aashtech's Full Review: George S. Clason - The Richest Man in Babylon
This book is a compilation of various pamphlets about financial success originally published before the stock market crashed in the nineteen-twenties. Set in Babylon, the wealthiest ancient city, these short stories illuminate some very basic financial concepts in concrete terms. Clason notes that, "Money is plentiful for those who understand the simple laws which govern its acquisition" and uses the rest of the book to explain these rules and their application.
There is nothing new or complicated here, and that is certainly emphasized with the ancient setting, but Clason has distilled the essence to its simplest form, readily understandable. He is clear to point out that knowing and doing are different and makes it clear that both elements are needed for success. One theme often repeated is that the journey frequently starts without knowing, but only believing. Usually a mentor or teacher leads the student who, after applying action, eventually is rewarded with success.
Clason is very clear about the steps needed to achieve wealth, and these simple tenets apply today.
His first prescription is to pay yourself. Set aside 10% (or more) of what you earn before taxes, before expenses, and before debts. Then, tackle those debts by applying the next 20% against them until they are gone. That leaves 70% and you should live on this. Spend it and enjoy life as you can while staying within this budget.
To be realistic, you must control expenditures. That is the second point, and often the biggest missing ingredient in accumulating wealth. All too often a family's expenses simply rise to meet their new income.
Once the debts are gone and the savings grow, then make your money work for you by investing in money-making ventures. But guard your treasures wisely, as money slowly gained can be quickly lost by risky choices. Here is where you have to rely on experts until your own experience affords you the knowledge to make good choices. Further, Clason emphasizes that inaction is often the greatest thief of success. While building your savings be alert to good business opportunities and seize them when found. Own rather than rent and insure a future income by royalties, rents, and so on. Finally, and perhaps simplest of all, is to increase your ability to earn. Add skills as needed.
Clason offers a discussion of luck, outlines the five laws of gold, stresses the importance of protection, and a myriad other simple concepts cleverly relayed from the stories of ancient Babylon.
Natphalia gives excellent advise about giving this as a gift to graduates and newlyweds, and I will follow that from now on. Let me simply give you the advice to acquire this little book by either buying or borrowing it.
Just the facts
Publication year: 1926
ISBN: 0-8015-6360-7 in hardback, 0-8015-6366- in paperback
Section: Classics
Author George S. Clason served in the army during the Spanish American War, founded the Clason Map Company, and published the first road atlas of the United States. In 1926 he began publishing a famous series of pamphlets on thrift and financial success, using parables set in ancient Babylon to make his points. This book, the basis of the most famous, is a modern inspirational classic.
"What can a book written in the 1920s tell modern investors about their finances? A whole lot if it's George Clason's delightful set of parables that ...More at HotBookSale
Beloved by millions, this bestselling classic reveals the successful secrets of the ancient Babylonian parables hailed as the greatest inspirational w...More at Buy.com Marketplaces
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