Book Review: The Richest Man in Babylon

October 24, 2020

                                                ⭐⭐⭐⭐⭐




Author: George S. Clason

Genre: Non-fiction, Personal finance, Self- Help 

Year of Publish: 1926

Pages: 144

Related books: Intelligent Investor, The Rich: from slaves to super yachts


Significance of The Richest Man in Babylon

  • Babylon became the wealthiest city of the ancient world because its citizens were the richest people of their time. They appreciated the value of money.  
  • Alexander the great was declared the king of the world at 26 when we won the battle at Gaugamela and captured Babylon. 
  •  Most of the quotes from Warren Buffet  such as " Not putting all eggs in one basket, dont measure dept of water with both legs" is from this book.
  • If you are planning to read Robert Kiosaki series, stop right there. 


You must have heard- "your circle shapes your personality".  The book will give you a chance to be a part such circles. The  richest man in babylon, Arkad, going to teach you the mindset of fortune makers. He gives example of lottery business blessed with godensss of fortune which is free from misfortune 

He teaches 7 cureses of lean purse and 5 laws of gold( money). Let me give you as glimpse of the classroom. 

“For every ten coins thou placest within thy purse take out far use but nine. Thy purse will start to fatten at once and its increasing weight will feel good in thy hand and bring satisfaction to thy soul.”

“If a man setteth aside nine parts of his earnings upon which to live and enjoy life, and if any part of this nine parts he can turn into a profitable investment without detriment to his well-being, then so much faster will his treasures grow.”


My takeaways from the book are:

1: The secret to building wealth is to save and invest wisely.

2: The secret to being financially successful is to always admit how little you know.

3: You can only accumulate wealth slowly by learning through a process of trial and error.

4: Don’t just work for money to afford the things you want today, make long-term investments where your money works for you.

5: Making investments that get paid back with interest can be highly lucrative.

 6: Opportunity is a source of good luck which – unlike chance – may be pushed to occur more frequently.

7: Work hard to spot opportunities and seize them without procrastination.

8: Make rational choices about your expenses and don’t take on debt.

 

Whatever you earn, always ensure you don’t spend all of it on things you want. Save part of it and invest it into, for example, stocks or bonds, as this way the money will begin working for you, earning you interest. However, be sure to make this investment wisely. Don’t trust a novice or an amateur with your hard-earned savings. No matter how attractive an opportunity seems, if the person you are entrusting with your money is inexperienced in the field, chances are they will fail. Therefore you should only invest with people who have proven they know what they are doing.


I have started noticing less is more. The most profound work in a field is written  in least words.  Dont belive me? Check out these masterpiece


Strategy : Art of War

Persuation: One Sentence Persuation

Self Help : Think and Grow Rich


Well, i can confidently crown - "The Richest Man in Babylon" as the benchmark of personal finace guide.









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