[Book] Book Review: The Richest Man In Babylon

The book "the richest man in Babylon" was written by George S. Clason, believed to be a tale of the ancient city of Babylon. However, despite its old knowledge and wisdom, it remains one of my favorite books. The knowledge is still very useful even in this dispensation. The core narrative follows Arkad, who was a poor scribe, eager to learn the secret of multiplying a lean purse, met Algamish, a money lender who showed him principles, ones that guided him into becoming the wealthiest man in the city of Babylon.

The principles were; first, the 7 cures for a lean purse. These principles showed how to generate, accumulate and grow one's capital. The wisdom starts with a saving of 10% of one's earnings before spending on anything else. Then follow by limiting our lifestyle below our earnings. This has to do with controlling our expenditures. The other principles are putting our money to work through compound interest, protecting our capital from risky investments, preparing early for retirement, then investing in knowledge. Even though these principles seem to be written for the ancient Babylon, it talks so much on a genuine way to generate and grow one's capital.

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The writer went ahead to talk about 5 laws of Gold. Just as everything has rules, so does gold, something people barely pay attention to. George believes gold comes to one who saves, and becomes profitable for the one who makes it work. While money has wings, gold clings to people who invest their gold wisely in knowledge. George believes gold can either cling to one or run, how one handles it is what determines what happens. George believes we ought to pay ourselves first through investing before paying things of other concern. These principles helped Arkad become the richest man in the city of Babylon.

While the book is filled with wisdom and principles for growing wealth,the book oversimplified advice for modern economic realities, and a repetitive narrative style that takes time to get through. The book seem to resolve around the idea of saving 10% of ones earning which is difficult in this economy where cost of living isn't enough to handle basic needs. The book also ignores systemic poverty, inflation, and unexpected expenses like medical emergencies. A part of this wisdom works, but with this modern economy, there's a gap in covering some financial aspects that the modern time encounters.

I recommend the book for anyone who's desperate to grow a lean purse and someone who likes to learn through practical knowledge and tales.

Rating: 75/100

Originally posted through scrobble.life/books.