It’s a rarity to see a book written almost 6000 years ago, having so much practical advice, which keeps on giving lessons to a number of people.
The concepts of The Richest Man In Babylon were valid 6000 years ago, they are valid now, and will remain valid in the coming future.
In short, the book gives common sense financial advice, which is told through tales and fables from the ancient times of Babylon.
George S. Clason was a soldier, businessman, and writer. The Richest Man In Babylon is his most popular piece of work, consisting of numerous parables, metaphors, and stories set in ancient Babylon. It’s an absolute finance classic.
Originally published in 1926, the advice in this book is still as sound as it was almost a century ago.
Let’s look at the 7 simple rules of money & their interpretation.
1) Start thy purse to fattening: save money.
2) Control thy expenditures: don’t spend more than you need.
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 your home.
6) Ensure a future income: protect your family with life insurance.
7) Improve thy ability to earn: strive to become wiser and more knowledgeable.
The 5 Laws of Gold (Gold was the currency at that time):
1) Gold comes easily and in increasing quantities to the person who saves at least 1/10th of their earnings.
2) Gold labors diligently and multiplies for the person who finds it profitable employment.
3) Gold clings to the protection of the person who invests their gold with wise people.
4) Gold slips away from the person who invests gold into purposes through which they are not familiar.
5) Gold flees the person who tries to force it into impossible earnings.
Simple and easy to apply even in today’s terms.
Read the book here.