BOOK REVIEW: GEORGE S. CLASON'S CLASSIC
George Classon's Classic, The Richest Man in Babylon, published in 1926 has 9 chapters all centering on financial lessons from Babylon, the wealthiest city of the ancient world about 6,000 years ago. Babylon was located in present day Asia, north of the Persian Gulf.
The first chapter, The Man who desired gold, begins with Bansir (chariot builder) lamenting about his life's misfortune. Together, with his friend Kobbi, he decides to visit Arkad, the richest man in Babylon to learn possible finance strategies.
The next chapter, "The Richest Man in Babylon" describes Arkad thus: "He was famed for his liberality, He was generous in his charity but each year his wealth increased more rapidly.
Prompted by his friends, he reveals that his financial success was built from lessons learnt from Algamish, the money lender. The first lesson is: “All that I earn is mine to keep.”
He notes further that with consistent savings comes the power of compound interests. Each copper, he says is a slave to work for its owner and earn its child. Its child also can earn for its owner to provide more abundance.
Arkad however puts a caveat: Wealth should only be entrusted into competent hands. While Arkad’s savings vanished by entrusting it to Azmur, a brick maker to get rare Phoenician jewels, the savings improved when he entrusted it to Agger, a shield maker to buy bronze and he is paid the rental every fourth month.
Arkad notes the essence of will power in following through the financial principles and the fact that one must not get niggardly in the bid to invest since life is filled with good things worth enjoying.
The third chapter provides seven cures for a lean purse, thus:
Start thy Purse to Fattening
Control thine expenditures
Make thine gold multiply
Guard thine treasures from loss
Make of thine dwelling a profitable investment
Insure a future income
Increase thy ability to earn
The fourth chapter, The Five Laws of Gold, provides similar principles in the preceding chapter and they include, savings, investing, caution in investing, entrusting investment to skilled persons and fleeing from tricksters and false schemes
The fourth and fifth chapters, The Gold Lender of Babylon and the Walls of Babylon expounds on the need for discreetness before lending and protection from unexpected tragedies through insurance, savings accounts and so on.
The seventh chapter, “The Camel Trader of Babylon” shows the importance of determination in achieving financial success using the personality of Tarkad, the son of Azure, a former slave of a Syrian chief who escapes despite a daunting journey through the desert.
The eight and ninth chapters are the Clay Tablets From Babylon and the Luckiest Man in Babylon. The former reveals Babylonian excavations by Professor Franklin Caldwell of Nottingham University and it shows how Dabsir, previously neck deep in debt was able to attain financial success. They encompass basic principles of savings, investments and repayment of debtors. The last chapter emphasizes the importance of work as narrated by Sharru Nada, merchant prince of Babylon. He says, “ Better to treat it as a friend; make thyself like it.”
George Classon's Classic, The Richest Man in Babylon, published in 1926 has 9 chapters all centering on financial lessons from Babylon, the wealthiest city of the ancient world about 6,000 years ago. Babylon was located in present day Asia, north of the Persian Gulf.
The first chapter, The Man who desired gold, begins with Bansir (chariot builder) lamenting about his life's misfortune. Together, with his friend Kobbi, he decides to visit Arkad, the richest man in Babylon to learn possible finance strategies.
The next chapter, "The Richest Man in Babylon" describes Arkad thus: "He was famed for his liberality, He was generous in his charity but each year his wealth increased more rapidly.
Prompted by his friends, he reveals that his financial success was built from lessons learnt from Algamish, the money lender. The first lesson is: “All that I earn is mine to keep.”
He notes further that with consistent savings comes the power of compound interests. Each copper, he says is a slave to work for its owner and earn its child. Its child also can earn for its owner to provide more abundance.
Arkad however puts a caveat: Wealth should only be entrusted into competent hands. While Arkad’s savings vanished by entrusting it to Azmur, a brick maker to get rare Phoenician jewels, the savings improved when he entrusted it to Agger, a shield maker to buy bronze and he is paid the rental every fourth month.
Arkad notes the essence of will power in following through the financial principles and the fact that one must not get niggardly in the bid to invest since life is filled with good things worth enjoying.
The third chapter provides seven cures for a lean purse, thus:
Start thy Purse to Fattening
Control thine expenditures
Make thine gold multiply
Guard thine treasures from loss
Make of thine dwelling a profitable investment
Insure a future income
Increase thy ability to earn
The fourth chapter, The Five Laws of Gold, provides similar principles in the preceding chapter and they include, savings, investing, caution in investing, entrusting investment to skilled persons and fleeing from tricksters and false schemes
The fourth and fifth chapters, The Gold Lender of Babylon and the Walls of Babylon expounds on the need for discreetness before lending and protection from unexpected tragedies through insurance, savings accounts and so on.
The seventh chapter, “The Camel Trader of Babylon” shows the importance of determination in achieving financial success using the personality of Tarkad, the son of Azure, a former slave of a Syrian chief who escapes despite a daunting journey through the desert.
The eight and ninth chapters are the Clay Tablets From Babylon and the Luckiest Man in Babylon. The former reveals Babylonian excavations by Professor Franklin Caldwell of Nottingham University and it shows how Dabsir, previously neck deep in debt was able to attain financial success. They encompass basic principles of savings, investments and repayment of debtors. The last chapter emphasizes the importance of work as narrated by Sharru Nada, merchant prince of Babylon. He says, “ Better to treat it as a friend; make thyself like it.”
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