUT THE AUTHOR
George Samuel Clason was born in 1874 in Louisiana, Missouri. He attended the University of Nebraska. Clason also served in the United States Army during the Spanish-American War.
Clason was the founder of two companies – Clason Publishing and Clason Map Company. The latter would go on to publish a road atlas of the United States in 1923.
He also published pamphlets on how to achieve financial success. These pamphlets were based on the parables from ancient Babylon. Even banks and insurance companies started distributing these pamphlets in large volumes. The common financial-strategy phrase “pay yourself first” is also often attributed to Clason.
Published in 1926, The Richest Man in Babylon is a compilation of the most popular Babylonian parables.
Clason breathed his last in the year 1957 in Napa, California.
The Richest Man in Babylon is a guide on how to manage and grow your personal finances. The protagonist of the book is Arkad. According to some parables, he was the richest man in ancient Babylon some 4,000 years ago.
In The Richest Man in Babylon, Arkad teaches his friends and fellow Babylonians the seven cures for a lean purse and the five laws of gold. Having started his career as a lowly scribe, Arkad became an inspiration to Babylonians as he turned his fortunes to become the richest man in Babylon.
His seven cures for a lean purse teach how one can generate more money and wealth. On the other hand, the five laws of gold are a treatise on how to safeguard one’s wealth and investment.
The book also stresses the need to identify opportunities and make the most of them.
Some more individual parables are included toward the end of the book. These are – The Gold Lender of Babylon, The Walls of Babylon, The Camel Traders of Babylon, and The Luckiest Man in Babylon. These stories reinforce the importance of being cautious when it comes to financial matters, of protecting oneself against adversities, and of being resilient and hardworking.
The chapter The Clay Tablets from Babylon also includes a few short parables.
WHAT WE LIKED ABOUT THE RICHEST MAN IN BABYLON
It doesn’t matter whether someone deals in regular money or cryptocurrency, has just started working, or is an expert in financial affairs, The Richest Man in Babylon is one book simply everyone must read.
The stories are retold as personal experiences, which aid our understanding of each concept and help us implement those strategies in our personal lives. In fact, the stories are narrated by an old man, who uses his years of experience to teach the readers on how they can manage their funds better. Reading the book feels like listening to a learned man who knows what he is saying.
Although published in 1926 and based on 4,000-year-old parables, the suggestions offered throughout the book are still relevant, and so they shall be for years to come. Believe it or not, some of the mantras shared in The Richest Man in Babylon are potentially life-changing tips.
The author has structured the book in such a way that by the time you are done reading it, you will have memorized both – the seven cures and the five laws.
That said, probably the best thing about The Richest Man in Babylon is that it covers the fundamentals of managing and generating wealth. It does not bamboozle the readers with any complex economic theories or math. The book is surprisingly devoid of any heavy financial jargon.
WHAT WE DID NOT LIKE ABOUT THE RICHEST MAN IN BABYLON
Nothing really to complain about this one; The Richest Man in Babylon is an impeccable piece of literature.
Learn to make your treasure work for you. Make it your slave. Make its children and its children’s children work for you.
A part of all you earn is yours to keep. It should be not less than a tenth no matter how little you earn. It can be as much more as you can afford. Pay yourself first.
Better a little caution than a great regret. Protect yourself with insurance. You cannot afford to be unprotected. Do not live beyond your means.
Where the determination is, the way can be found.
The Richest Man in Babylon is a timeless classic. People who are struggling to manage their finances, irrespective of the size of their paycheck, will immensely benefit from reading this book. Those who are already efficient in the art of money management can get even better at it by giving this a read.
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