• Ben Webby

Book Club: The Richest Man in Babylon by George Samuel Clason

Updated: Jul 15

The Richest Man in Babylon

Book Review Score: 10/10

Category: Financial Advice

An all-time classic on financial advice and making money. The book was written in 1926 and is set 8000 years ago, in Ancient Babylon 6000 b.c.

It breaks money-making down into timeless principles. These apply in the modern world, just as much as they did in ancient Babylon.

The Richest Man in Babylon is written in short parables, similar to the structure of the bible, this book provides readers with tangible ways of getting rich, acquiring wealth, and growing a fortune.

George Samuel Clason tells stories of Arkad, a poor scribe who turned into the richest man in Babylon. Arkad gives tales to other citizens in Babylon about how he made his fortune and how anyone can do the same.

It is fantastic for anyone who struggles to save money, wants to invest, or get rich. It will teach you about financial discipline, investing in what you know, living within your means, and paying yourself first.

It helped me to develop financial principles that I now try to live by. It has given me a more positive outlook on building wealth and how to do it. I strongly recommend it to anyone interested in business, finance, or just getting smarter about money.

I’ve summarised the main principals outlined in the book. In modern terms, the principals for getting rich and building wealth are:

7 Ways to Fix an Empty Wallet:

1. Grow Your Savings

As Clason puts it, ‘Fatten Thy Purse’. In other words, start building a savings account and always pay yourself at least 10% of earnings. That money is yours and is where you start building your fortune.

2. Control Expenses

This rule comes down to Necessities vs Desires. You must train yourself to spend money on things you need, not the things you want. Until you grow a large enough fortune to buy what you want of course...

3. Make Your Money Work For You

Once you have a small fortune, don't just leave it sitting there. Make your money make you more money. This is a key way to exponentially grow your fortune. See the next rule for more.

4. Invest Wisely

There are no get rich quick schemes, invest wisely, and patiently. You need to seek the advice of people who are experts in the industry you are investing in.

5. Buy Your Own Home

Renting drains your potential for saving. This one can be a little tricky in today's property market but there are other options for finding free accommodation.

6. Ensure You Have Future Income Streams

You need to guarantee you have income streams for your old age and your family. For this purpose, you want to invest in land and housing.

7. Increase Your Ability to Make Money

Upskill yourself through education, training, experience, and reviews.

The 5 Laws of Money:

1. Money Comes to Those Willing to Save

Saving is the key to getting rich and building wealth.

2. Money Grows When Invested Wisely

Compounding is the key to growing wealth. Your investment will grow exponentially if done correctly. Seek the advice of experts before investing. Try Robinhood and start growing your fortune with a free stock.

3. Money Grows When Invested with Smart People

Ask investment advice from people in the industry you aim to invest in. Let people who handle money help you grow your wealth.

4. Money Slips Away From Those Who Invest in Areas Unfamiliar to Them

Invest your money in the areas you specialize in.

5. Money Flees From People Who Seek Get Rich Quick Schemes

Patience is the key to building wealth. If you are looking for an online business to slowly build wealth, try one of these.

Read other reviews and details, or purchase the book here.

If you prefer to read on Kindle, you can find a copy here on Amazon - it could be the best $1.99 you ever spend.

Rather listen to it? get it for FREE on Audiobooks.

Other Book Reviews:

Awareness by Anthony DeMello

Island by Aldous Huxley

The Smartest Investment Book You Will Ever Read by Daniel Solin

God's Debris by Scott Adams

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