Title: The Richest Man In Babylon
Author: George S. Clason
Reason for Reading: This is from our personal library. I purchased this book for just 10 cents at a used book store.
Summary: The book is a compilation of separate writings the author prepared for banks and financial institutions in the early 20th Century. Each chapter is a story all unto itself, but some of the characters appear in more than one or are referred to by other characters.
As the title indicates, the stories are set in ancient Babylon, which is described as a city of great wealth and knowledge. Many of the chapters revolve around Arkad, who is described as the richest man in the community, as he shares his knowledge of money with others.
The language used is similar to what you might read from the King James Version of the Bible, or from Shakespeare. Don’t let that worry you. There isn’t anything here you can’t understand. Money is often referred to as “coins”, banks as “moneylenders”, and those in debt are sometimes slaves.
The author is using a historical setting to teach simple truths about money and finances that have survived the test of time. The parallels to modern life are not hard for the reader to draw.
Review: For me, this is a classic, a must read, and on my list of books to read at least once a year. It is a quick and easy pick up to have in your pocket while you are heading out to a place where you might read for a few minutes here or there. If you sit down to read it from front to back, it won’t take you long. And because each chapter is a separate story, don’t worry about losing your place.
The truths contained within are simple and common sense, but you won’t be bored in reading it. The setting, the phraseology, the characters are rich with colors and flavors that will make learning fun. And the truths will help you with everything from day-to-day tasks like the importance of budgeting your expenses, to long term goals like purchasing a home or preparing for leaving your estate to your family.
I highly recommend The Richest Man in Babylon to everyone who wants to know how money works and how the decisions they make will affect their financial destiny.
Other resources: None