Published almost a century ago, “The Richest Man in Babylon” by George S. Clason is a collection of fables and parables applicable even in the modern business world. The financial advice is framed in the story of two friends from Babylon who, eager to get rich, seek advice from the richest man in Babylon. The narrative later reveals seven timeless cures for a lean purse.
Who is it for?
Best suited for graduates starting to earn a living and need tips to make their wallets thicker – a great read even for experienced investors.
In “The Richest Man in Babylon” you’ll learn:
1. How Algamish became the richest man in Babylon.
2. What the five laws of gold are.
3. How to make a small fortune in a year.
George Samuel Clason’s biography
George Samuel Clason was an American writer and entrepreneur. Born in Missouri in 1874, he graduated from the University of Nebraska and served in the U.S. Army during the Spanish-American war. He is the founder of the publishing company Clason MEP, which published the first road atlas of the United States and Canada. His book “The Richest Man in Babylon” appeared three years before the stock market crash of 1929 and served as consolation to millions of families afterward.
Seven cures for a lean purse
1. The First Cure: Start thy purse to fattening(Pay yourself first)
2. The Second Cure: Control thy expenditures(Live below your means)
3. The Third Cure: Make thy gold multiply(Make your money your slave)
4. The Fourth Cure: Guard thy treasures against loss(Invest only in things you understand)
5. The Fifth Cure: Make thy dwelling a profitable investment(Buy – don’t rent)
6. The Sixth Cure: Ensure a future income(Have a retirement plan)
7. The Seventh Cure: Increase thy ability to earn(Invest in yourself)
The five laws of gold
1. Gold comes gladly and in increasing quantity to any person who will put by not less than one-tenth of their earnings to create an estate for their future and that of their family.
2. Gold labors diligently and contentedly for the wise owner who finds for it profitable employment, multiplying even as the flocks of the field.
3. Gold clings to the protection of the cautious owner who invests it under the advice of people wise in its handling.
4. Gold slips away from those who invest it in businesses or purposes with which they are not familiar or which are not approved by those skilled in its keep.
5. Gold flees the people who would force it to impossible earnings or who follow the alluring advice of tricksters and schemers or who trust it to their own inexperience and romantic desires in investment.
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