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Background
The Richest Man in Babylon is a book by George Samuel Clason which dispenses financial advice through a collection of parables set in ancient Babylon. Through their experiences in business and managing household finance, the characters in the parables learn simple lessons in financial wisdom. By basing these parables in ancient times, but involving situations that modern people can understand and identify with, the author presents these lessons as timeless wisdom that is as relevant today as it was back then. The book began in 1926 as a series of informational pamphlets. Banks and insurance companies began to distribute these pamphlets, and the most famous ones were eventually compiled into this book. It was most recently reissued by Signet in 2004, and an updated version (using modern English instead of “King James” language) was issued by BN Publishing in March 2007. According to the 2002 edition book cover, more than two million copies have been sold.
Book Summary
The stories are laid out like Aesop’s fables: each story has a concrete point or two that becomes apparent from reading and digesting the message. These points are basic tenets of how to get ahead financially in any time, not just in Babylonian times or in the 1920s.
Bansir has distinguished himself as a fine chariot-maker. Yet, he has no money. He decides to seek the wisdom of his old friend Arkad, who’s known far and wide for his great wealth. As youth, they were financial equals. Bansir assumed that fortune had simply looked more favorably upon Arkad. Arkad replies,
“If you have not acquired more than a bare existence in the years since we were youths, it is because you either have failed to learn the laws that govern the building of wealth, or else you do not observe them.”
Thus, Arkad shares “the laws that govern the building of wealth” in the story of his own rise to riches.
“Lo, money is plentiful for those who understand the simple rules of its acquisition.”
Seven Cures for a Lean Purse
1. Start thy purse to fattening: Take one-tenth (1/10) of what you bring in and save it for the future.
2. Control thy expenditures: Don’t buy frivolous things even if you have enough money to pay for them. Instead, make sure that you can continue to save one-tenth of what you bring in.
3. Make thy gold multiply: Once you start to build up some savings, invest that money so that it will make more money for you.
4. Guard thy treasure from loss: You should only invest in things where the principal is safe.
5. Make of thy dwelling a profitable investment: One should own their own home rather than renting because then money can be invested in the home or invested in other things rather than handed over to the landlord.
6. Insure a future income: Invest for retirement and your family’s well being after your passing.
7. Increase thy ability to earn: Work hard, look for opportunities, and educate yourself.
The Five Laws of Gold
1. Gold cometh 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.
2. Gold laboreth diligently and contentedly for the wise owner who finds for it profitable employment, multiplying even as the flocks of the field.
3. Gold clingeth to the protection of the cautious owner who invests it under the advice of men wise in its handling.
4. Gold slippeth away from the man who invests it in businesses or purposes with which he is not familiar or which are not approved by those who are skilled in its keep.
5. Gold flees the man who would force it to impossible earnings or who followeth the alluring advice of tricksters and schemers or who trusts it to his own inexperience and romantic desires in investment.
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