This book has been spinning around the world for more than 90 years. It started as a series of pamphlets, each one a story unto itself, until they were finally compiled into one book. But is the book deserving of the “bestseller” compliment, or is it all just over-hyped?
Let’s find out. 🙂
How best to describe “The Richest Man in Babylon”? Perhaps as a collection of charming, well-written, and educational stories set in the days of splendor and wealth of the legendary city of Babylon. Characters like Arkad, Matona, Dabasir, and Sharu Nada share their youthful adventures with us, teaching them the value of money and how to use it to multiply wealth. They tell of their mistakes and poor decisions regarding money and people, as well as simple laws they followed that later made them wealthy and renowned.
When you finish reading “The Richest Man in Babylon,” you get the impression you haven’t heard anything new. You might think, it’s all about saving and investing, “I don’t have that much to save”, “I don’t have a lifetime to do this; it would take decades”… And you know what? You’d be right.
However… are you really satisfied with your financial situation now? If you’ve tried following the advice from this book without any progress, please let me know if it’s a big scam or not.
So, is it a scam or not?
I’ve decided to try adhering to some of the book’s principles, according to my means. To try saving a portion of money, be patient, and see where it leads me :). Given that I live in Serbia, I’m not sure what to tell you about potential outcome. 😀
But jokes aside, the stories are truly educational. If you’re older, they may not teach you something new but might remind you of how to handle money. If you’re younger, you’ll definitely find some smart thoughts.
Arkad reminds us to pay ourselves first from our earnings (at least 1/10). Yes, I know, we all think “but all my earnings belong to me!” Well… not really. You have to pay bills, buy food and clothes, maybe repay some debts? And it’s not like you can avoid eating or paying bills (well, the latter you can, but it’s not wise 😅), right? So, that money is essentially not yours from the start.
“The Seven Cures for a Lean Purse” is more a set of rules on how to start managing money. The essence is that, even if you save 1/10 of your earnings, you can still live well with the remaining 9/10. That’s not far from the truth, right? 😁 And how you should continuously improve yourself to earn more. The best investment is the one you make in yourself, right?
“Meet the Goddess of Good Luck” is a story that sends a simple message. It’s not luck that creates wealth (though it’s still a very important factor), but “true luck awaits the man who seizes opportunities”. So, when opportunities arise, don’t always hesitate, but grab them.
“The Five Laws of Gold” indicate that you need to know when and where to invest. If you want to invest in the stock market, learn all about trading or hire an expert to invest for you, but don’t play with Wall Street sharks without a clue what the stock market is.
The essence of “The Moneylender of Babylon” lies in its last sentence. “A little caution is better than a great regret“. Don’t be impulsive or overly emotional with money!
There are also stories that teach us determination, how to be prepared for challenges, and that it’s not your background or circumstances that matter, but your effort and belief in yourself.
All in all, the stories are simply written, interesting, and educational. And whether they can lead us to wealth depends on us. But primarily on our determination, patience, and being tactical. That’s how I experienced it.
And I will let you know, dear readers, if the advice from “The Richest Man in Babylon” really works. If in a few years I’m writing for this blog from Hawaii, you’ll know it works. 🙂
And you, dear readers, do you pay a portion of your earnings to yourself?
(Originally reviewed: 02/08/2018)