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BOOK REVIEW: The Richest Man in Babylon.

Posted on | December 28, 2007 |

“In those things toward which we exerted our best endeavors, we succeeded!”

-Kobbi, lyre player of Babylon.

Today’s book review is The Richest Man in Babylon, by George S. Clason.

This book was originally written as a collection of personal finance pamphlets in the 1920’s and later published in book form in 1955.

My overall impression of this book is a favorable one. I found it a very enjoyable collection of parables set in ancient Babylon, with modern parallels. As far as financial info goes, there isn’t anything earth-shattering here. It provides the basics of personal finance, so it’s best suited for anyone starting out on the road to personal finance, especially young adults.

I personally found it more motivational than instructional. It provides simple guidelines and requires discipline to follow them. Perhaps that’s the true secret here - there is no “get rich quick” formula. It is possible for you build wealth and have the financial freedom you dream of, but doing so requires discipline and time to succeed. It’s not all that sexy, but it’s true. Here is a sample of the guidelines layed out in the book:

“Such things as the following a man must do if he respects himself:

  • He must pay his debts with all the promptness within his power, not purchasing that for which he is not able to pay.
  • He must take care of his family that they may think and speak well of him.
  • He must make a will of record that in case the gods call him proper and honorable devision of his property be accomplished.
  • He must have compassion upon those who are injured and smitten by misfortune and aid them within reasonable limits.
  • He must do deeds of thoughtfulness to those dear to him.
  • Cultivate thy own powers; to study and become wiser and become more skillful”

Once again, it’s about having and following a plan. However, the author also ties financial responsibility to self respect. This is something I don’t see much of in a lot of modern day personal finance books, but I think it is a large part of having good personal finance habits; it’s not unlike good personal hygiene in when it comes down to it. Each leads to an increase in self-esteem, which in turn leads to more confidence and greater success.

All in all, the book contains interesting and inspiring anecdotes of wealth building, but the main points are made in just two chapters, 7 Cures For a Lean Purse and 5 Laws of Gold. 7 Cures for a Lean Purse details 7 guidelines to produce and grow wealth. The 5 Laws of Gold essentially lays out some guidelines that explain how to manage your gold (money).

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Comments

One Response to “BOOK REVIEW: The Richest Man in Babylon.”

  1. Services
    March 19th, 2009 @ 11:05 pm

    Great quality stuff.

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