Book Review: 'The Richest Man in Babylon'

“A PART OF ALL YOU EARN IS YOURS TO KEEP”

The City of Babylon- existed 8000 years ago.

Historians claim that Babylonians were the first engineers, the first astronomers, the first mathematicians, the first financiers, and they are the first who have their written language.

The book begins with a brief history & geography of Babylon City.

The first chapter begins with the story of a person named, Bansir, who wants to be rich. Bansir, the chariot builder of Babylon, was feeling very low and sad for some time. He used to struggle financially most of the time of the year. He wants to become a rich person. But how, he did not know. So he along with his other friends who are like him decided to visit their one good friend Arkad who was the richest person in the Babylon at that time. They all want to know how Arkad becomes so rich and they can also follow him.

Arkad told them that whatever he earns he started saving a part of it with himself. A minimum of one-tenth part of his earning he used to save with full determination. He became aware of his incomes and expenses. He advised to always take the help of financial advisers so that their savings grow faster.

Further, Arkad explains about some cures for poverty.Start accumulating money with yourself, make a budget of your expenses, choose financial instruments carefully, provide enough protection to your finances, own your home, and make arrangements for future incomes. He told them to increase their skills so that they can earn more.

Good luck favors those who work for it. You have to identify opportunities because opportunities never knock your door twice.

Also, the author discusses two emotions of human beings, Fear and Greed. It is always better to be cautious rather than regret later on.

The Walls of Babylon city were very strong that even after three weeks and five days enemies cannot destroy it, although it was made 100 years ago. The Great wall of Babylon is analogous with better financial risk cover of an individual. It comprises good emergency funds, insurances, savings, etc at the time of some mishappenings or tragedies.

The further author discusses borrowings and determination. We should only borrow as much as we can easily repay it. If there is a will, there is a way.

The next chapter is all about clay tablets from Babylon. Babylon used to write on moist clay and then baked it to make hard tiles. The last chapter includes a short story of a man, who considered being the luckiest person of Babylon.

I tried to read this book a long time ago but unable to do it due to some wordings used in the book. But when I got a reference for this book into another book, then my interest to read this book becomes stronger. 

It is a nice book for gaining financial wisdom.

 

Thank You