The Richest Man In Babylon – Review
Written in the form of a series of pamphlets in 1926, it came to limelight during the period of the Great Depression and is today regarded as a classic. In the book, financial advice is provided through a compilation of parables, with the ancient city of Babylon forming the backdrop of the stories. Though the parables are set in ancient times, yet the author presents situations which we all can identify with giving the book a timeless appeal. The message of the book is that wealth management is quite simple if you abide by some basic principles.
As the book is a compilation of individual pamphlets, so there is a discontinuity in the stories with each chapter being a separate parable. There are ten chapters in the book with an eleventh one on the prosperity of the historical city of Babylon. The book begins with a poor chariot builder and his musician friend reflecting on their lives, that even after toiling hard they had very little wealth. They decide to ask their childhood friend Arkad, who is the richest man in Babylon, the secret of getting rich. Next the author goes on to narrate Arkad’s own story and how he learnt the basics of managing personal wealth. The lessons he learnt were:
– you should save about one tenth of your earnings,
– you should invest your money, and
– you should take financial advice from individuals who are competent and experienced in the area.
The basic idea is that you must keep some part of your earning for yourself, for your future.
The story proceeds to describe Arkad’s principles for getting rich, known as “seven cures for a lean purse”, which includes teachings like you should limit your expenditures and save 10% of your income, spend 20% of it on paying off debts and use the rest 70% on your living expenses. You should make a wise investment and research carefully before putting in your money. You should strive to increase your capability to earn and must plan in advance for your post-retirement income.
Through an entertaining story telling structure, the author uses characters and their experiences to help the readers understand some simple principles about managing personal wealth effectively and apply them in their own lives. Overall, the book offers some basic ideas following which we can definitely manage our finance better.
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