This is a summary of a book my mother and aunt had me read when I was about 14 years old. It changed my perspective on money in general. lessons I still use today. 

The Richest Man In Babylon

_George S. Clason

 

Like the laws of gravity these laws of money are universal and unchanging.

The man who desired gold

Bansir was a man who lived in Babylon. Babylon was a city with all sorts of people, from stinking rich to the worst pauper. Bansir built chariots for a living, He had a friend named Kobbi who was a musician. Bansir had realise that he had been working hard with no proper reward, he desires to be a man of means, own cattle, land, fine robes and have coins in his purse. The good thing from all that Bansir desired was that he was willing to work hard to acquire them.

Both Bansir and Kobbi had similar problems, their income would never be sufficient and they did not want their children to follow in their footsteps. During a conversation they mentioned that they had been working all their lives and have not acquired gold and they suggested that they should seek help from those that are rich. Arkad, an old friend of theirs helped them realise that a man’s wealth is not measured by the fatness of his purse because a fat purse quickly empties if there is no fixed income to refill it.

Bansir and Kobbi realised that they had been without gold in the midst of plenty and they concluded that the reason they never had gold was that they never sought for it. With new understanding they shall find new ways to acquire the gold they desire.

The richest man in Babylon

Arkad was a man known for his wealth across Babylon and neighbouring cities, his wealth increased every year it appeared as though the more he spends the more his wealth increases. His childhood friends came to him for advice and asked him how he does it as they underwent the same teachings, he never worked harder and was always on the same level as they were. Arkad answered them saying, if you haven’t learnt anything during our youth is because you failed to learn the laws that govern the building of wealth or just haven’t observed them. He went on to say that during his youth he realised that wealth was power and with it a lot of things are possible. He told them that he knew that for that to be acquired time and study was necessary. He said that everybody had time in abundance and that there were two kinds of learning, the one kind being things we learn and know and the other being training that teach us to find out things we don’t know. A man he worked for in his youth advised Arkad and said that he had decided that a part of all he earned was his to keep. That was enough to change the heart of a sheep herder to a money lender.

The man told him that in order to be wealthy he needed to pay himself, by means of saving a tenth of what he earned and not less but rather more if he could afford it. Arkad had managed to save a tenth of his income for twelve months and unfortunately was falsely advised by a brick maker and spent his savings in vain. Advise is freely given away but one should take only what is worth having. Arkad had learnt to live upon less than he could earn, then you learnt to look for advice in the right place and lastly have made your gold work for you. The system is simple: work for gold so that gold may work for you.

Opportunity wastes no time with those who are unprepared. When you set tasks for yourselves you must complete them. Make sure you invest your treasure with greatest caution i.e. plant your seed in a fertile soil that you may reap a great harvest. Ask advice from people who know about money and who know what they are talking about. A small return and a safe one is more desirable than risk. Live life according to your income and never try to save more than you can afford to as this will leave you frustrated.