“The Richest Man in Babylon”
The book is set in ancient Babylon. The people in this book learn simple lessons in financial wisdom. It gives you different scenarios while also giving financial advice.
The first couple of chapters it describes how Bansir and his friend try to figure why are they working so hard but have little to show from it. They both have dreams of possessing great things. Bansir decided there must be a secret to acquiring gold. They decide to ask their old friend Arkad, who is the richest man of Babylon, for advice.
Arkad decided to tell his old friends his secret. He met a money lender who told him that if he spends all his earnings then it means that he worked for the merchants not for him. He continued to tell him that if he would keep one tenth of his earnings and didn’t spend it no matter what, then it would grow. It took some time and some mistakes but he learned his lessons well. Arkad ended up working for this money lender. He was so ambitious that he made the property more prosperous. The man passed away and left Arkad part of his property. Arkad told his friends that part of all they earn is theirs to keep and to make gold their slave.
Arkad was asked to teach one hundred men the seven cures for a lean purse. The first one is to start thy purse to fattening. It taught them how to save. The second cure is to control thy expenditures which meant to buy what is needed and budget expenses. The third cure is to make thy gold multiply. It taught them how to make their money work for them, which means to invest. The fourth cure is to guard thy treasure from loss which means to study carefully where they invest and consult a professional. The fifth cure is, make of thy dwelling a profitable investment which means own their own home and enjoy their lives to the fullest. The sixth cure is to insure a future income. It teaches them to plan for the future as you age and also for your family. The seventh cure is...
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