Richest Man in Babylon

Topics: Investment, Capital accumulation, Debt Pages: 2 (1159 words) Published: October 29, 2014

Mario Washington
Personal Finance
Instructor- Kevin Mulligan
The Richest Man in Babylon is a book written by George Samuel Clason that offers financial advice through the use of fables and stories set in ancient Babylon. Originally released in a series of pamphlets, banks and insurance companies showed enough interest, that it compiled the best of these and put them in a book that was published in 1928. Each story has a financial moral. The book was set in ancient times to give it a timeless quality. The principles expressed in the book through the characters, have as much relevance today as they would have when Clason wrote the book, as well as back then in the stories setting. In chapter one, the author sets the table by first introducing you to the characters. Two of the characters are friends that are talking of their hardships, and they remember an old friend who has become the richest man in Babylon. Wondering why fate chose him and they continue to struggle, set out to find out an answer. Chapter two expresses three more concepts to acquiring wealth. One is the ability to live below our means. By saving one-tenth of what we earn, it will keep us from living above our means. That, in the long run, saving is the beginning to accruing wealth. The second concept is to invest and earn even more money. But to make this work, you have to use the third concept, which is to make wise investments. If your money is invested wisely, it will continue to earn you money regardless of what you are doing. You have to “make money your slave”, and “seek wise counsel”. Chapter three discusses the “seven cures for a lean purse”. Arkad, who was famous throughout Babylon for his wealth, was asked by the king to teach the knowledge of being wealthy to the king and one hundred of his friends. Excited to help his King and fellow man, Arkad agrees. His first cure is to save one coin out of ten earned. That one coin will be added to each subsequent coin added and...
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