Advice from the Richest Man in Babylon

[suchona.kani.z]

The book is very thin and you can read it in an evening . In fact, it could be even thinner, because the basic advice is repeated several times, but we are already used to that from American literature.

The book is written as a series of short stories. The central character is Arkady – the richest man in Babylon, who advises others on how to achieve the same wealth.

The story is set in ancient Mesopotamia .

The book uses Mesopotamia as an illustrative world, definitely don't expect historical accuracy . It mainly uses the position of slaves as the absolute bottom of society.

If you carefully follow the advice in the book, you can get out of this rut.

SPOILER: By the way, even Arkady, the richest Babylonian, was once a slave.

7 principles of rich man Arkad on how to get rich
Spend 9 of the ten coins you earn. Always save a tenth of your income.
Budget your expenses so that you pay for the necessities first. Make a business owner database budget and track your expenses. Never spend more than 9/10 of your income.
Invest every coin you save to help you secure income and an unfailing source of wealth.
Invest moderately so as not to lose your savings. Consult with more experienced people.
Owning a home is an investment.
Prepare financial resources in time for your later years and to protect your family.
Work on yourself and improve in your field to earn a higher income.
This is what Babylon may have looked like in the time of Arcadus

5 laws of gold:
In one chapter, Arkady sends his son out into the world to gain experience. He gives him a bag of gold and a tablet with the 5 laws of gold. What a story it would be if the prodigal son hadn't lost everything first. And what a story it would be if, thanks to the wise tablet, he hadn't managed to get his fortune back.

Gold is available to those who save at least one-tenth of their earnings to secure wealth for themselves and their family.
When a wise owner invests gold well, it earns for him and increases continuously.
A prudent owner protects gold and invests it under the supervision of experts.
When the owner invests gold in dubious ventures, he will lose it.
Those who want to earn large sums of money right away, those who succumb to the temptations of fraudsters and schemers, those who believe their inexperience and romantic fantasies, will lose their gold.
The book also contains some beautiful ideas:

"Can I achieve everything I set my mind to? That wouldn't be good. There has to be a certain limit. (..) Remember that weeds will grow where the slightest remnant of their roots remains. In the same way, a person will grow a desire for the unfulfillable. This is how dissatisfaction, injustice, bitterness and resignation come. There are very few satisfied people."

Or the advice of a certain slave: “Some people hate work and make it their enemy. It is far better to have it as a friend. Love it. (…) Remember that work well done has meaning, it makes a person better.”

How do we rate a book?
The book must be seen in context. It was first published in 1926 in the USA.

If you don't like simple, straightforward examples, don't read this book. Like many other books, it gives a simple equation: money = wealth = success = happiness. If you want advice on how to invest or how to better navigate modern finance, don't read this book.

If you need basic guidance, this book will be just the thing. The book will help you take the first steps towards financial literacy and independence . We can also recommend the book for older children, as a first textbook. It is written so simply that a child will understand it (as soon as he can handle fractions, so he knows what 9/10 is).