Skip to main content

The Richest Man in Babylon - A Book About The Seven Laws of Growing Wealth

The Richest Man in Babylon

Book Description:

"As a young man, I came across George Samuel Clason's classic 1926 book The Richest Man in Babylon, which offered commonsense financial advice told through ancient parables. I recommend it to everyone." --Tony Robbins, Money: Master the Game

The ancient Babylonians were the first people to discover the universal laws of prosperity. In his classic bestseller, "The Richest Man in Babylon," George S. Clason reveals their secrets for creating, growing, and preserving wealth.

Ahead of you stretches your future like a road leading into the distance. Along that road are ambitions you wish to accomplish... desires you wish to gratify.

To bring your ambitions and desires to fulfillment, you must be successful with money. Use the financial principles made clear in the pages which follow. Let them guide you away from the stringencies of a lean purse to that fuller, happier life a full purse makes possible.

Money is governed today by the same laws which controlled it when prosperous men thronged the streets of Babylon, six thousand years ago.

Through these entertaining tales of merchants, tradesmen, and herdsmen, you'll learn how to keep more out what you earn; get out of debt; put your money to work; attract good luck; choose wise investments, and safeguard a lasting fortune.

My Top Takeaways: 

  • A part of what I earn is mine and if taken care of its children will grow and then have more children, but most people give away their money before it has a chance to mature. We should put aside at least 10% for savings and wise investments. When we make purchases the money is no longer ours.
    • Savings don't multiply like investments, but they do protect and should still be a priority.
  • "Necessary expenses" will grow to take all of our earings unless we stop them. That's why so many, regardless of income, live paycheck to paycheck. Everyone is able to set aside 10% if they design their life around living that principle.
  • It's not good for a community if only a few people held the majority of the wealth, but it's even worse if we force money to change hands through socialism. Money is meant to flow and grow through financial education.
  • Don't ask a bricklayer for advice about investing. We need to go to practiced and proven experts in whatever area we are seeking council.
  • Good luck fortunes the brave and quick to act. It can be enticed by accepting opportunity when it appears.
  • There are seven simple rules to acquire wealth:
    1. Start they purse to fattening (save at least 10%)
    2. Control thy expenditures (create and stick to a budget)
    3. Make thy gold multiply (invest wisely)
    4. Guard thy treasures from loss (avoid investments that sound too good to be true)
    5. Make of thy dwelling a profitable investment (own, do not rent, your home)
    6. Insure a future income (plan for retirement and have proper life and disability insurance)
    7. Increase thy ability to earn (constantly work to learn and improve yourself)

'The 52 Book' Review Rating:

Final Thoughts:

The Richest Man in Babylon is one of the more highly rated books on Amazon with over 20,000 five-star reviews, has sold over four million copies, and is consistently ranked as one of the most important books to read for financial success. I absolutely agree with that sentiment. 

It's a very quick read, under 100 pages, and George S. Clason masterfully uses entertaining tails to teach his seven laws of financial success. Many of the lessons he teaches have been used in other financial books since it was originally published nearly 100 years ago, and many more recent books do a good job of teaching the principles using more modern terms and tools, but I'm still a fan of learning from the original source as much as possible.

Some people complain that he oversimplifies wealth accumulation or that the principles are outdated, but from my experience, you're going to be very hard-pressed to find someone who follows these principles and doesn't become wealthy.

Two other books I highly recommend for ensuring a strong financial future are I Will Teach You To Be Rich by Ramit Sethi, The Millionaire Next Door by Thomas J. Stanley and William D. Danko, and The Total Money Makeover by Dave Ramsey. They are all very different, with a few principles directly clashing between books, and the combination leaves you with a healthy understanding of financial intelligence. 

I've also been told the Psychology of Money by Morgan Housel is a game-changer, but I can't give my opinion yet because it's on my list to read later this year.

Do you love learning and want to hear about future books?

* indicates required

Have you read The Richest Man in Babylon, and if so, what are your thoughts?

Also, I am always on the prowl for my next great book. What life-changing books have you read recently? I'm excited to see your comments below.


You can reach out to David Inman at: david@kennected.io 
You can also connect with him on LinkedIn at: 
Location: Indianapolis, IN, USA

Comments

Post a Comment

Popular posts from this blog

So Good They Can't Ignore You - A Book That Teaches You How to Become Valuable

Book Description: In this eye-opening account, Cal Newport debunks the long-held belief that "follow your passion" is good advice.  Not only is the cliché flawed-preexisting passions are rare and have little to do with how most people end up loving their work-but it can also be dangerous, leading to anxiety and chronic job-hopping. After making his case against passion, Newport sets out on a quest to discover the reality of how people end up loving what they do. Spending time with organic farmers, venture capitalists, screenwriters, freelance computer programmers, and others who admitted to deriving great satisfaction from their work, Newport uncovers the strategies they used and the pitfalls they avoided in developing their compelling careers. Matching your job to a preexisting passion does not matter, he reveals. Passion comes after you put in the hard work to become excellent at something valuable, not before. In other words, what you do for a living is much less important...
Post a Comment
Read more

Who Not How - A Book About Achieving Bigger Goals Through Teamwork and Delegation

Book Description: The world's foremost entrepreneurial coach shows you how to make a mindset shift that opens the door to explosive growth and limitless possibility--in your business and your life. Have you ever had a new idea or a goal that excites you... but not enough time to execute it? What about a goal you really want to accomplish...but can't because instead of taking action, you procrastinate? Do you feel like the only way things are going to get done is if you do them? But what if it wasn't that way? What if you had a team of people around you that helped you accomplish your goals (while you helped them accomplish theirs)? When we want something done, we've been trained to ask ourselves: "How can I do this?" Well, there is a better question to ask. One that unlocks a whole new world of ease and accomplishment. Expert coach Dan Sullivan knows the question we should ask instead: "Who can do this for me?" This may seem simple. And it is. But do...
Post a Comment
Read more

Peak Performance - A Book About Growth Through Effective Stress and Rest

Book Description: Peak Performance: Elevate Your Game, Avoid Burnout, and Thrive with the New Science of Success. A few common principles drive performance, regardless of the field or the task at hand. Whether someone is trying to qualify for the Olympics, break ground in mathematical theory or craft an artistic masterpiece, many of the practices that lead to great success are the same. In Peak Performance, Brad Stulberg, a former McKinsey and Company consultant and writer who covers health and the science of human performance, and Steve Magness, a performance scientist and coach of Olympic athletes, team up to demystify these practices and demonstrate how everyone can achieve their best. The first book of its kind, Peak Performance combines the inspiring stories of top performers across a range of capabilities - from athletic, to intellectual, to artistic - with the latest scientific insights into the cognitive and neurochemical factors that drive performance in all domains. In doing ...
Post a Comment
Read more