The Richest Man In Babylon

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I’ve read The Richest Man In Babylon. A fable about the basics of gaining wealth, handling money and controlling your expenditures.

Old but really great

Although it is a book from 1926

The book is funny, the simplicity is astonishing and

No matter if you are interested in investing or personal wealth, the lessons from this book makes will give anyone who understands it a fundamental knowledge of controlling your financial destiny.

I would also recommend reading the book aloud for kids. I put it on my personal list of stories for my future kids.

A bunch of small stories

One of the things making The Richest Man In Babylon a great book.

And what makes the book great to read for your kids.

Is that it is not one long story, it is composed of several short stories. Small tales and lessons about handling money that everyone can relate to.

Here is a pick of the different stories

  • Seven cures for a lean purse
  • Meet the goddess of good luck
  • The five laws of gold
  • The gold lender of Babylon
  • The walls of Babylon
  • The camel trader of Babylon
  • The clay tablets from Babylon
  • The luckiest man in Babylon

Lessons from The Richest Man In Babylon

  • Learn how to use less than you earn and control your expenditures
  • Live to learn and always learn to become better
  • Always set something aside, in this case no less than 10% of your income.
  • And the important part, never do use the wealth you accumulate from 10% of your income on anything but investing it in gaining more wealth.

Greate quotes from The Richest Man In Babylon

  • “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. “
  • “Budget your expenses so that you may have money to pay for your necessities, to pay for your enjoyments and to gratify your worthwhile desires without spending more than nine-tenths of your earnings.”
  • “Put each coin to work so that it may reproduce its kind even as the flocks of the field and help bring to you more income, a stream of wealth that will flow constantly into your purse.”

The seven cures for a lean purse

One of the longer, and

It covers 7 sections on how one could journey from living paycheck to paycheck, to start saving and getting a fatter purse.

The book is in older English, and roughly translated those 7 cores:

  • Start saving and fattening your purse
  • Control your expenditures
  • Invest your savings wisely
  • Guard your investments against loss
  • Own your own house
  • Insure a future income
  • Increase your ability to earn further.

Meet the goddess of good luck

richest man in babylon review

This part of the book begins with a Babylonian saying about luck.

“If a man be lucky, there is no foretelling the possible extend of his good fortune”.

But as we delve into this section of the book, it shows to be another tale of how the Goddess of Good Luck smiles to those who work the hardest and save their money well.

One of the ways the goddess favours those who save is by giving those the possibility to invest in good opportunities when they appear.

I can attest to that, we’ve all known of a good opportunity at some point, and if we’d only had money to invest, we’d be more fortunate today.

The section also covers something about being able to see a great opportunity as it arises.

Conclusion. You are the architect of your own good fortune.

The 5 rules of Gold from The Richest Man In Babylon

  • “Gold comes gladly and in increasing quantity to any man who will put by not less than one-tenth of his earnings to create an estate for his future and that of his family”
  • “Gold labours diligently and contentedly for the wiser owner who finds fir it profitable employment, multiplying even as the flocks of the field”
  • “Gold clings to the protection of the cautious owner who invests it under the advice of men wise in its handling”
  • “Gold slips away from the man who invests it in business or purposes with which he is not familiar or which are not approved by those skilled in its keep”
  • “Gold flees the man who would force it to impossible earnings or who follows the alluring advice of tricksters and schemers or who trusts it to his own inexperience and romantic desires in investment”

What I think about the Book

I really believe that anyone who can live by the simple rules of this book has the ability to create a substantial fortune for themselves, to pass on to their kids.

And if you on top on that can teach your kids to live by the same rules, I strongly believe that building your fortune would make your inheritors amongst the top 1% or even 0.1% richest in the world.

The Richest Man In Babylon is not a get rich quick book.

.. maybe that’s why I really like it.

The book is a fable about managing your personal finances smart and logically so that your kids and grandkids would enjoy your legacy.

And do remember the simple rule: A part of what you earn is yours to keep.

Do or do not buy?

Yes, most definitely.

Especially if you are not an avid reader, this is still a must-read for you.

The book is short, cheap, and offers great opportunity to read one story at a time.

Where to buy the book?

I bought my copy on Amazon.com

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