The Richest Man in Babylon Book Review

I am amazed that a book just shy of two hundred pages can contain so much financial wisdom. I found myself wondering if I had read this when I was younger if I would have had a better understanding of how money works. The rules of money are simple and make sense. I often wondered how I did not put these rules together myself. Particularly the one about paying myself out of every pay check. The stories are short and the meaning understandable.

The Richest Man in Babylon has 7 basic principles that are:

1. Start thy purse to fattening (pay yourself and save it)
2. Control they expenditures (budget)
3. Make they gold multiply (invest)
4. Guard thy treasures from loss (make smart investments)
5. Make of they dwelling a profitable investment (live within your means)
6. Insure a future income (work hard)
7. Increase thy ability to earn (always keep learning)

I found the last few chapters (The Camel Trader of Babylon, The Clay Tablets from Babylon, and The Luckiest Man in Babylon) to be the most beneficial and engaging to myself. The Camel Trader of Babylon follows a young man who runs away from his debts, teaching accountability and providing a way for the young man to get out of his debts. The Clay Tablets from Babylon are tablets from the same story found today, and how the young man today is able to use the advice to get his financial life together. The Luckiest Man in Babylon is a parable about a young man who is sold into slavery and has to work hard in order to obtain his freedom. When he does he continues to work hard to become one of the most wealthy men in Babylon.

Although small, The Richest Man in Babylon has simple financial rules that can be life changing. I highly recommend you read it at least once and apply the rules contained.