Lessons from The Richest Man in Babylon
Last week, I was re-re-reading a classic, George S. Clason’s The Richest Man in Babylon. What I found interesting about this book is the fact that the lessons in the book are not new. The Richest Man In Babylon is just as relevant today as it was in 1926 when it was published. It is undoubtedly a personal finance classic.
The book chronicles how practical money management and wealth-building lessons were used by a man called Arkad, who had a humble background as a son of a merchant but grew to become the richest man in the ancient city of Babylon. Arkad achieved this feat by riding on the wisdom he gathered from the rich money lender called Algamish.
Below you will find an article in which we explore 7 simple steps identified in this century (nearly) old classic book and how you can employ these steps in diligently building your wealth. These 7 financial lessons are compiled from what Arkad called “seven cures for a lean purse” which he presented to a group of 100 men over seven days in a bid to transform Babylon into the wealthiest city in the world.
Here is one of the nuggets:
Nugget 7. Increase thy ability to earn
“That man who seeks to learn more of his craft shall be richly rewarded. The more of wisdom we know, the more we may earn. Cultivate thy own powers, to study and become wiser, to become more skilful, to so act as to respect thyself. Thereby shalt thou acquire confidence in thyself to achieve thy carefully considered desires”
Interpretation: Invest in yourself
I cannot overemphasize this nugget, probably the most important in the Richest Man in Babylon, as it incorporates the capacity for you to earn more.
Most people’s attraction to this book is its simplicity, relevance and potency. The nuggets work like magic every day once they are implemented. The beauty is, we have made the implementation of these nuggets much easier to achieve in today’s world. My recommendation to everyone is to read the full version of the book for your pleasure and treasure nugget 7 above.
My summary of the lessons from this classic can be found in the document below. Enjoy!