Saturday, July 13, 2019

The Richest Man in Babylon

Want to be wealthy?  This is the book for you.  Written by George S. Clason in 1926, it provides sound financial advice on how to amass a fortune.  The earlier you get started, the better off you will be.

The ten chapters are parables set in ancient Babylon.  In the first, we meet Benzir, a chariot maker, who finds that despite years of work, he is still living a hand to mouth lifestyle while his childhood friend, Arkad, has become the richest man in Babylon.  He had never thought of Arkad as anything special and yet, in the intervening years, Arkad was doing something right and Benzir wanted to know what it was.  Arkad offers insights in how to save and make those savings earn.  The top advice is to 'pay yourself first' with 10% of your income; that is yours to keep.  More is better if you can afford it.  Live off the remainder.  Other suggestions are to invest in what you know, insure your wealth, work and determination will lead to wealth, do not spend beyond your means lest you be enslaved by your debts, and more.
 
It is an easy read, very engaging, and offers excellent financial advice.  I wish I had followed the advice in my youth.
 

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