The Richest Man in Babylon

A co-worker insisted on lending me this book. It doesn't sound like my kind of thing, but I didn't know how to tell her I wasn't interested. We'll see how this goes...

Written in a format that leaves me wondering whether to classify this as fiction or non-fiction, The Richest Man in Babylon uses the framework of established Babylonian men telling stories about how they gained their hard-won financial wisdom. The book is short and surprisingly readable for someone who doesn't understand much about Finance. I understand budgeting and saving, but that's as far as I go with that.

The advice in the book seems sound to me, at least the parts that I understand. It boils down to:

1. Live on 70% of your income.
2. Save 10% of your income.
3. Use the remaining 20% to pay off your debts.

Sound financial advice.

Then it tries to get into investing. I just don't get it. The story in the book is about a man giving a shield-maker money for his business and the shield-maker pays him back with interest. I can't translate that into modern times. Oh, I know it's something about investing, but I'm so vague about how that works that I'm just left scratching my head, wondering where I can find an honest shield-maker.

The format worked well for me. I was getting a little bit of a story along with my Financial Advice, so that made it easier. "A spoonful of sugar helps the medicine go down" kind of thing.

I did get tired of all the "Thee" and "Thou." Maybe I'm wrong, but that's just King James English, right? I don't really think that's how ancient Babylonians talked. Just write "your" and be done with it. I guess it was supposed to give this a "wisdom of the ancients" kind of feeling, but it just irritated me.

At 140 pages, this will probably be the shortest, easiest book you will ever read about money matters. If you're looking for monetary advice (I wasn't--I don't know why my co-worker shoved this at me), this is a good place to start. ( )

Richest Man in Babylon by George S. Clason (?)

Rated: C- ( )

The Richest Man in Babylon by George S. Clason is a modern classic and has sold millions of copies. It's a collection of parables set in ancient Babylon based around financial wisdom and how to achieve wealth and reach financial independence.

The lessons apply as much in today's society as they did in ancient Babylon, and each story or parable has a cast of characters, a plot and is enjoyable to read.

Originally these stories were published as pamphlets and issued to customers of banks and insurance companies before being brought together and published as a book in 1926 entitled The Richest Man in Babylon, which is quite interesting.

Since then, the book has gone on to sell millions, and the simple financial concepts, such as: "a part of all you earn is yours to keep" and the "Seven Cures for a Lean Purse" have become familiar and accessible to many.

If you haven't read it already, I recommend you do; and at a mere 144 pages, it's a very quick read. ( )

Although I know this book is considered a classic, I didn't find it very helpful. There was nothing in it that is new to me. For someone who is just learning to manage their money, it might be a helpful book. ( )