Top 25 growth books - VI

The Richest Man in Babylon

George Samuel Clason

The Richest Man in Babylon is a collection of parables set in ancient Babylon. Through their experiences in business and managing household finance, the characters in the parables learn simple lessons in financial wisdom. Originally a series of separate informational pamphlets distributed by banks and insurance companies, the pamphlets were bound together and published in book form in 1926.

Let me write down the themes of some chapters in one sentence each. There is a parable attached to the themes in the book which will make you eager to go through the book quickly. It would be more helpful if we read a chapter, understand the concept and apply them in today's setting.

Take one-tenth of what you bring in and save it for the future. The book uses a coin analogy: for every nine coins you spend, take one and put it away for yourself. 

Control thy expenditures Don’t buy frivolous things even if you have enough money to pay for them. 

Make thy gold multiply  Make money earn money.

Guard thy treasure from loss Invest where your principle is protected.

Make of thy dwelling a profitable investment Own your own house than pay rent

Insure a future income Invest for the days when you loose your physical capability to work

Increase thy ability to earn Don't stop educating yourself. 

Another story central in the book is the tale of the five laws of gold, a five-point philosophy handed down to later generations by Arkad, the titular richest man in Babylon. The five laws are common sense of getting and staying rich.

Gift this book to your kids. Read along with them Help them understand the concepts from a young age. The parables will get across to the young minds easily.

Namaste

Prabir