The Richest Man in Babylon
by George S. Clason
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Book Reviews of The Richest Man in Babylon
Book Review: Essential Reading
Summary: 5 Stars
I've read a lot of books and this easily goes down as one of my favorite books of all time, hands down. This is the kind of book that I would give/recommend to anyone regardless if their interest is outside of business/finance. Since finance can seem daunting these days due to its complexity, the book simplifies it through short stories. The insights that it provides allows me to step back and look at finance in simple terms. It opened up my eyes by introducing new possibilities, and adds positive reinforcements as to what a person can achieve in his/her lifetime. The wisdom that the book teaches is financially enlightening and it can totally change how you view your finance in many ways. Although the messages are delivered in a very unique fashion, the underlying nuggets of wisdom are direct and concisely to the point.
The concepts might be a refresher to individuals who already has a solid grasp of their finance, but nonetheless, it solidifies what you already know in many ways. This is a type of book that I can refer back to time and time again. If you apply some of the concepts that is presented in the book to your life, you will be definitely on your way to financial freedom. If I can sum up the book in one word, it would be "refreshing." I recommend this book to everyone regardless of your interest or age. Read, apply, then repeat.
Book Review: Great book the first time I read it....
Summary: 4 Stars
The Richest Man in Babylon is a story that focuses mainly on a man named Arkad who is the richest man in all of Babylon. This wealthy individual is commisioned by the King of Babylon to teach his fellow man the basics of wealth creation. (Smart king if you ask me)This book has 7 cures for a lean purse (wallet/checkbook/bank account whatever)
1. Start thy purse to fattening - Basically save 10%+ of what you earn.
2. Control thy expenditures - Never spend more than you earn (I don't think a house counts on this though)
3. Make thy gold multiply - Put your saved money into something that will grow such as a mutual fund
4. Guard thy treasure from loss - Make relatively safe investments (you wren't planning on using your entire IRA on an option were you?)
5. Make of thy dwelling a profitable investment - In other words own you own house
6. Insure a future income - Save for your retirement
7. Increase thy ability to earn - Study for more skills, keep on learnin'
I really enjoyed this book the first time I read it (in fact this book actually got me off my but and I started my brokerage account because of the power of Mr. Clason's writing), however this second time around I am not nearly as pleased, one of the reasons for this is the text is written like it is that time period (hundereds of years B.C.).
Reed Floren
Book Review: The Richest Book On Shelves
Summary: 4 Stars
The Richest Books On Shelves In George S. Clason's "The Richest Man in Babylon," vital ancient secrets are told on how to get rich. This book represents the valuable information in a series of stories, which in turn make the book more interesting and easier to follow. As an example, one of the most useful tactics about money in this book is "The Seven Curses for a Lean Purse" (22). These seven curses become more evident to one once read through their daily lives, as they are not so common sense traps that everyone falls into.
Along with the great secrets and stories, is the choice of words presented in the text. A clever mix of modern English and biblical style make the book an easier read while adding onto the stories. On a scale from 1-10, this book would definitely receive an 8 if not better, due to its secrets told and guidelines presented in it such as "The Seven Curses for a Lean Purse" (22) and "The Five Laws of Gold" (57). If one liked "Rich Dad Poor Dad" by Robert T. Kiyosaki or other books similar to it, one will enjoy this book. Once taught and told the secrets of this book, one's financial ways will differ and improve. Recommendations for this book go out to anyone and everyone who wants to get out of financial debt, and learn more about how to manage their money.
Book Review: A message that outlasts time
Summary: 4 Stars
Yesterday I was reminded of this awesome little book after interviewing someone who listed it as one of his favorite business reads. George S. Clason's "The Richest Man In Babylon" is one of the best books I have ever read.
I read this book just over a year and-a-half ago when I first became interested in entrepreneurism. Though the book doesn't directly focus on entrepreneurism and business, but the lessons learned can definitely be applied in so many different ways.
The book explores parables from the ancient city of Babylon, one of the richest cities known to man. Throughout the book you follow the lives of various businessmen who go off into the world to make something for themselves. It shows the struggles they encounter and the riches that come about from their hard work and determination.
Each chapter is treated as a different lesson and goes into depth of how each lesson can be applied to your life by using the characters from each chapter to teach you numerous lessons. The book is packed with a ton of knowledge and it's well worth the investment (a few bucks at most).
Don't let the size of this book fool you, the messages in this book will outlast time and can be used to help build your empire from the ground up.
Book Review: Discipline, Patience and Perseverance
Summary: 5 Stars
Hello all,
Firstly, should state I have read the translated version of this book in Chinese. This book is probably one of the most useful personal finance books I've read. The advice, seemingly simple and straightforward, truly does make a difference in planning one's future.
For it does not promise instant rags to riches, other practical advice includes 'working hard in one's job', 'saving 10% of your monthly salary' and 'do not be too stingy, enjoy the rest of the salary and life's many wonders' while keeping strictly to the principles of savings and investing.
Right now, I'm working on 2.5% savings, it's less than the recommended amt but it's a mindset of "less now, more later". While paying off one's loans and debts, while saving, can feel the security and empowerment that comes with increasing one's savings as described in the book.
In the end, what the book preaches is sticking to a simple formula of
1)Earn one's money through labour
2)Save 10% of earnings
3)Spend the rest of 90%
4)Invest savings
Repeat infinitely.
The analogy of using a seed to describe the growth of money is apt as it requires discipline, patience and perseverance.
A recommended read.