This book is about MONEY, how to handle money. Everyone uses money, everyone needs money. To put aside topics regarding money will be mere folly.
“Ask and it will be given to you, Seek and you shall find…” – Matthew 7:7
It opens with the introduction of the character Bansir; this is followed by a conversation between Bansir and his friend Kobbi about money and they make mention of their old friend Arkad, who came from humble beginnings as themselves but who is now the richest man in Babylon. While conversing, Bansir and Kobbi realise that they have never found any measure of wealth, because they never did seek for it. The author establishes this truth in the first chapter that we must have ambitions and desires. So the two friends set out to meet with Arkad and inquire of him how they might be rich.
“Wealth like a tree, grows from a tiny seed” – The Richest Man in Babylon
Arkad narrates to them the story of how he first learned the way to make money and leaves them with a piece of advice; “A part of all you earn is yours to keep”. This was major for me. Wherever your income flows from, you always have to give out that money-you buy food, pay rent, pay for transport and a host of other things, however, we must learn to first pay ourselves at least 10% of that income, save it, then you can go ahead and budget the rest of your income.
“Savings should be only used to create more money, not to pay bills.”- Rich Dad, Poor Dad
In Chapter Four, the author writes about the five laws of gold (money) which I will briefly summarise here:
- We can easily acquire money, if we can pay ourselves 1/10th of our earnings.
- We must find a way to make the money we’ve set aside work for us. It’s not enough to just keep it as savings.
- We must be wise in our investment and handling of money.
- We must educate ourselves in whatever area we want our money to work for us.
- We can easily lose money should we want impossible and tricky methods to increase it.
Throughout the book, George S. Clason tells stories and gives practical examples on how people with no money, rose up to something with determination and wisdom about the laws of money. This book was brief and straight to the point and very understandable.
“Opportunity is a haughty goddess who wastes no time with those who are unprepared” – The Richest man in Babylon
I am not sure if this a review or a recap or both.Anyway I did enjoy reading this book. You may not have some money now or a source of income, but why wait until then to know about money. It’s a wonder how schools don’t teach much about money, when it’s quite important in our everyday life.
Money should work for you and not the other way around. I recommend this book for anyone who wants to know just a little bit more about money.
I first learn’t about this book while reading Robert Kiyosaki’s Rich Dad, Poor Dad. My aunt happened to have a copy at home, so I just went ahead and read it.
I would also recommend Why we want you to be Rich by Robert Kiyosaki and Donald Trump, which also educates you about money.
You can get the Rich man in Babylon here for only $1.29, the kindle version and free via your audible trial.