Below is another installment of a book review from Rachel Stephens. Rachel is a 20-year financial analyst.
In 1926 classics, The Richest Man in Babylonauthor George Clason shares a set of timeless principles for “those who aspire to financial success.”
Billed as the “bible of financial freedom,” Clason’s book presents its lessons through a series of short stories set more than 4,000 years ago in ancient Babylon. The studies themselves are straightforward and show that the secrets to building wealth remain the same and work throughout history.
A common theme in fairy tales is that one can work hard, learn from one’s mistakes, and become rich. While none of these concepts are earth-shattering for many students, they do cover some basic basics money management.
Despite the connotations of the name, The Richest Man in Babylon is not a religion. But the result of framing this book as a religious article is that the advice given seems wise and infallible. Whether that’s true is debatable—however, there’s a solid basic framework here and a few common sense principles.
The main lesson comes from Arkad, the man declared to be the richest man in Babylon. At the King’s request, Arkad shares his “seven medicines for a shrinking fund” so that individuals and society as a whole can reap the benefits of financial growth.